摘要隨著經(jīng)濟(jì)全球化的不斷深化，企業(yè)的跨國(guó)并購(gòu)如雨后春筍般不斷的蓬勃發(fā)展。到目前為止，全球共經(jīng)歷了兩次大規(guī)模的跨國(guó)并購(gòu)，第一次是從1988年到1990年，第二次是從1995年至今，目前跨國(guó)并購(gòu)的發(fā)展勢(shì)頭非常迅猛，在對(duì)外直接投資中占據(jù)主導(dǎo)地位，規(guī)模和數(shù)量上都在不斷的壯大。改革開放以來(lái)，中國(guó)一大批企業(yè)開始崛起，并迅速具備了全球性的競(jìng)爭(zhēng)優(yōu)勢(shì)，為進(jìn)一步占領(lǐng)國(guó)際市場(chǎng)，開展國(guó)際化業(yè)務(wù)，實(shí)現(xiàn)企業(yè)的全球化，將跨國(guó)并購(gòu)作為首要選擇。本文基于對(duì)中聯(lián)重科股份有限公司并購(gòu)意大利CIFA公司的研究，分析了雙方企業(yè)并購(gòu)的動(dòng)因，并購(gòu)整合的過(guò)程，研究了并購(gòu)后的本土化經(jīng)營(yíng)戰(zhàn)略。最后基于分析，總結(jié)出了企業(yè)跨國(guó)并購(gòu)中每一步探索及其經(jīng)驗(yàn)，希望能為中國(guó)企業(yè)跨國(guó)并購(gòu)提供值得借鑒的地方?！娟P(guān)鍵詞】跨國(guó)并購(gòu)中聯(lián)重科CIFA本土化戰(zhàn)略AbstractWiththecontinuousdeepeningofeconomicglobalization,cross-bordermergersandacquisitionsofenterpriseshaveflourishedlikemushrooms.Sofar,theworldhasexperiencedtwolarge-scalecross-bordermergersandacquisitions,thefirstisfrom1988to1990,andthesecondisfrom1995topresent,thecurrentdevelopmenttrendofcross-bordermergersandacquisitionsisveryrapid,inforeigndirectinvestmentOccupyingadominantposition,thescaleandquantityareconstantlygrowing.Sincethereformandopeningup,alargenumberofenterprisesinChinahavebeguntorise,andhavequicklygainedglobalcompetitiveadvantages.Inordertofurtheroccupytheinternationalmarket,developinternationalbusiness,andrealizetheglobalizationofenterprises,cross-bordermergersandacquisitionsaretheprimarychoice.BasedontheresearchonthemergerandacquisitionofCIFAinItalybyZhonglianHeavyIndustryCo.,Ltd.,thispaperanalyzesthemotivationofmergersandacquisitionsofbothcompanies,theprocessofmergerandacquisitionintegration,andtheresearchonthelocalizedmanagementstrategyaftermerger.Finally,basedontheanalysis,itsummarizeseachstepofexplorationandexperienceinthecross-borderM&Aofenterprises,hopingtoprovideareferenceforChinesecompaniesincross-borderM&A.Keywords:Cross-borderM