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M & M projects world-class companies have developed a clear vision of the objectives and requirements . Enterprises in the clear vision and objectives developed under the guidance of a clear strategy to create value through mergers and acquisitions . Generally speaking, a world-class full agreement of shareholders in mergers and acquisitions . Trading participants complete owners , partners or minority investment transactions between the structure and mode of operation is very clear.

许多中国大型企业制定了比较清晰的愿景目标和战略，希望通过并购能够实现公司的业务增长、多元化发展或产业链的上下游拓展。很多公司的战略是希望通过海外并购提升公司的国际形象。

Many large Chinese enterprises to develop a more clear vision and strategic goals , hoping to achieve through the acquisition of the company's business growth , diversify or expand upstream and downstream industry chain . Many company's strategy is to hope that through overseas acquisitions to enhance its international image. On the other hand , Chinese enterprises are still in the " going out" primary stage of overseas mergers and acquisitions and strategic vision is not clear, enforcement is not enough , cause a lot of damage to mergers and acquisitions to pursue short-term interests of the company 's long-term interests and value growth .

2 , target screening and assessment capabilities

世界级并购项目中并购企业的领导层和管理团队能向所有利益相关方解释并激励投资项目的愿景目标。并购企业充分了解自身的财务实力，以及与监管法规和政府规定的相关问题。并购企业通过严格的评估机制充分了解并评估目标公司，确认并量化目标公司价值，同时认识到并购后整合需要考虑的问题。

M & A projects world-class leadership in corporate mergers and acquisitions and management team to explain to all stakeholders and to stimulate investment project vision goals. M & A companies to fully understand their financial strength , as well as regulatory and government regulations related issues. M & A business through rigorous evaluation mechanism to fully understand and assess the target company to confirm and quantify the value of the target company , while recognizing the need to consider the post-merger integration issues .

Many Chinese enterprises due to lack of clarity and enforcement strategy inefficient , resulting in project selection ranges from the target . Some companies set up strategic sectors , but due to the lack of familiarity and experience in international mergers and acquisitions rules executives , these departments can not afford screening and continuous monitoring of large number of potential target companies . This makes these Chinese companies over-reliance on consultants or investment banks to introduce them to investment projects , resulting in the international investment bank in front of a weak position .

3, the negotiation and implementation
M & M projects world-class companies understand the target company and its value, with clear decision-making processes. They have flexible negotiating tools , learn about other competitors, understand the timing advance and retreat , when should they persist or compromise the courage to give up trading .

Chinese enterprises in this regard the main problem is lack of experience. This is mainly due familiar with international rules and acquisitions less experienced personnel . Meanwhile, the Chinese enterprises in the language and culture, work, decision-maki