中文摘要：

当代以横向、善意、强强联合为主导特征的跨国并购表明：保持持久的核心竞争优势，是实施跨国并购的重要战略驱动力。基于企业能力的并购理论强调与企业内生能力相关的变量，如企业的资源禀赋特征、国际化发展战略、跨国组织管理模式、人文和技术整合能力、国际经营经验、组织学习能力、谈判议价能力等对跨国并购的驱动作用，并相应形成国际化战略论、组织学习论、资源基础论、组织能力论和国际经营阶段论等代表性理论假说，取得了不少突破性的实证结果，但尚未形成逻辑紧密、成熟完整的理论体系。这一最新研究趋势标志着国际经济学与企业管理学相互融合的交叉科学正在兴起。

英文摘要：

The latest International mergers and acquisitions （M＆As） wave shows that propensities for horizontal, friendly and ＂mega＂ deals have been the dominant strategic motive for the current cross border M＆As. It aims to maintain the international competent advantages for the enterprise. This paper is to give a theoretical review to recent developments of interpretations for the cross - border mergers and acquisitions from the perspective of enterprise competence, including their theoretical foundations, their key assumptions as well as the limitations of each theory. The paper holds that while these new developments accomphshed some breakthrough results, they have not formed a logically matured theoretical system such as that of international productive tradeoff theory. However, the developments remark the rising of an inter- disciphne over international economics and industrial management.