进入21世纪之后，我国倡导国内企业走向国际，不乏一些优秀的民营企业具备收购国外知名企业的实力，且案例屡有发生。比如2017年6月中国化工斥资430亿美金收购瑞士化肥巨头先正达，引得世界瞩目。根据相关数据显示，2014年中国国有企业与民营企业海外并购数量分别为88宗和235宗，并购金额占比分别为41.17%、55.72%，其中民营企业不论是数量，还是金额都比国有企业要高。2015年，我国与澳大利亚签订了自贸协定，中国逐渐成为其最大的外资来源国。由此可知，中国与澳大利亚不论是在商业还是在文化领域，都将有更深入更广泛的合作。 就本文而言，研究对象为民营企业，在过程中所用的方法有二：文献研究法和案例数据分析法。本文是以中国民营企业江河创建集团就澳大利亚的VEI公司进行并购为例，系统而全面的就此次并购行为的动因进行了分析，并就并购行为前后该集团的绩效进行对比。分析结果显示，此次并购是比较成功的，对其展开深入研究有利于成功经验的总结，为后续国内企业进行海外市场探索提供有价值的参考意见，这也是本文研究的目的。 就本文而言，主要是由下述几部分构成。引言部分，主要是就研究背景以及包含的意义做出简单的叙述。正文部分，首先就跨国并购理论进行整体概述。主要是就国内外已有的研究文献做出梳理，为后文的分析提供理论支撑。其次是以江河创建集团在澳大利亚的并购行为为例，就其交易的全过程与双方基本情况进行了详细描述。再次是就江河创建集团并购澳大利亚VEI动因进行分析，主要结合价值低估论和效率动因论两个理论进行了探讨。之后是针对江河创建集团并购澳大利亚VEI这项并购之后企业绩效进行比较分析。选取参照标准为企业并购前，以及三家同业竞争对手进行了横向及纵向的对比分析。通过分析得出此次并购对于企业的经营发展起到了积极的作用。最后立足于已有的理论基础与本次的探究结果总结相关的经验，并归纳出可借鉴的启示。

Since 21st century, China has been sticking to “Go Global” economic strategy and it comes as no surprising news that well-known foreign enterprises are taken over by domestic enterprises. One of the widely-covered cases is that China Nation Chemical spent up to 43 billion USD on takeover Syngenta, a Swiss Chemical industry giant on June, 2017. According to statistics related, the year of 2014 witnessed 88 cases of mergers and acquisitions (M&A) of foreign enterprises by state-owned enterprises of China and 325 cases by private enterprises, and the proportion of purchase amount reached 41.17% and 55.7% respectively. Private enterprises prevail over state-owned enterprises either in quantity or purchase amount. China signed Free Trade Agreement with Australia in 2015, which makes China the biggest contributor of foreign directive investment capital in Australia. It can be predicted that the two countries will make deeper and wider corporation both in commercial and cultural fields. The paper studies private enterprises with two methods: literature review method and case study method. The paper studies the M&A case of Jangho Group, a Chinese private enterprise, with VEI of Australia systematically and comprehensively on the motivations and draws a comparison between how Jangho Group’s performs before and after the M&A. The analysis result shows that this M&A is of a big success, and it is helpful to make a further study into this case, which can provide more valuable referential ideas for domestic enterprises to develop abroad from its successful experience. It is the objective that the paper tries to achieve as well. The paper concludes the following parts: The preface summaries the study background and significance. The paper’s body starts with overseas M&.A theory generally. It mainly goes through the existing study materials of domestic and abroad to make theory supports for later analysis. Then it describes the takeover transaction and main parties background of the M&A of Jangho Group and VEI. After that, it describes the motivations of the takeover and makes a summary and analysis of it. Later comes the analysis of performances on the takeover VEI by Jangho Group, by comparing how Jangho Group performs before and after this takeover, also with its other three competitors. The analysis shows a positive effect on Jangho’s development. The last part brings about the achievements and inspirations from the existing theory and what this paper obtains.