本文通过案例对比分析，研究中国企业海外并购的模式，并主要分析了产业升级模式的特点。在分析中国企业海外并购的动因、战略决策、方向选择和产业价值链等内容的基础上，分析中国企业目前海外并购遇到的问题和面临的机遇，从而探索出适合中国企业海外并购的产业升级模式。本文研究基于产业升级模式中国企业海外并购的成功和失败的典型案例，分别分析了中国交建并购美国F&G公司的成功案例和上汽集团并购韩国双龙公司的失败案例，阐述了中国企业通过海外并购嵌入全球价值链的具体行为，从产业升级的角度揭示了海外并购给中国企业带来的技术创新、市场开拓和管理水平的提升，以及从外部动力向内源动力的转换。通过对比分析，本文得出以下几条结论：一是中国企业海外并购对产业升级的积极影响包括技术溢出、管理水平提高和市场竞争力的提升等。二是谋求产业升级的中国企业需要在海外并购过程中及时识别并应对风险，特别是并购企业国家与目标企业国家的文化融合风险。三是需要与目标企业互动，构建以增强企业核心竞争力为导向的新的业务模式，将原来两家企业的市场、供应链和技术优势转化为价值链优势。

Through comparative analysis of the case study of Chinese enterprises overseas M&A model, and analyzes the characteristics of industrial upgrading model. In the analysis of Chinese enterprises overseas M&A motivation, strategic decision-making, direction selection and content industry value chain, based on the analysis of the problem of Chinese enterprises overseas acquisitions currently encountered and opportunities faced by Chinese companies in order to explore overseas acquisitions for industrial upgrading mode. In this paper, a typical case of industrial upgrading mode of Chinese enterprises overseas M&A success and failure, respectively, analyzed the China Communications Construction takeover of US F&G's success stories and SAIC acquisition of Ssangyong's failures, expounded China's enterprises overseas M&A embedding specific acts of global value chain, from the perspective of industrial upgrading revealed to Chinese enterprises overseas mergers and acquisitions of technology innovation, market development and improve the management level, as well as the conversion from an external power source inward power. Through comparative analysis, we draw the following few conclusions: First, the positive impact of Chinese enterprises overseas M&A, including industrial upgrading technology spillovers, management level and enhance market competitiveness and so on. The second is to seek industrial upgrading Chinese enterprises need timely identify and respond to risks in overseas M&A process, especially in the national M&A business enterprise integration and cultural objectives country risk. Third is the need to interact with the target company, building to enhance the core competitiveness of enterprises oriented new business model, the market, the supply chain and technical advantages of the original two companies into a value chain advantage.