企業的併購活動在西方世界興起的時間相當早，各種的併購理論、學說對於併購的種類型式、發生的原因等的探討亦相當多樣化，可見企業的併購活動不僅是一種商業行為也是一種可供學術研究的活動。雖然企業併購活動在西方已經發展了一段時間，但是在中國大陸卻是近20年才出現，由於經濟體制的不同，造成中國大陸的企業併購活動的發展與西方有著顯著的差異存在。 目前中國大陸的國有企業改革朝向藉由收購兼併、重組上市、關閉破產等形式來調整國有經濟佈局和產業結構的調整，希望藉由國有企業間的併購，擴大產業的規模來達成國有企業「做大做強」的目標。另外，目前中國大陸經濟的成長，廣大的消費市場亦受到世界各地的矚目，在加入WTO後市場逐步的開放，將會有更多的外資想要進入中國大陸的市場，透過併購中國大陸的國有企業將是一個快速進入市場的途徑之一。對於外資藉由併購中國大陸居於產業龍頭的國有企業進入中國大陸市場，中國大陸政府開始重視與關切，並制定了《關於外國投資者併購境內企業的規定》，加大了行政部門的裁量權，間接保護國有企業的發展。 本文主要在探討中國大陸國有企業併購活動的模式與併購環境，藉由中國大陸國有企業的形成與發展特殊性來探討國有企業併購的模式以及在併購的過程中可能會面臨的問題。文中亦藉由「青島啤酒公司的併購整合」為例，探討青島啤酒公司對中國大陸啤酒產業的併購整合過程模式以及與外資合作的方式，並從中探討其模式是否可供未來外資在進入中國大陸市場方式的參考。 The activities of mergers and acquisitions (M&A) are risen quite early in the western world. Different M&A theories for discussing the modes and cause of M&A are variety. It proves that the activities of M&A between business are not only commercial acts but also can be researched in academia. Although the activities of M&A have be developed in the Western world for a long time, but they arose for two decades in China recently. As a result of the difference in economic system, there is a large diversity in the developing of M&A between China and the Western world. Mainland China’s State-Owned Enterprises get to adjust the economic layout of state-owned and the structure of industry at present by M&A or bankrupt. Government expects to enlarge the scale of industry and arrive at the target that the state-owned industries can be stronger. Furthermore, the growing of economy and the extensive consumer market in China are cynosure nowadays. The gradually open of the market after joining into WTO, there will be more and more foreign capital enter the market of China. It will be one of the short cuts to enter the market fleetly through the M&A of the state-owned industries. The government begins to value and concern about the foreign capital enter China market by M&A the head industry which is state-owned, and constitute “Regulations about Foreign Investorss M&A of Cross-border Companies”. Government of China expect to protect the developing of stated-owned industries indirectly by aggrandizing the power of administration. The article mainly treats the modes and the environment of the M&A between mainland China’s State-Owned Enterprises. It will discuss the modes and the difficulties of the M &A in stated-owned enterprises through the specialty of the forming and developing of the Mainland China’s State-Owned Enterprises. Furthermore, the article will give an example from the beer industries in China to discuss the process of M&A and the way to cooperate to foreign capital in Tsingtao beer Corporation, and determine the mode whether or not to be reference for foreign capital to enter China market.