近年來，有越來越多的中國民營企業選擇到海外經營投資，而中國企業併購西方知名企業的相關報導也時有所聞。這也讓我們不禁想了解，究竟是甚麼樣的因素與動機，使得中國民營企業決定到海外進行投資呢?而其發展歷程及結果又是如何?! 本研究首先將探討傳統的國際投資理論，探討這些理論是否可以詳細的解釋中國企業目前對外投資的情況；理論探討之後，便是深入了解國際對外投資及中國對外投資的實際狀況，並比較之間的異同；之後進入正題，分析中國民營企業對外直接投資的因素、動機及發展；最後則搭配企業個案，探討企業對外投資的發展狀況及結果。 針對以上所述之研究重點，本論文歸納出的結論為：民營企業對外投資的發展是循序漸進的。而除了成本考量外，企業也希望可以藉由投資來獲得管理、技術及品牌等戰略性資源。然而，雖然民營企業對外投資的規模逐年增加，但是在國際管理與併購方面的相關人才卻仍是相當缺乏的。而中國政府雖然也一直在鼓勵國內企業走出去，但是在許多政策方面，相較於國有企業，民營企業卻是處於相對弱勢。 In recent years, there has been more and more privately owned enterprises choosing to run and invest overseas. It is reported that well-known western enterprises were merged by Chinese ones. It urges us to understand not only what factors or motivations make these Chinese privately owned enterprises to invest overseas, but how do they have effect on their development. First, this research will discuss the international investment theory traditionally to know whether these theories are able to interpret the situation of Chinese enterprises'' overseas investment currently. After discussion, it is about time to comprehend between international enterprises'' overseas investment and Chinese enterprises'' overseas investment. The following is cutting into the subject of the essay analyzing the factors, motivations and development of Chinese privately owned enterprises'' direct overseas investment. Eventually, we discuss the development and outcome of enterprises'' overseas investment with enterprise case. From above points of view, the essay concludes the results are as follows: The development of privately owned enterprises overseas investment is progressing step by step. Besides the cost consideration, enterprises hope to gain strategical resources through investment such as management, technique, and brands. Though the reaches of privately owned enterprises'' overseas investment are increasing year by year, there are still short of talents about international management and merger. On many policies comparing with government-owned enterprises, privately owned enterprises are still standing in a condition of disadvantage in spite of Chinese government''s encouraging enterprises to go out.