本文考察中國對日本直接投資的發展趨勢，主要調查中資對日企的兼併收購的模式和特點。對此討論主要圍繞三個方面展開，包含投資動機、目的與併購後團隊的國籍組成，在完成中國對日直接投資的調查後，我們把研究目的定為兼併與收購，另外我們試圖找出自2000年實行“走出去”戰略後，這些併購案的動機和收購後的股權結構，並以我們的研究結果將當代中國對外直接投資的實證研究進行反思，最後我們的研究結果顯示，中資對日企的兼併收購是經過深思熟慮的投資决策，通過收購戰略性資產和資源，加強其在中國國内市場的競爭地位，或者獲得優越的競爭優勢。

This paper examines the growing trend of Chinese foreign direct investments (FDI) into Japan. The primary purpose of this study is to investigate the patterns and characteristics of the Chinese mergers and acquisitions (M&As) in Japan in terms of motives, investment aims and the nationality composition of the post-M&A management team. By investigating the Chinese outward FDIs to Japan, since the initiation of the “Going out” strategy in 2000, we attempt to identify the motives and post-acquisition ownership structure of these M&As. We also reflect our findings on the contemporary empirical research on Chinese outward FDI. Our results suggest that the Chinese M&As in Japan are a result of well-considered investment decisions, which seems to follow a conscious strategy of aiming for strategic assets and resources used to strengthen the competitive position or attain a superior competitive advantage, on the Chinese home market.