This text analyzes the changing of the multinational＇s acquisition strategy from view of enterprise-specific resources. The result shows that at the initial stage of China＇s openning-up, in order to enter Chinese market quickly, the main target of the multinational＇s acquisition was to obtain the related information on the local market as policy, laws and the connection with the government. After China＇s market growing mature, the multinational＇s acquisition target has turned to obtain the enterprise-specific resources, such as brand, marketing network, franchis- ing right and so on, aim to control Chinese market. The changing of the multinational＇s acquisition strategy is the result of its operation strategy-adjusting for obtaining the non-producing earnings brought by strategic resources.
foreign capital acquisition,enterprise-specific resources, competition advantage