From　the　respect　of　strategic　impacts　of　competitive　interaction,　this　paper　researches　the　strategic　decision-making　of　corporate　strategic　M&A　under　the　condition　of　competition　based　on　option　games.　It　builds　a　basic　two-stage　strategic　M&A　game　at　first,　and　then　builds　the　option　games　models　under　quantity　competition　and　price　competition　respectively　based　on　the　basic　two-stage　M&A　game　in　order　to　take　the　value　of　management＇s　flexibility　and　the　strategic　impact　of　competitive　interaction　into　account　when　making　M&A　decisions.