跨国并购中的整合竞争力探析

Research on Integration Advantage of Transborder M&As

当前,跨国并购已成为对外直接投资的主要方式。传统的FDI理论和一般的企业并购理论没有深入企业内部探讨跨国并购给企业带来增值效益的源泉所在。从当前企业跨国并购的国际背景和潘罗斯的企业增长理论来看,通过并购整合以提升企业的国际竞争力,是企业进行跨国并购获得价值增值的源泉所在,企业实施跨国并购应围绕企业核心能力进行整合。

Up to now, transborder mergers and acquisitions have become the main way of foreign direct investment. The traditional theory of FDI and enterprise M＆As expounds the motive of cross-border M＆As from various perspectives, but they do not make an explain on the source of increase in value through cross-border M＆As. This paper applies the theory of enterprise growth and holds that the source of increase in value lies in the integration during cross-border M＆As and analyzes the connotation of integration, and puts forward that the enterprise should center on it＇s core competitiveness and makes integration when it carries out cross-border M＆As.