基于企业内生优势的跨国并购动因及实现条件

The Motive and Realization Condition of Cross-border Mergers and Acquisitions Based on Endogenous Enterprise Advantage

FD I理论忽略了企业异质性资源与能力对跨国公司并购进入方式的影响。从而对“跨国公司主要以并购方式进入发达国家,而主要以新建方式进入发展中国家”的经济现象无力解释。本文以邓宁的OLI范式中的企业优势为出发点,在新兴古典经济学框架下对企业内生优势的来源及影响因素进一步解释:跨国并购是谋求企业内生优势的首选内部化方式。并通过构建跨国并购有效实现的模型,分析了各因素对并购进入的影响,以期建立一个并购进入影响因素的分析框架。

FDI theories didnt pay enough attention to the effect of the heterogeneous resources and capability on the foreign market enter of multinationals through M＆As, thereby leaving the fact not explained that multinationals enter foreign developed countries mainly through M＆As and developing counties mainly through Greenfield investment. From the starting point of enterprise advantage in Dunning＇s OLI paradigm, this paper further explains the source of endogenous enterprise advantage under the framework of new classic economics. We come to the conclusion that the method of the cross-border M＆A is preferred to obtain the endogenous enterprise advantage in international market. Furthermore, we establish a dynamic model about the cross-border M＆As, through which affecting factors are analyzed, hoping to establish analytic framework about factors affecting entry through M＆As.