跨国公司在华并购动机及其阶段性演进

Motivation of Multinational＇s Acquisition and Its Evolvement

从企业资源基础观的视角，对跨国公司在华并购的资源获取战略演化进行分析表明：在开放初期。外资并购主要在于获取与生产经营相关的当地市场政策法规、经营规则等知识以及与政府管理部门交往的关系资源，快速进入中国市场。中国市场日臻成熟后，则转变为主要获取品牌、营销网络、特许经营权等企业特质资源，谋求主导、控制中国市场。跨国公司并购中资源获取战略的演化．是基于市场对资源要求取向以及国内企业资源禀赋的变化，为追求资源获取战略改变带来的竞争优势提高所进行的一种决策过程和决策结果。

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.