略论中国引资战略调整与跨国并购投资环境的优化——全球金融危机背景下对我国吸引外资并购的思考

Certain Proposals on the Attraction of Transnational M&A under the Current Global Economic and Financial Crisis

2008年标志着自2003年开始的国际投资热潮的终结。由于不断恶化的全球金融和经济危机的影响,与2007年相比,2008年全球FDI和跨国并购总额下降超过20%;考虑到危机对跨国公司投资支出的影响会随着时间而逐步完全显现出来,因此,2009年这种趋势仍将继续。我国鼓励吸引外资方式由绿地投资向跨国并购转变,然而由于各种因素,跨国并购占FDI的投资比重始终过低。分析了造成这种现状的原因,提出在全球金融和经济危机情况下,如何利用有利条件,更好地吸引跨国并购。

The year 2008 will mark the end of a growth circle in international investment that started in 2003 and saw world foreign direct investment flows reach a historic record of $1.8 trillion in 2007. Due to the impact of the ongoing world - wide fiancial and economic crisis, FDI and M＆A flows declined by more than 20% in 2008. A further decrease of those can be expected in 2009, as the full consequences of the crisis on transnational corporations＇ investment expen- ditures will continue to unfold. Though the Chinese government aims to improve its FDI inflow＇ s quality by switching the international greenfield investments to the M＆A, yet the proportion of the latter is still overlow. The paper analyses the underlying reasons and puts forward certain proposals on a better use of transnational M＆A under the global economic cri- sis.