我国企业跨国并购的动因及风险对策研究

Research on the Motives and Risk Prevention for Chinese Enterprises in Cross-border Merger and Acquisition

在当前国际经济危机尚未完全出现转机、全球跨国并购投资急剧减少的情况下,中国企业的海外并购却逐渐增加。其动因主要包括抢占国际市场、突破贸易壁垒、获取战略资源、提升技术能力等方面。然而在并购过程中容易出现各种风险,包括政治、社会、法律等外部风险和信息、资产、财务等内部风险。因此,我国企业需高度重视风险防范工作,包括制订国际化发展战略、客观评估东道国的环境、重视并购协议、注重整体融合、完善生产经营整合、选择合适的支付手段,以提高我国企业跨国并购的安全性,增加国际竞争优势。

Under the circumstances that the world has not recovered completely from the international economic crisis and the investment declines dramatically in global cross-border MA,Chinese enterprises have gradually increased the MA overseas.Their motives for cross-border MA include：snapping the international market,breaking through the barriers to trade,obtaining the access to strategic resources,enhancing the technical capacity,etc.But during the process of cross-border MA,there exist various risks,including the external risks such as political risk,social risk,legal risk,etc.,as well as the internal risks such as information risk,assets risk,financial risk,etc.Therefore,Chinese enterprises need to attach great importance to the risk prevention and take measures to adopt international development strategy,evaluate objectively the environment of host country,pay attention to MA agreement,focus on overall integration,improve the integration of production and operation,and select appropriate means of payment so that Chinese enterprises can improve the security of cross-border MA and enhance the international competitive advantage.