跨国并购的新发展及中国对策

China's Strategy towards Cross-Border Mergers and Acquisitions

文章对全球跨国并购的形势进行了分析,发现全球跨国并购规模持续扩大,周期性波动明显增强。服务业仍然是跨国并购的主导行业。中国跨国并购规模较小,呈现出持续增长的态势,尤其是在加入WTO以后,中国企业"走出去"进程明显加快。对外直接投资对中国企业跨国并购的推动作用明显。中国企业更多的是被国外企业并购,作为买方的对外跨国并购较少。在对全球和中国的并购形势进行分析的基础上,文章重点研究了中国企业跨国并购需要跨越的常规和非常规障碍,剖析了企业的市场身份认同问题、并购的动机和动力问题。对跨国并购有可能演变为某些官员和企业高层转移资产工具的可能性进行了提醒式分析。

This paper analyzes the current situation with respect to cross-border mergers and acquisitions and finds out that though the scales have been enlarged, the fluctuations are also existing. The service sector remains the main concern of M & A. More Chinese enterprises have been merged and acquired by foreign companies than vice-versa. Based upon detailed analysis, the paper explores both conventional and unconventional obstacles the Chinese enterprises need to eliminate to initiate successful cross-border mergers and acquisitions. The issues of corporate identity and the motivation of cross-border mergers and acquisitions are also elaborated.