比较优势、竞争优势与中国企业的跨境并购

Comparative Advantage,Competitive Advantage and Chinese Companies' Cross-border M&As

随着中国经济的快速增长和国际竞争力提升,中国企业的海外并购活动日趋活跃,但同时面临着很高的失败率。本文区别了内生比较优势、外生比较优势、内生竞争优势和外生竞争优势的概念及其相互关系,认为企业的综合国际竞争力是国家特征的资源禀赋条件与企业特征的核心能力的耦合,利用经典的古诺竞争模型对中国企业的跨境并购活动进行了分析,得出的基本结论是,从具有强国际竞争优势的产业走出的中国企业之所以跨境并购屡遭失败,不具备核心能力是重要的原因。

With the fast development of China＇s economy and remarkable improvement of China＇s international industry competitiveness, Chinese companies＇ cross-border M＆As have becoming more and more active but with a high failure rate at the same time. This paper distinguishes the concept between endogenic comparative advantage and exogenous competitive advantage, endogenic competitive advantage and exogenous competitive advantage. It argues that the companies＇ comprehensive international competitive advantage is a coupling of the country-specific resource endowment and firm-specific core competence. Based on a classic Cournot model, this paper analyses Chinese enterprises＇ cross-border M＆As, put forwards the points that the shortage of core competence is the reason why the companies from the industry with strong international competitive advantage always failed their cross- border M＆As.