我国物流业FDI:并购整合策略和动机

Logistics FDI in China: Integration Strategies and Motivations

分析了我国2003-2008年间物流业外商直接投资的总体情况,研究跨国公司在中国物流行业进行的并购整合策略(垂直、水平和集团整合)和动机。结果表明,我国物流业外商直接投资的并购整合策略主要是水平整合,其整合的动机主要是通过规模经济效应获得其在市场中的地位;垂直整合主要是在跨国公司的子行业中进行,其动机主要是通过规模经济效应和降低交易成本获得竞争优势;集团整合比较少,其动机主要是实现规模经济效应和降低交易成本。

The aim of the paper is to investigate the integration strategies （vertical, horizontal and conglomerate） undertaken by foreign logistics multinational enterprises （MNE） in China in 2003 - 2008, and analyze the related motivations. It results that inward logistics FDI are mainly horizontal, and are mainly driven by market power＇ and economies of scale＇ increase. Vertical integrations are driven by competitive considerations, by the need to reach economies of scope and reduce transaction costs. The conglomerate integrations, which are small, and are motivated by the need to achieve economies of scale and reduce transaction costs.