中国对欧盟FDI中的跨国并购动因分析

An Analysis of the Cross-border Mergers and Acquisitions Motivation of Chinese Foreign Direct Investment to the EU

由于传统的跨国并购动因理论侧重时点静态分析,已经很难准确解释现阶段的企业并购行为,本文提出了动态跨国并购动因理论框架,尝试融合宏观影响因素和微观影响因素,运用时间维度和空间维度双向分析轨道,从动态层、宏观层和动因层三个层次入手,分析中国企业对欧盟的跨国并购动因。从时间维度看,受到国际金融危机和欧洲主权债务危机的影响,欧元汇率的波动和欧盟失业率的持续增高降低了中国企业并购欧盟公司的成本、风险和市场的准入门槛;从空间维度看,欧盟有发达且较完善的市场机制、成熟的国际化管理经验、市场规模大,这些因素是吸引中国企业对欧盟投资的重要因素;此外,以并购形式进入欧盟市场可大大降低欧盟的技术壁垒对中国产品出口的影响。

As the traditional cross -border mergers and acquisitions （M＆A） motivation theory focuses on sided point static analysis, it has been difficult to explain the behavior of M＆A at the current stage. This paper puts forward an innovative dynamic theoretical framework for cross - border M＆A motivation. Then it systematically analyzes cross - border M＆A motivation of Chinese enterprises to the EU from dynamic, macro and motivation layer, blending macro and micro factors and using the time dimension and spatial dimensions two -way analysis orbit. From the time dimension, affected by the international economic crisis and European sovereign debt crisis, fluctuations in the euro exchange rate and the increase of unemployment rate reduce the cost, risks and barriers to entry markets of acquiring . From the space dimension, the EU has developed and complete market mechanism, mature international management experience and large market size, which are important factors in attracting investment in the EU. In addition, accessing to the EU market in the form of M＆A greatly contributes to reducing the impact of the EU＇s technical barriers to the export of their products.