比较企业优势与中国企业的并购抑或联盟战略选择

Comparative Firm Advantages and Chinese Multinational Enterprises' Strategic Choices between M&As and Alliances

中国企业进入发达国家市场时面临"并购抑或联盟?"的战略选择。针对资源基础观解释该问题时存在的局限性,本文创新性地运用了比较企业优势观,在将该理论的意愿内涵诠释为业务剥离意愿的基础上,通过理论分析和案例验证相结合的方法展开了研究。结果表明,比较企业优势和竞争优势的差异组合将对中国企业的战略选择产生不同影响,如果中国企业两种优势均无,则其实施的并购将因发达国家企业对业务剥离的天然抗拒而遭遇很高的风险和成本。

Multinational enterprises from China （CMNEs） will choose between M＆As （mergers and acquisitions） and alliances when they enter advanced economies. The resource-based view has limitations in explaining why CMNEs make their choices. Hence, the au- thors adopt the view of comparative firm advantage （CFA） , identify the concept of willingness in the theory as the willingness of divest- iture, and use the methods combining theoretical analysis and case verifying to fulfill the research. Results show that different portfolios of CFAs and competitive advantages have different impacts on CMNEs＇ strategic choices. However, if a CMNE proposes an M＆A but with neither CFAs nor competitive advantages, it will suffer high risks and costs from the DMNE＇s instinctive resistance to divestiture.