战略性新兴产业中新能源企业的跨国并购

作为国家重点培育产业,战略性新兴产业的企业跨国并购活动值得进行专门的学术研究。本文对21世纪以来新能源企业进行的22次跨国并购活动的动因和模式进行了研究。发现新能源企业跨国并购活动从2006年才起步,近两年发展迅猛。中国新能源企业的跨国并购活动几乎全部发生在西方发达国家或地区,一方面是由于新能源领域的核心技术掌握在欧美等发达国家或地区手中,另一方面是由于中国市场不足、产能过剩,而欧美国家或地区占全球市场很大的比重,并且有丰富的可利用的生产资源。在并购模式上,中国新能源企业几乎全部采用了现金支付的方式进行跨国并购,并且大多数会选择同行企业进行横向跨国并购。最后,本文提出了借助跨国并购提升中国新能源企业实力的对策建议。

Multinational mergers and acquisitions of strategic emerging industries, which are national key objects, deserve a special a- cademic research. This paper studied the motivation and mode of 22 multinational mergers and acquisitions of new energy enterprises from 2000 to 2013. I found that multinational mergers and acquisitions of new energy enterprises started in 2006, which have been developed rapidly in recent years. This paper found that cross - border M＆A of Chinese new ener- gy enterprises all happened in the western developed countries, due to the core technology in the field of new energy in Eu- rope, the United States and other developed countries, the market inadequacy and excess capacity of new energy market in China, and a large proportion of the world market of European and American countries, which possess abundant available production resources. Almost all Chinese new energy enterprises adopt the way of cash payment for their cross - border M＆ As, and most of enterprises choose horizontal M＆As cff peer enterprises. Finally, it proposed some relevant countermea- sures to promote the capabilities of Chinese new energy enterprises with the help of multinational M＆A.