新常态下中国企业跨国并购的战略选择

The Strategic Choice for M&A of China's Multinational Enterprises in the New Normal

伴随中国"走出去"战略的深入推进,中国企业跨国并购的规模和质量迅速提升。其主要原因,一是国内经济转型升级倒逼企业加快跨国并购步伐;二是中国企业自身壮大和欧美经济萎缩有利于跨国并购;三是全球投资自由化趋势促进中国企业跨国并购等。中国企业跨国并购也面临着地缘政治风险扩散、国际投资协调机制滞后、发达国家不断扩展的"国家安全审查制度"等因素的制约。要进一步提升中国企业跨国并购的规模和质量,必须加快国际投资体制改革,实现并购主体由国有企业向民营企业转变,完善海外投资风险评估体系,建立跨国企业科学、可持续的全球化运营模式,放松中国企业跨国并购的政策限制等。

With the implementation of China＇s strategy of＂Going Out＂,the scale and quality of M＆A of China＇s multinational enterprises has been improved rapidly. The main causes for that are：first,the reversal pressure of domestic and international economic transformation and upgrade on these enterprises;second,the development of Chinese enterprises and the economic contraction in European and American countries is beneficial for cross-border M＆A;and third,the trend of global investment liberalization also promote China＇s enterprises to carry out M＆A. But there are some constraints faced by China＇s enterprises,such as the diffusion of geopolitical risks,the lagged behind coordination mechanism for international investment,and the expanding＂national security review system＂of other advanced countries. To further improve the scale and quality of M＆A of China＇s multinational enterprises,we must accelerate reform in international investment system,realize the transformation of main players from state owned enterprises to private enterprises,perfect the risk evaluation system for overseas investment,establish the scientific and sustainable global operation pattern for multinational enterprises,and relieve policy constraints on M＆A of China＇s multinational enterprises.