以并购促进创新：基于全球价值链的中国产业困境突破

Promoting Innovation Strategy by Mergers and Acquires:The Breakthrough of China's Industrial Dilemma Based on Global Value Chains

19世纪末以来,全球掀起了六次并购浪潮,企业并购被视为推动创新的重要模式。在面临双重国际竞争压力和新一轮科技革命背景下,基于自身产业结构失衡困境与产业升级的内在要求,中国需要实施"以并购促进创新"战略,通过"走出去"跨国并购获取国外高级要素,尤其是创新要素;需要推进国内并购,通过企业间整合为产业参与国际竞争培育跨国公司,并通过促进产业整合为企业参与国际竞争提供产业支撑;同时,跨国公司进来并购也是"引进来"国外高级要素的一种重要模式。然而,由于处于经济转轨期和企业并购发展初期,中国企业并购的羊群效应和垄断效应、产能过剩行业并购不活跃等,使得并购无法促进资源在企业间和行业间进行合理配置,也无法很好地配置到全球创新资源,以破解中国企业和产业创新的瓶颈。为此,在新发展背景下,中国企业并购,并不仅仅是企业的发展模式选择,更需要站在产业创新发展的战略高度,实施基于全球价值链的"以并购促进创新"战略,一方面以全球价值链的资源配置流向引导企业并购,另一方面通过企业并购促进资源在全球价值链重新配置,提升在全球价值链中的地位,进而促进企业和产业自主创新。

There has been six waves of mergers and acquirers （M＆As） since the end of 19th century. M＆As is regarded as an important mode for innovation. Under the background of dual international competition and new technological revolution, owing to imbalance of industrial structure and inherent requirement for industrial upgrading China needs promoting innovation strategy by M＆As to gain innovative resource by going-out cross-border M＆As, to introduce foreign advanced resource by bring-in cross-border M＆As, to foster multi-national corporation and provide industrial support for international competition by domestic M＆As. However, due to being in the period of economic transition and the initial development of M＆As, herd effect and monopoly effect of M＆As, and difficulty to promote M＆As in industries with excess capacity have weakened innovative effect of M＆As in China. So now in China M＆As is not only the development mode for firm but also the strategy for industrial innovative development. It is essential to carry out promoting innovation strategy by M＆As based on global value chains （GVCs） to encourage M＆As following resource through GVCs and reconfigure resource through GVCs by M＆As, which will help to enhance firms＇ position in GVCs and then promote independent innovation of firm and industry.