世界经济新格局与中国企业海外并购的特征、风险及应对

New Global Economic Landscape and Characteristics,Risks and Coping Strategies of Chinese Crossborder Mergers&Acquisitions

金融危机以来,尽管世界经济复苏前景不容乐观、全球对外直接投资呈现下滑趋势,但中国企业正在以前所未有的势头进行海外并购。推动中国企业海外并购热潮的主要外在动因在于世界经济格局正在发生深刻变化。这些深刻变化主要体现为发展中经济体对发达经济体的赶超态势、发达经济体和发展中经济体内日益呈现"双分化"现象及南北、南南经济关系正在经历重大变迁等特征。正是在世界经济新格局的背景下,中国企业的海外并购在宏观层面上可谓是"长于布局,善谋大势";在微观层面上,中国企业海外并购体现为并购主体的"多样化"、并购方式的"多元化"、并购区域的"广泛化"和并购增长的"高速化"等趋势。在为中国企业进行海外并购提供了新机遇的同时。

Since the 2008 financial crisis,with a gradual downward trend of global outbound direct investment,an uneven global economic recovery is expected to continue,but Chinese cross border mergers and acquisitions reached a high record in 2015.The upsurge of Chinese cross border M﹠A is attributed to the deep change of global economic landscape.The new global economic landscape features as the development of relative economic power,the dual-level differentiation,and the change of South-North,South-South economic relationship.Under the influence and drive of the new global economic landscape,Chinese companies are doing a great job in the overall arrangement of the cross border M﹠A.From the perspective of micro level,Chinese companies'M﹠A develop their own features,such as the diversification of players,a more diverse and mature mix of ways,the involvement of more countries and regions,the increase of M﹠A at a significant speed.In the meantime,it is the new trends of the global economic order that bring about new risks and challenges for Chinese companies.Only do Chinese companies deal with these risks,could they fulfill their goals in terms of cross border M﹠A.