企业跨国并购的金融支持:美日经验借鉴

Financial Support for Cross-border Merger and Acquisition——Experience from U.S. and Japan

跨国并购是企业对外直接投资的一种方式,如何发挥金融业的服务功能,支持企业跨国并购成为一个重要的命题。发达国家对跨国并购的支持力度普遍高于发展中国家。为增强企业在跨国并购中的竞争力,政府都采取各种措施为本国企业提供金融支持。借鉴美国和日本对本国企业跨国并购的金融支持措施,提出对中国跨国并购金融支持体系构建的政策建议:建立相关的法律支持体系和政策性金融支持体系,通过建立海外投资保险制度及税收优惠政策来促进跨国并购,政府提供相关的信息服务及建立专门的跨国并购基金,帮助企业进行跨国并购活动。

Cross-border M＆A is a way of enterprise foreign direct investment, and so it is an import issue how to play the function of financial industry so as to support cross-border M＆A. The support strength for cross-border M＆A in developed countries is generally higher than that in developing countries. In order to strengthen enterprise competitiveness in cross-border M＆A, all the governments take various measures to provide financial support for do- mestic enterprises. Based on U.S. and Japan financial support for their domestic enterprises, this paper puts forward policy suggestions for establishing China cross-border M＆A financial support system, that is, to set up relevant legal support system and policy financial institution system, to promote cross-border M＆A by establishing overseas invest- ment insurance system and preferential tax policies, and in terms of government, to provide relevant information service and set up special cross-border M＆A fund so as to help enterprises carry out their cross-border M＆A activi- ties.