跨境并购的传统评价标准在中国企业实践中的不适性研究

The Research on the Unapplicable Nature of Traditional Tests on Chinese Enterprises’ Practice in Cross-border M&As

历来,跨境并购实践都以发达经济体的企业并购发展中国家的企业为主。因此,评价跨境并购的传统标准多建立于此类实践之上。由于中国是新兴经济体,中国企业的跨境并购多是一种由"弱"向"强"的逆向并购。因此,传统的评价标准是否适用于中国企业的实践存在疑问。本文通过理论分析,揭示跨境并购的传统评价标准在应用于中国企业实践时的不适性,并提出评价和研究中国企业跨境并购的新时代的理论路径。

In a long time,the acquirers are from developed economy and the targets are from developing countries in cross-border M&As.Thus,most existing tests in evaluating the effectiveness of M&As are based on the developed acquirers’practice.As China is a new emerging economy,Chinese enterprises engage in reverse cross-border M&As mostly.So,it is questionable whether those traditional tests are applicable to Chinese enterprises’practice.This research,in a reasoning way,reveals the drawbacks of traditional tests in evaluating Chinese practice,and proposes a novel approach for researching Chinese cross-border M&As in this new era.