中国国有企业境外投资方式分析与选择

Analysis and Selection of Foreign Direct Investment Mode in China

国有企业境外投资方式选择绿地还是跨国并购,这是境外投资首要面临的突出问题。通过建立基于云模型的定量评价模型,对影响境外投资方式的因素进行分析,研究结果显示:从国有企业因素看,拥有技术优势宜选择新建投资,处于技术劣势则倾向跨国并购;企业国际化经验不足时宜选择跨国并购,国际化经营经验积累到一定程度则可选择新建投资。从东道国因素看,对于资本市场发展较差的国家宜优先考虑新建投资,对资本市场发达、市场经济体系成熟、风险相对较低的国家,可考虑采取跨国并购。从目标企业看,对价值确定,能够产生速度经济的目标企业,宜采用跨国并购,反之则倾向于新建投资。

Whether state-owned enterprises should choose Greenfield or cross-border merger and acquisition for foreign direct investment, which is the most prominent problem facing foreign direct investment. Through establishing the quantitative evaluation model based on cloud model,the factors influencing the foreign direct investment mode are analyzed. The research results show that from the perspective of state-owned enterprises factors,it is preferable to choose Greenfield investment with technical advantages, but tend to cross-border mergers and acquisitions with technical disadvantages. The enterprise internationalization experience is not high time to choose the merger and acquisition to enter,the internationalization operation experience accumulates to a certain extent, may choose Greenfield investment. From the perspective of host country, for countries with poor capital market development, priority should be given to Greenfield investment. For countries with developed capital market, mature market economy system and relatively low risk, direct merger and acquisition can be considered. From the point of view of target enterprises, it is advisable to adopt cross-border merger and acquisition to determine the value of target enterprises that can generate speed economy,whereas it tends to invest in new enterprises.