逆全球化视阈下长三角地区企业海外并购的问题及对策建议

Problems in Overseas Mergers and Acquisitions Facing Enterprises in Yangtze River Delta Region Under the Anti-globalization Context and Suggestions for Companies

随着对外开放格局的逐步形成,长三角地区企业“走出去”步伐加快。然而,逆全球化浪潮阻碍长三角地区企业海外并购布局。研究利用中国研究数据服务平台数据库,总结了长三角地区企业海外并购存在“量减质降”的问题,并根据制度基础观对该问题进行内外部因素分析,提出文化冲突加剧、外资安全审查趋紧、经济不确定性上升三个外部因素,以及忽略国内技术转让、企业融资约束、技术势差引致谈判劣势三个内部因素,最后给予相应的政策建议。研究对长三角地区企业海外并购“增量提质”、高效利用全球资源提升国际竞争力的战略目标具有现实意义。

With the gradual formation of the pattern of China’s opening-up to the world,enterprises in the Yangtze River Delta region are speeding up their pace in going global.However,the tide of anti-globalization hinders the overseas mergers and acquisitions(M&As)of enterprises in the region.This paper employs the CNRDS database and summarizes the problems facing the enterprises when they seek M&As overseas-a dual decline in quantity and quality.Based on the concept of institutional basis,the paper analyzes internal and external factors that are likely to cause the problems,showing that intensified cultural conflicts,increasingly tightened security review of foreign investment and the rise of economic uncertainties are the three external elements;the three internal factors include neglect of domestic technology transfer,enterprises’financing constraints and negotiation disadvantages caused by technological disparity.At last,corresponding policy suggestions are proposed.The paper intends to have important implications for enterprises in the Yangtze River Delta region to increase qualified overseas M&As and make efficient use of global resources to enhance their international competitiveness.