跨国并购与区位优势弱化

Transnational Mergers and Location Advantage Weakening

本文结合第五次跨国并购浪潮出现的特征和趋势,在邓宁(Dunning)折衷范式的框架内,分析在促进跨国并购的三大核心优势中,区位优势在不断弱化。跨国公司全球经营战略的转变及世界经济发展所导致区位优势非差异化,使对外直接投资区位优势的吸引力下降。跨国公司对东道国目标企业的并购投资更多侧重该企业的特定所有权优势和核心能力。

This article is based on the characteristics and the trend of the fifth transnational mergers. It analyses that the location advantage weakens continuously in the three central advantages, which promote transnational mergers. The changes of global operation strategy of MNEs and the world economy development causing location indifferentiation make the attraction of location advantage decrease in the FDI. MNEs merging the host target enterprises emphasize on the particular ownership advantage and core ability.