西方跨国公司并购动机理论综述

On theories of merger & acquisition motives

跨国公司并购动机理论的基础是垄断优势理论、内部化理论和企业资源观理论。西方对跨国公司并购动机进行分析和论证的垄断理论、效率理论、纯增长理论、估价理论、决策理论和经济波动理论等,局限于它的必要性而非充分性。应以跨国经营的三大理论为基础,树立正确的企业资源观,采用逻辑分析和数理分析相结合的方法,先因后果地研究其充分性。按照上述方法,并购动机理论可归纳为垄断理论、效率理论和非赢利目标理论,其中非赢利目标理论较之垄断理论和效率理论更为可信,并得到了数理分析的验证。

On the basis of three main school of multinational enterprises (MNEs) theories, i.e. monopolistic advantages (HKC), internalization (CAW), and resourcebased view (Penrose), some M&A motives theories such as Monopoly theory, Efficiency theory, Growth theory, Valuation theory (or private information hypothesis), Process theory and Economic Disturbance theory are systematically introduced. It is argued, in this essay, although not giving out any exact theories, that updated researches mostly focused on necessity, not on sufficiency of M&A motives. It is also recognized in this article that M&A motives research should originally based on three main school of MNEs theories, then combine logical and mathematical methods. By this means, six M&A motive theories have been grouped in to Monopoly, Internalization and Nonprofit theories. It is concluded that Nonprofit theories which supported by empirical researches is more believeable among three theories.