跨国公司对外直接投资模式研究.pdf

摘 要 自 20 世纪 90 年代以来，中国企业对外直接投资发展迅速，引起国际社会 的普遍关注。虽然一直以来中国企业最主要的对外直接投资方式是新建投资， 但是随着全球第五次跨国并购浪潮的兴起，中国企业对外进行跨国并购的次数 和金额也明显增加。新建投资与跨国并购已并列成为中国企业对外直接投资的 两种主要选择方式。 综合我国企业新建投资和跨国并购的现状、区位及行业分布等因素，比较 全球跨国并购的现状，可以看出，我国企业跨国并购起步较晚、层次较低但是 进步较快。尽管目前新建投资仍然是我国企业对外直接投资的主要方式之一， 但鉴于跨国并购在全球对外直接投资中的重要地位，未来若干年里，我国将迎 来企业跨国并购的快速增长期，并以此作为对外直接投资的重要力量。 此外，外商在华直接投资对我国的经济拉动作用与中国企业对外直接投资 同等重要，通过对跨国公司在华投资现状的分析，跨国公司一直以来也在通过 多种途径与方式增强在华投资企业的控制力。随着跨国公司对中国市场的日渐 了解，跨国公司在华采取新建外商独资企业的方式日益增多，这也是跨国公司 最直接的独资化方式。而对于跨国并购来说，虽然并购目前还不是跨国公司在 华直接投资的主要方式，但从长远来看，并购这一国际盛行的投资方式也将在 中国有较大发展。 关键词：跨国公司；对外直接投资；新建投资；跨国并购 1 Abstract Since 1990’s, Chinese corporations FDI has developed quickly, which draws the global attention. Greenfield Investment was the main mode of Chinese FDI, but with the surf of the fifth cross -border MA, the number and the sum of Cross-border MA by Chinese corporations have increased in evidence. Greenfield Investment and cross -border MA have been the two major ways of the Chinese FDI. Integrated the status, location, industry and other factors of the Greenfield Investment and cross -border MA of Chinese, compared the status of global cross-border mergers and acquisitions. We can see that the cross-border MA of Chinese enterprises started late, but the lower level and progress quickly. Although new investment remains is Greenfield Investment, but in view of cross-border MA in the global foreign direct investment in an important position, the years to come, China will usher in corporate MA’s rapid growth and to the foreign direct investment as an important force. In addition, Foreign Direct Investment in Chinese economic