论中国利用FDI中的跨国并购方式.pdfVIP

要 20 世纪90 年代以来,随着世界经济增长和经济全球化的不断深化, 国际资本流 动出现新的趋势,跨国并购成为外国直接投资的主要方式。与之形成鲜明对比的是， 中国利用外资并购投资所占的比例却很低,与国际资本流动的方式不协调。随着国 内外环境的改 和一些制约因素的逐渐消除，尤其加入WTO 后，外资并购活动已 在我国春潮涌动。本文从我国利用FDI 的角度来研究跨国并购. 全文共分为五个部分。导言对跨国并购有关的概念进行了界定，并对研究的 必要性和本文的研究方法与创新做出了说明。第一章概述了与跨国并购有关的理 论，包括国际直接投资理论、企业并购理 和跨国并购理论。第二章跨国并购在 我国的现状分析从并购总量、方式、地区行业分布、及并购主体进行了全面的分 析,并指出了跨国并购的特点。在第三章，笔者首先对跨国并购和绿地投资二种方 式进行比较，一方面从跨国公司的角度分析了跨国并购成为FDI主要方式的必然 性，另一方面从东道国的角度分析我国采用跨国并购方式利用FDI在引资规模、溢 出效应及对就业和市场结构等方面的优越性。接着分析了我的跨国并购环境，认 为在我国推进跨国并购是可行的。 是得出结 ：应以跨国并购作为我国吸引FDI 的主导方式。第四章分析了跨国并购在我国的障碍，并对推进跨国并购提出了自 己的建议。 关键词：跨国并购、外商直接投资、新建投资 1 Abstract With the growth of the world economy and the intensification of economic globalization since 1990s, cross-border MA (Merger and Acquisition) has emerged as the main approach of Foreign Direct Investment (FDI), which is the new trend in the flow of foreign capitals during recent years. In an obvious contrast to it, MA investment only accounts for a small proportion of China s total utilization of FDI, which is incongruous with the means of the international capitals flow. However, with the domestic and international environment improving and some restricting factors gradually eliminating, particularly since China joining WTO, foreign investment MA (FIMA) has been surging like spring tides. The thesis mainly focuses on the cross-border MA of FDI in China. The text of this article has five parts. Introduction includes the definition of basic concept, significance, methodology and feature in the research. Chapter 1 summarizes Cross-border MA relative theories, including foreign direct invest theory, MA theory of company and Cross-border MA theory. Chapter 2 analyses cross-border MA situation in