我国企业对外并状况分析.pdfVIP

我国企业对外并购状况分析 曾 琪 2005 年5 月 摘 要 我国企业对外并购在世界第四次和第五次并购浪潮的影响下 通过20 世纪 80 年代和 90 年代的萌芽阶段 在 21 世纪初得到快速的发展 目前的并购规模 还停留在一个较低的水平 并购类型以横向并购为主 并购支付方式已开始从单 纯的现金支付向多元化方式发展 并购主体的行业还仅限于资源型行业和制造 业 并以国有企业为绝对多数 虽然有了长足的进步 我国企业对外并购还存在一些关键问题 规模仍然太 小 并购盲目性还很大 并购的市场性还没有发挥出来 要解决这些问题 上到 政府 下到企业自身都必须在向外国政府 企业学习的同时 总结自己的经验 将跨国并购成功要素灵活运用到我国企业中 开辟出有中国特色的跨国并购道 路 中图分类号 F271 关键词 并购 对外直接投资 战略型 II Analysis of Cross-border MA Hosted by Chinese Corporations Zeng Qi May, 2005 Abstract th th Driven by the 4 and 5 global merger waves, we have witnessed a rapid growth of cross-border MAs heralded by Chinese corporations, after whose fledgling period in 1980s and 1990s. So far it still stays in a primitive level when it comes to the amount and volume, styles, ways of transaction, bidders and targets of the said MA. In spite of the progress achieved, Chinese corporations have met so many obstacles in their way of cross-border MAs: the amount and volume is too small compared with global peers; the objects of MAs is narrow-minded oriented; there’s still a long way to go to achieve market-oriented MAs. To solve these problems, both Chinese government and enterprises should learn from foreign counterparts, as well as draw conclusions from our own experiences, in a bid to herald an era of MAs with Chinese characteristics. JEL Classification: F271 Key Words: MA; FDI; Strategic MA III 致 谢 作者感谢桑百川教授平日的言传身教和论文写作过程中