中国企业跨国并购的动因及实现条件.pdf

内容 摘 要 在经济全球化深入发展的大背景下，跨国并购作为世界各国对 外直接投资的方式之一，逐渐替代“绿地投资”而成为跨国投资的 主导方式。入世以来，我国经济不断融入到世界经济当中，国内市 场竞争日益激烈，利润空间不断缩小，一些企业开始走出国门，积 极参与跨国并购。本文以中国企业为立足点，通过动因分析，可以 看到我国企业跨国并购更注重技术、市场、品牌、资源等要素，通 过全球范围内资源的充分利用，来提高自身的国际竞争力。通过宏 观与微观两个方面来分析中国企业跨国并购的可行性条件。 虽然现 阶段我国跨国并购势头高涨，但毕竟处于起步阶段，我国企业在进 行跨国并购时也需要全盘考虑风险与困难，谋定而后动，本文从企 业和政府两个方面提出企业成功实施跨国并购的必要条件。 关键词：跨国并购，中国企业，并购动因，可行性，必要条件 I ABSTRACT With the development of economic globalization, cross boarder M A gradually replacement of “Greenfield investment ”as an important way of foreign direct investment. Since China entry into WTO, domestic marker face increasing competition and companies get less and less profit, so many companies begin to step abroad and involve in cross boarder MA. This article is on the basis of Chinese companies. Through motive analysis .We could find that domestic companies pay more attention to the technologies 、 markets 、 brands 、 resources and so on when conducting cross boarder M A. The companies could improve international competitiveness through making the most of global resources. Moreover, the article analyzes the feasibility condition of cross boarder M A. Though the trends of China cross boarder M A is rising currently ,we are in the initial stage after all, so the domestic companies should consider all aspects and spell out the deal before start. And the article proposes the necessary conditions of successful implementation of cross-border MA. KEYWORDS: cross -border MA , Chinese companies ,motivation of MA , feasibility, necessary conditions