【作者】 王焕祥；

【导师】 张小蒂；

【作者基本信息】 浙江大学 ， 经济学， 2004， 博士

【摘要】 最近十五年来，跨国并购已经成为跨国公司FDI的主要方式，也逐渐成为推动跨国公司FDI增长的主要动力。本文在对关于跨国公司FDI的主流理论即邓宁(Dunning)折衷范式(OLI)进行评介的基础上，通过在OLI三要素模型中引入“交易整合优势变量(T)”，将其拓展为“T—OLI”四要素模型，从而提出了跨国公司FDI中基于并购的要素交易整合优势理论。本文将跨国公司FDI中基于并购的要素交易整合优势，定义为公司通过“一揽子资源要素”交易来获取跨越时空的动态竞争优势的能力，跨国并购的意义因此不再局限于替代绿地投资，而是上升为跨国公司的一种要素交易整合优势。 论文在交易费用经济学“交易”分析传统的基础上，由交易费用经济学的契约和组织结构分析返回到对“交易行为”本身的分析上来。结合跨国公司FDI中基于并购的“一揽子资源要素”交易，本文将交易费用经济学对企业结构进行的比较静态分析，转变和应用到对跨国公司竞争优势的动态分析上来，在企业生产的制度结构和技术结构二分法的基础上，加入“区位优势”变量，从而探讨跨国公司的“一揽子资源要素”交易行为对其OLI优势的影响。同时，本文结合波特(Porter)的“钻石评价模型”和现代经济学的相关前沿理论，沿着跨国并购——“一揽子资源要素”交易——正向和逆向并购——交易整合优势——交易整合机理——交易整合效率——交易整合优势的深化这一逻辑主线，采用实证与规范相结合的研究方法，分析和论证跨国公司的要素交易整合优势，揭示交易整合优势作用于跨国公司竞争优势的内在机理，从而尝试为解释包括跨国并购在内的跨国公司FDI的新趋势提供一个理论框架。在此基础上，对发展中国家及中国新兴跨国公司FDI的进一步发展进行应用性研究。本文分为以下三个部分。 第一部分，运用实证资料对跨国公司在全球经济发展中的作用，以及跨国并购在跨国公司发展中的作用给出了一个简要的描述。同时，对西方学者关于跨国并购的经济学研究，从一般企业理论的研究传统和以OLI范式为主导的FDI理论的研究传统两个方面，给出了一个较为全面的述评，并对邓宁折衷范式的发展进行了回顾和评介。 第二部分，在对跨国并购行为进行“交易”分析的基础上，将跨国并购定义为“一揽子资源要素”交易整合优势，并将其拓展为正向并购(内部化优势)和逆向并购(外部化优势)，从而赋予折衷范式中“O”“L”“I”优势以新的含义，以此论证跨国公司可以打破“可交易性”约束、时间约束和地理区位约束，对OLI进行整合。与折衷范式相较而言，“T”优势赋予了OLI以新的含义：(1)从一定程度上打破了“O”优势的“可交易性”约束，使原本不可交易的某些“O”优势要素附着在“一揽子资源要素”中进入企业产权市场进行流转，从而将后发优势性质的“弱强型”并购和联合内部化的“强强型”并购，以及“归核化”等优势纳入到OLI范式之中；(2)内部化优势被拓展为内部化和逆内部化兼具的双向、动态优势，即公司经由内部化和逆内部化实现直接的产权联系和非产权联系，且通过“T”优势，跨国公司可以在直接的产权联系与非产权联系二者之间进行相互转化；(3)“T”优势通过整合“L”保持跨国公司虚拟企业集群地理边界的动态性，进而对其所有权优势等资源要素的全球地理布局进行调整，以此获得成功配置和整合地域广泛的经营网络的能力。在此基础上，本文讨论了整合机理问题。无论跨国公司的交易整合是以“O”为中心，还是以“L”或者“I”为中心，浙江人学博十学位论文论跨国公司FDI中基于井购的要索交易整合优势OLI中的三种优势在整合过程中都会以“整合链”的形式在一次整合行为中联系起来，于互动之中形成跨国公司全球生产体系的动态、整体性优势。论文还以一个简单模型说明了交易整合的效率，即跨国公司通过“一揽子资源要素”交易行为，在持续获得、创造和提升竞争优势的过程中，所实现的资源要素配置与再配置的效率，包括静态整合效率和动态整合效率两个方面。作为对“T”优势认识的一个深化，本文进一步指出，“一揽子资源要素”交易整合优势不同于折衷范式强调的“先天优势”，是一种“获得性优势”，既可以对“先天优势”进行整合，加强其竞争力，也可以是一种“后发优势”。这种交易整合优势突破了弗农关于跨国公司动态发展的单周期模型，使跨国公司可以实现跨周期和多周期的发展。 第三部分，则结合“T”优势，探讨了包括中国在内的发展中国家FDI的发展，及其交易整合优势的培育问题，以一个交易整合优势的“钻石模型”概括了发展中国家跨国公司培育这种优势的基本要素。更多还原

【Abstract】 In the recent fifteen years, cross-border merger and acquisition(M&A) has become a main pattern of foreign direct investment(FDI) of transnational corporations(TNCs). It has also become a principal power of promoting TNCs’ FDI. Based on reassessing Dunning’s OLI paradigm as a current FDI theory, this paper transferred it into T-OLI four-advantage model by introducing a new variable "transaction integration advantage (T)". So the theory of "transaction integration advantage" based on M&A in TNCs’ FDI was put forward. That means TNCs have the ability to attain dynamic competitive advantage across time and location by the transaction of "comprehensive resources and factors". Then the cross-border M&A is a substitute for green-land FDI but also a high-level integration advantage of factors transaction for TNCs.Based on "transaction" analysis of transaction cost economics, this article returned to "transaction" analysis in itself from the analysis of contract and organizational structure in the transaction cost economics. Combined with the transaction of "comprehensive resources and factors" by M&A in TNCs’ FDI, the comparative static analysis on firm structure in transaction cost economics was changed and applied to the dynamic analysis on the competitive advantage of TNCs. The dichotomy of institutional and technological structure about firm production was developed by introducing "location advantage" variable in order to investigate the effect of the transaction of "comprehensive resources and factors" on the OLI advantage of TNCs. At the same time, with Porter’s "diamond assessing model" and relative theories of modern economics, this paper analyzed the integration advantage of factors transaction along the main line of cross-border M&A - the transaction of "comprehensive resources and factors" - M&A and the reverse - transaction integration advantage - transaction integration mechanism - transaction integration efficiency - deepening transaction integration advantage. That explained the inherent mechanism of transaction integration advantage affecting competitive advantage of TNCs. So a new theory was put forward to interpret the new trends of TNCs including cross-border M&A. Based on this, an applied study was made on emerging TNCs’ FDI from China and other developing countries. There are three parts in this paper.First, this paper introduced important functions of TNCs in developing global economy and important functions of cross-border M&A in promoting TNCs. Also, the paper introduced and assessed the western scholars’ studies on cross-border M&A from academic traditions of firm theories and OLI paradigm as the main FDI theory. And the development of OLI paradigm was reviewed and assessed too.Secondly, analyzed in the pattern of transaction, cross-border M&A was defined as integration advantage of "comprehensive resources and factors" transaction. And it was developed into M&A(internalization advantage) and the reverse(externalization advantage).This gave the "0" "L" "I" new meanings in OLI paradigm. All this proved that TNCs can break the constraints of transactionability, time and location and integrate OLI. Compared with OLI paradigm, "T" advantage gave OLI new meanings.( i ) To some degree the constraint of transactionability is broken and some "O" factors can be traded by being mixed with "comprehensive resources andfactors" in the market of property rights. So OLI paradigm can explain "powerful to powerless" M&A , "powerful and powerful" M&A by co-internalization and "focusation". (ii) Developed into internalization and externalization, "I" advantage is an dual-direction and dynamic advantage. TNCs can apply direct link of property right and the reverse by internalization and externalization. Also, By "T" advantage, TNCs can transform one to the other between them, (iii) By "T" advantage, TNCs can keep the dynamic geographical border of suppositional firm cluster in order to change the geographical distribution of resources and factors such as "O". TNCs can acquire the ability to allocate and int更多还原