跨国并购综论——论跨国并购将成为我国利用外资的主要形式

【作者】 张怡；

【导师】 宋维佳；

【作者基本信息】 东北财经大学 ， 国民经济学， 2002， 硕士

【摘要】 中国改革开放这二十几年，正是经济全球化加速发展的二十几年。在这二十几年间，伴随着作为当代国际贸易和国际投资主体的跨国公司的全球性扩张，跨国并购现象层出不穷，并在二十世纪九十年代中期引发了全球性的跨国并购狂潮。这次并购浪潮成为当前世界经济的一个显著特征，并将对未来世界经济产生深远的影响。新一轮的跨国并购浪潮向世人昭示：在跨国直接投资的两种主要方式中，跨国并购已取代跨国创建，成为跨国公司对外直接投资的主要方式。也就是说，跨国并购方式已经成为跨国公司参与世界经济一体化进程，保持有力竞争地位而更乐于采用的一种国际直接投资方式。跨国公司横贯全球的并购活动，以其规模惊人的资本流动和企业整合，已经并正在日益影响世界各个国家和地区的经济与社会发展，任何国家和地区都不能置身其外，都必须正视和应对国际直接投资这种新的大趋势。作为坚定不移实行对外开放的中国，一向以大力吸引外资作为对外开放的基本政策。加入世贸组织后，中国会进一步加深与世界一体化经济的融合，因此与跨国并购浪潮的联系会越来越紧密。近年来中国利用外资增速出现下降趋势，原因主要是我国吸引外资的主要方式与全球跨国投资主要方式的“错位”。中国一向以建立三资企业即跨国创建方式作为利用外资的主要方式，这不能适应全球跨国投资的大趋势。加入世贸后，中国对外开放的领域和深度均会进一步加大，这无疑给外商直接投资带来无穷的契机。中国利用外资的形势也会发生重大变化，跨国并购方式将逐步成为我国利用外资的主要方式。因此，深入研究跨国并购这一跨国直接投资方式，为中国利用外资进入新的历史阶段做好全面准备正是当务之急。认识和分析全球跨国并购形势与动因，了解和掌握中国目前的利用外资状况，进而推断中国利用外资的发展前景，并提出合理的对策建议，这是本文研究的思路和贯穿本文的主线。本文首先简要介绍了国际直接投资的主要<WP=3>理论流派，这些理论从不同角度分析和解释了跨国直接投资发生的动因，但对于为何选择跨国并购方式而不是跨国创建方式不能给出强有力的理论依据。因此，本文具体分析了跨国并购浪潮发生的动因，并从宏观和微观角度对跨国并购产生的效应进行了分析。跨国并购产生的效应既包括正面的，也包括负面的，掌握这些之后，有助于我们不断强化正面效应，抑制和减弱负面效应，从而更加有效的利用这种投资方式。本文同时回顾了中国利用外资的历程，并着重对发展前景作了深入地分析，得出跨国并购将成为我国利用外资主要方式的结论。最后，对于我国如何应对外资并购提出了对策建议:首先应该转变观念，其次政府应发挥其服务职能，为外商直接投资创造良好的环境，再次要建立跨国并购的法律框架，依法管理跨国并购，最后要充分发挥投资银行等中介机构的作用。更多还原

【Abstract】 China has been reforming and opening up to the outside world for more than twenty years. These years are just the years through which the development of economy globalization has been speeded up. As the global expanding of the transnational corporations, the principal part of the contemporary international trade and the international investment, more and more Cross-border Mergers & Acquisitions (Cross-border M&A) cases happened. There became a global tidal wave of Cross-border M&A in the end of the 20th century. This tidal wave has become the prominent character of the world economy, and it will be a far-reaching influence of the future world economy.The new wave of the Cross-border M&A shows that, between the two means of international direct investment, Cross-border M&A has substituted for Cross-border Greenfield Investment as the main method of foreign direct investment. The worldwide M&A activities of transnational corporations, has influenced the development of economy and society of all the countries and areas with its striking scale of capital flow and corporation coalition, so everyone should face and respond to the new trend of the international direct investment.China will opening up to the outside world unalterably, and attracting the foreign capital is always the essential part of the opening policy. China’s affiliation to WTO will make her deepen the amalgamation of her and the global economic system.China will be more and more close to the Cross-border M&A. In recent years, there is a decline in using foreign investment in China. The main course is the gap between the prominent method of the introduction of foreign investment and the prominent method of Cross-border investment. China will open up to the outside more widely and deeply after the affiliation to WTO, and will bring<WP=5>infinite chances to the foreign direct investment. Then there must be a great change in the situation of using foreign investment in China: Cross-border M&A will be the main method of using foreign investment step by step. So it is very necessary to make a deep research of the theory of Cross-border M&A.Understanding and analyzing the global Cross-border M&A; mastering the present situation of using foreign investment in China; concluding the future of the development of the foreign capital introduction in China and putting forward the countermeasure propositions are the train of thoughts and the main contents of this dissertation. This article begins with the brief introduction of the main theories international direct investment. These theories analyze and explain the motivations of the Cross-border M&A from different points of view, but they can’t give powerful theory foundations to explain why to choose Cross-border M&A instead of Cross-border Greenfield Investment. In Part Two, the general situation and the courses of the M&A tidal wave are discussed, and the effects of Cross-border M&A are also analyzed from both macro and micro points of view in this part. Knowing that the effects include both positive and negative aspects, can help us make good use of the method of Cross-border M&A by strengthening its positive effects while restraining its negative effects. Part Three reviews the course of introduction of foreign investment, does an in-depth analysis to the prospect and makes a conclusion that Cross-border M&A will become the predominant method of the attracting foreign investment. In the last part of the article, some propositions are posed to respond the foreign M&A activities in China.更多还原