【摘要】 运用Wernerfelt的企业资源观理论(RBV)和Goldratt的约束理论(TOC),扩展了Dunning的OLI模型,并以此分析中国企业技术资源的约束特征,研究通过并购国外研发型公司方式提升技术资源的动因;分析并购风险 协同效应与股权比例背离风险以及并购活动中约束资源性质转化风险,建议采取分步并购、多次增资的时间路径来降低并购风险;并对实际案例进行剖析。更多还原

【Abstract】 It adopts Wernerfelt’s resource-based view and Goldratt’s theory of constraint to expand Dunning’s OLI model and uses the expanded model to analyze constraint character of technology resource faced by China enterprises. It distinguishes causes of improving technology resource with motive factors of merging foreign R/D entities. It studies Merging risks-synergetic effect deviating from share’s proportion and transforming of constraint resources. Time path of gradual merging & multi-times capital financing is suggested to lower merging risk. Practical cases are analyzed.更多还原