【摘要】 近年来跨国并购出现了新的特点:并购规模和单项交易数额大,发生频率高;并购方式以横向并购为主,以股本置换代替货币支付;跨国并购向第三产业集中;跨国并购实施的行为主体发生变化。对跨国并购动因有一定解释力的理论包括企业价值低估论、速度经济性理论和非生产性的规模经济理论等。影响跨国并购行为发生的因素包括国家层面的宏观因素、产业层面的中观因素和企业层面的微观因素。国家层面的宏观因素主要包括经济增长率、金融市场、贸易、税收与会计等政策差异等因素。产业层面的中观因素主要包括产业壁垒和市场结构等因素。企业层面的微观因素主要包括企业的资源和能力、资产多样化和分散风险等因素。更多还原

【Abstract】 The recent transnational merger takes the following characteristics: the scale and individual business are big and its frequency is high; merger way exists mainly as the form of horizontal merger by capital stock payment instead of currency payment; transnational merger focus on the tertiary industry; the behavior subject implemented in transnational merger changes. The theories about the reasons of transnational merger include: the Underestimation Theory of Enterprise Value, Speed Economy Theory and Non-productive Scale Theory etc. Its influencing factors include the macroscopically factors in the national rank, the middle factors of enterprise rank and the micro factors of enterprise rank.更多还原