【作者】 李宝星；

【导师】 于谨凯；

【作者基本信息】 中国海洋大学 ， 国际贸易学， 2008， 硕士

【摘要】 跨国并购已经成为现代经济体系下国际直接投资的主要方式,在2000年以后国际直接投资额的80%以上是通过跨国并购完成的。跨国并购之所以成为FDI的主要方式,一方面是因为跨国并购相对于新建投资具有无可比拟的速度优势,在现代经济快速发展和运行的情况下,这一点尤为重要;另一方面是因为国际直接投资越来越注重对东道国战略性资产的获得,这些战略性资产包括资源、技术、市场地位等等,显然跨国并购在获得战略资产方面相对于新建投资也更具有优势。这些成为分析跨国并购动态化动因的基础。本文在分析跨国并购动因的基础上,提出要素整合能力,因为只有在体现速度优势和战略资产的东道国投入要素与并购企业投入要素通过跨国并购方式的结合能够以较低的费用创造独特的新的价值的情况下才真正重要。在分析的动因模型基础上,结合前人的研究成果,分析跨国并购动态化模型,在原有的OLI范式基础上加入要素整合能力变量,形成Y-OLI范式,同时,从动态过程的角度,对跨国并购交易完成后进行整合的过程中的阶段和影响因素进行分析。在分析跨国并购OLI模型的基础上,分析跨国并购的运行机制,包括持续性机制、相互传导机制等。并进而研究跨国并购的经济效应和优势整合问题,经济效应包括经济增长效应、市场寡占化效应、产业结构升级效应等,跨国并购的优势整合分析,将根据OLI范式中进行跨国并购的区位、所有权、内部化优势的要求,从战略和组织整合、物质资源整合、人力资源整合、外部关系整合等角度进行阐释,为跨国并购实际效果的取得进行理论分析。在我国,跨国并购的发展由于受到政策和意识的影响,发展水平远低于国际直接投资中的跨国并购所占的比例,到2004年我国的跨国并购出售额占FDI流入量的比例才超过10%,与国际80%以上的比例相距比较远。但是,2002年以后我国跨国并购的增长速度明显快于FDI流入量,同时也应该开到这样的政策有利于我国经济安全和有序发展。随着我国经济体制改革的完善和国家竞争力的提升,在新的历史条件下,制定更多的优惠和鼓励政策支持我国企业“走出去”,走国际化发展道路,是必然的趋势和发展的要求。这样不仅有利于企业的发展,对于国家整体宏观经济的完善也非常有利。本文对我国跨国并购发展的整体情况进行了简单的实证分析,并在理论和实证分析的基础上,从企业和宏观两个层面提出了我国跨国并购发展和规制的对策。更多还原

【Abstract】 Cross-border M&A has become the major way of international direct investment in the morden economy system. The 80 percent volume of internation direct investment is completed by cross-border M&A after the year of 2000. The reason of cross-border M&A becoming the major way is as follows: One aspect is that the cross-border M&A has an incomparable speed superiority compared with new investment, which is very important in the fastly developing and operating economy. Another aspect is that the international direct ivestment is paying more attention to the acquisition of strategic capital which includes resource, technology, market status and so on. Obversly the cross-border M&A has more advantage than new investment in the aspect. All of this become the base of analysing the tendercy agent of cross-border M&A.The paper proposes managing conformity capability based on analysing the agent of cross-border M&A. Because host coutry’s putting in factors which have speed and strategic capital advantage should join with the putting in factors of multinational corporation, and create new value. Only by this way, the cross-border M&A can be successful. On the base of analysing the agent, the paper analyses the tendercy model which adds a factor(element integration advantage). And it forms a new Y-OLI module. At the same time, the paper analyses the stage and factor about the integration progress. On the base of analysing the model, the paper analyses the operating mechanism including mutual conduction mechanism and persistent mechanism. And then the paper research the economic effect and advantage integration. The economic effect includes economy growth effect, the market structure effect, the industry effect and the technology effect. The advantage integration which according to the request of OLI including strategy and organization integraiong, the resource integration, the culture integration and so on. In our courtry, because of the influence in policy and consciousness, the developing level of cross-border M&A is much lower than the international level. In 2004, the percent of cross-border M&A in FDI has become more the 10, which is far away behind 80 percent which is the internatioan level. But the growth of cross-border M&A is obviously faster the the growth of FDI. This policy is helpful to our economy’s security and orderly development. With our economy mechanism reforming and the competition enhancing, the government should make more ecouraging policy to support our country’s corporation to make an international development. This will not only be helpful to the development of company, and also helpful to the macroeconomy. The paper makes a simple empirical analysis about the total situation in our country, and according to the theorical and empirical analysis, proposes some countermeasures from corporation and macroeconomy.更多还原