중국기업의 해외 M&A 현황과 시사점—사례분석을 중심으로

Abstract

经济全球化是当今时代世界经济发展最重大的历史事件，而跨国公司又在经济全球化、一体化进程中发挥了举足轻重的作用，跨国公司的投资行为和战略调整均会对世界经济和东道国产生重要影响。对着世界经济发展和科学技术进步，跨国公司越来越成为世界经济的主角和核心，是推动经济全球化最活跃、最重要的力量。我们已经处在了一个“你不思考全球化，全球化已经在思考你”的世界经济大环境中。战后的世界，已经迎来了一个大公司竞争的时代；跨国公司是当代世界经济的主力军，也是一个国家竞争力的集中表现。进入新世纪以来，中国政府正在迅速适应世界潮流，不仅继续重视吸引外国直接投资，也越来越重视和鼓励中国企业的对外投资。

2001年12月11日中国正式加入世界贸易组织，此后，中国的对外贸易迅速增长，伴随着中国产品迅速走向世界，中国企业也在加快进入世界经济全球化的浪潮。2003年10月，党的十六届三中全会通过了《关于完善社会主义市场经济体制的若干重大问题的决定》，指出：“继续实施‘走出去’战略是建成完善的社会主义市场经济体制和更具活力、更加开放的经济体系的战略部署。”

从长远看，中国跨国公司的崛起和成长壮大是大势所趋，而实施跨国并购、整合全球资源则是企业做大做强的必然途径。而整体而言，现阶段中国企业跨国并购仍处于初级和探索阶段，企业跨国并购经验不足，资源整合能力和跨文化管理能力较弱，在跨国并购中还面临多重障碍和风险。本文旨在通过对已有的跨国并购理论的梳理和评析，综合国际经验和中国自身的并购实践，找出企业跨国并购活动的一般规律，以期能够开阔思路、对解决中国企业在跨国并购中存在的主要问题有所启示。

|Economic globalization is the most important event in contemporary world economic development history, and multinational corporations are playing vital role in the process of economic globalization and integration. Their investment behavior and strategy adjustment has been an important impact on the world economy and the host country. It has been proved by practice that with the development of world economy and the progress of science and technology, multinational companies have become the leading role and be core of the world economy, which is the most active, the most important forces of economic globalization. We have been in a “you don’t think about globalization, globalization has been thinking about you” world economic environment. The postwar world has been in the era of competition between big companies. Multinational companies are not only the main force of the contemporary world economy, but also a concentrated reflection of national competitiveness. When it comes to the new century, Chinese government not only continues to absorb more foreign investments, but also attach importance to improve Chinese corporations to invest worldwide.

Since China becomes an official member of WTO on December 11th, 2001, Chinese foreign trade increased rapidly, Chinese corporations started joining the wave of globalization of world economy. In October 2003, Decision of the third session of the 16th National Congress of CPC said the strategy of “going out” is part of building socialist market economy system and building a more activate and opened economic system.

In the long run, the rise and growing up of multinational companies of Chine is an inevitable trend. The implementation of Cross-border M&A and integration of global resources is the inevitable way to make enterprises bigger and stronger. But on the whole, the present Chinese companies’ Cross-border M&A is still in the primary and exploring stage, lack in experience, weak in resource integration capability and cross-cultural management capability, facing many problems and risks in the process of Cross-border M&A. The purpose of this paper is to find out the general law of Cross-border M&A activity by combining through the existing theory of Cross-border M&A, in order to widen our vision and help Chinese companies find a way to solve the problems we are facing.