摘要
近年来跨国公司独资化倾向愈演愈烈,其中一种重要的路径是在原有合资企业的基础上,采取"阴谋亏损"的手段实现从合资到并购的目的。中外合资企业"阴谋亏损—外资并购"存在三阶段模型,通过对被外资并购的合资企业和未被并购企业合资前后绩效的动态对比,发现被并购企业的绩效存在阴谋亏损的特征。在此基础上,构建中外合资企业"阴谋亏损—外资并购"风险影响因素的二元逻辑回归模型并予以实证检验。结果表明,外方增加股权和外方出任总经理是主要的风险影响因素。
In recent years, the sole proprietorship tendency of multinational companies is more and more serious. One of the important path is to take ＂conspiracy losses＂ way to make the joint venture to be acquired. This paper puts forward a three stage model of sino-foreign joint venture ＂conspiracy losses-foreign mergers and acquisitions＂ . By comparing the performance of joint venture between those acquired and those not, this paper finds that those M＆A companies have experienced conspiracy losses. Then it establishes a binary logistic regression model of sino-foreign joint venture ＂conspiracy losses-foreign M＆A＂ risk factors and makes empirical analysis. The results shows that the increased foreign equity and foreign served as general manager are the main risk factors.
出处
《湖南师范大学社会科学学报》
CSSCI
北大核心
2014年第4期96-104,共9页
Journal of Social Science of Hunan Normal University
基金
国家自然科学基金项目"中国企业与外企联盟的‘合资-亏损-并购’风险研究"(71303204)
教育部人文社会科学研究青年基金项目"中外合资企业的‘阴谋亏损’识别与‘恶意并购风险防范’"(12YJC790122)
湖南省哲学社会科学基金项目"我国企业与外资联盟中的‘合资-亏损-并购’风险研究"(11JD67)
关键词
中外合资企业
阴谋亏损
并购
“合资-亏损-并购”
sino-foreign joint venture
conspiracy losse
merger
joint venture and loss and merger
