摘要
本文选取了十二项指标实证分析了中国企业在跨国并购和绿地投资两种不同对外投资方式上呈现出的差异性。总体而言,采取跨国并购的中国企业在海外能够提供更为丰富的差异化产品,拥有更多的市场份额,获得更大的企业规模以及更高的资本强度。具体表现为:第一,只有在海外市场拥有丰富投资经验的中国企业,才倾向选择跨国并购的投资方式。第二,对于市场寻求动机的中国企业而言,由于企业处于成长初期阶段,因此经常定位于新的产品市场,更倾向于选择绿地投资的直接投资方式。第三,从事跨国并购的中国企业更倾向于在目标企业获得较大的控制权,以便企业作出符合本土特色的战略规划。第四,从事跨国并购的中国企业更倾向于进入大陆法系国家投资,且投资成功的可能性更大。此外随着时间的推移,两种投资模式的差异性不断减少,这表明随着中国企业对外直接投资的深入进行,对外直接投资的不确定性在一定程度上有所降低。
This paper analyzes the difference between in transnational merger & acquisition( M&A) and Greenfield investment of Chinese enterprises. Generally speaking,through transnational M&A,Chinese enterprises can provide more products overseas and gain larger market share and realize larger scale and higher capital intensity. Firstly,only those enterprises highly experienced in overseas markets will tend to choose transnational M&A investment. Secondly,the market-seeking Chinese enterprises are more inclined to choose direct greenfield investment,because they are still in the growth stage. Thirdly,the Chinese enterprises that launch transnational M&A tend to have greater control over the target enterprises,so that they can make strategic plan. Fourthly,Chinese enterprises prefer to enter the civil law countries,where their investments are more likely to be successful. In addition,as time goes by,differences between the two investment patterns tend decreasing,which indicates that Chinese enterprises' foreign direct investment is becoming less uncertain.
出处
《管理评论》
CSSCI
北大核心
2014年第9期139-148,共10页
Management Review
基金
国家社会科学基金青年资助项目(11CGL006)
湖南社会科学基金一般资助项目(11YBA320
11YBB379)
湖南省教育科学资助项目(XJK011QCD006)
湖南省科技厅项目2011RS4057
关键词
市场进入模式
东道国
绿地投资
跨国并购
market entry mode,host countries,greenfield investments,transnational M&A
