外资并购中的企业出售动因及政府干预的影响:一项多案例研究

发布时间：2018-04-12 21:39

本文选题：外资并购 + 战略障碍　；参考：《南方经济》2017年02期

【摘要】：在过去20多年里,大量的国内知名企业在外资并购中成为了被收购的目标企业。这些企业为什么要选择出售的方式获取成长?在外资对国内企业的并购中,政府究竟扮演了什么角色?为回答这两个问题,文章以目标企业为研究对象,通过对10个案例的一手和二手资料的分析发现,目标企业自身面临的战略障碍是影响其选择出售的直接动因,而政府各种干预手段所形成的机会窗口则是影响企业出售决策的关键外部力量。出售机会窗口形成缘于中国特殊发展时期的政策优惠和有限的指标划拨。因此,政府作为影响企业出售抉择的重要外生力量,建议政府对自己在外资并购中的角色和介入程度进行再定位。
[Abstract]:In the past 20 years, a large number of well-known domestic enterprises become the target enterprise takeover in foreign mergers and acquisitions. Growth for why these enterprises choose to sell the way? In foreign to domestic enterprises mergers and acquisitions, the government will play what role? To answer these two questions, based on the target enterprise as the research object and through the analysis of 10 cases of primary and secondary data found that the obstacle faced by enterprise strategy is influencing the choice of direct reason for sale, and the government intervention means formed by the window of opportunity is the key external force affecting the enterprise selling decision. Transfer window is formed due to China opportunity to sell special development period preferential policies and limited index. Therefore, the power of government as an important exogenous influence enterprise sale decision, advises the government on their own in foreign mergers and acquisitions and the role of intervention The degree is relocated.

【作者单位】：中山大学管理学院;中山大学旅游学院;
【基金】：教育部哲学社会科学研究重大课题攻关项目(11JZD020) 国家自然科学基金面上项目(71272193)的资助
【分类号】：F271;D630

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