制度环境、创新能力对中外合资企业外方并购的影响研究
发布时间：2019-03-06 16:41
【摘要】：近些年来,伴随着我国广大市场的不断开放,外商对华直接投资中外商独资企业的比重越来越高。尤其值得注意的是,大量的中外合资企业,亦纷纷通过受让中方股权或者增资扩股的方式将合资企业转变为外方控股或外商独资企业,由此进一步加速了外资在我国的“独资化”风暴。从时间上来看,外资利用并购从“合资”到“独资”的过程在不断加速;从空间上来看,产权发生变化的中外合资企业存在明显的区域差异。中外合资企业中的这种“合资-并购-外方独资”行为,不仅增加了中国企业的学习成本,侵占了中国企业的经营收益;同时,更危及了我国的产业安全,严重损害了我国国民经济的健康有序发展。针对这种现象,论文首先通过对国内外的相关研究情况进行了查阅和研读,找出了外商在我国展开“独资化”风暴的路径和动机。其次通过对我国工业企业数据库中2000—2007年中外合资企业外方并购案例的总结梳理,运用ArcGIS软件,对其在我国各地区的分布情况进行可视化分析。从而能够直观地判断合资企业中外方并购在我国各地区存在的明显倾向性。接着,理论联系现实,提出了外资企业对中国企业的“合资-并购-外方独资”的制度环境与创新能力影响模型。该模型从制度环境和创新能力两个维度重点剖析中外合资企业“合资-并购-外方独资”的路径变迁及其演化规律。研究发现,伴随着地区制度环境的改善,外方并购行为将会更加频繁,具体表现为地区市场化水平和法治水平的提升以及减少政府对企业的干预都将会增加外方的并购行为;另一方面,区域创新能力高的地区合资企业的外方并购行为也相应较高。最后,论文就如何防范中外合资企业的外方并购提出了一些可供参考的建议,包括:提高市场透明度,完善企业信息披露制度;政府适当干预,保证产业安全;完善并购相关法律制度,减少外方恶意并购;加强合资资质考察,警惕外方技术并购。论文通过ArcGIS软件,将外资对我国企业的“合资-并购-外方独资”路径进行了区域可视化分析,从而能够直观地辨别中外合资企业的外方并购行为在我国各地区是否存在不同的偏好,充分体现了管理学与地理学相结合的跨学科优势。其次,论文通过对宏观经济与微观企业行为的结合进行研究,集中分析了制度环境与创新能力对中外合资企业外方并购的影响,具有较强的说服力。最后,论文采用了动、静相结合的视角,重点关注企业从合资到被并购继而被外商独资的全视角过程,构建了中外合资企业外方并购的影响机理模型。对当前相关理论起到了一定程度的充实作用,也为中国企业预防外商独资化起到了警示作用。
[Abstract]:In recent years, with the continuous opening of China's market, the proportion of foreign-owned enterprises in foreign direct investment in China is getting higher and higher. It is particularly noteworthy that a large number of Sino-foreign joint ventures have also converted joint ventures into foreign-owned or wholly foreign-owned enterprises through the transfer of Chinese equity or the increase in capital and stock expansion. This further accelerated the foreign capital in China's "exclusive" storm. From the point of view of time, the process of using foreign capital M & A from "joint venture" to "sole proprietorship" is accelerating constantly; from the space point of view, there are obvious regional differences in the Sino-foreign joint ventures in which property rights have changed. This kind of "joint venture-merger-wholly foreign ownership" behavior in Sino-foreign joint venture not only increases the learning cost of Chinese enterprises, but also embezzles the operating income of Chinese enterprises. At the same time, it endangers the industrial safety of our country and seriously damages the healthy and orderly development of our national economy. In view of this phenomenon, the paper first looked up and studied the relevant research situation at home and abroad, and found out the path and motivation of foreign investors to launch the "monopolization" storm in our country. Secondly, the paper summarizes and combs the cases of foreign mergers and acquisitions of Chinese-foreign joint ventures in 2000-2007 in China's industrial enterprise database, and makes a visual analysis of its distribution in various regions of our country by using ArcGIS software. Thus, it can directly judge the obvious tendency of merger and acquisition between Chinese and foreign enterprises in all regions of our country. Then, combining theory with reality, this paper puts forward the system environment and innovation ability influence model of "joint venture-M & A-wholly foreign ownership" of foreign-funded enterprises to Chinese enterprises. This model analyzes the path change and evolution rule of Sino-foreign joint venture "joint venture-M & A-wholly foreign investment" from the two dimensions of institutional environment and innovation ability. The research finds that, with the improvement of regional institutional environment, foreign mergers and acquisitions will be more frequent, specifically, the improvement of the level of regional marketization and the rule of law, as well as the reduction of government intervention in enterprises will increase foreign mergers and acquisitions; On the other hand, the foreign mergers and acquisitions of regional joint ventures with high regional innovation ability are also relatively high. Finally, the paper puts forward some suggestions for reference on how to prevent foreign mergers and acquisitions of Sino-foreign joint ventures, including: improving market transparency, perfecting enterprise information disclosure system, appropriate government intervention to ensure industrial safety; Improve the relevant legal system of mergers and acquisitions, reduce foreign malicious mergers and acquisitions; strengthen joint venture qualification inspection, alert to foreign technology mergers and acquisitions. By means of ArcGIS software, the paper makes a regional visualization analysis of the "joint venture-merger-wholly foreign ownership" path of Chinese enterprises. Thus, it can discern directly whether the foreign merger and acquisition behavior of Sino-foreign joint ventures has different preferences in different regions of our country, which fully reflects the interdisciplinary advantage of combining management with geography. Secondly, through the study of the combination of macro-economy and micro-enterprise behavior, this paper focuses on the analysis of the impact of institutional environment and innovation ability on foreign mergers and acquisitions of Sino-foreign joint ventures, which has a strong persuasion. Finally, the paper takes a dynamic and static perspective, focusing on the whole process from joint venture to merger and then wholly owned by foreign investors, and constructs the influence mechanism model of foreign mergers and acquisitions in Sino-foreign joint ventures. To the current relevant theory has played a certain degree of enrichment, but also for Chinese enterprises to prevent foreign monopolization has played a warning role.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F425;F276.43
本文编号：2435706
[Abstract]:In recent years, with the continuous opening of China's market, the proportion of foreign-owned enterprises in foreign direct investment in China is getting higher and higher. It is particularly noteworthy that a large number of Sino-foreign joint ventures have also converted joint ventures into foreign-owned or wholly foreign-owned enterprises through the transfer of Chinese equity or the increase in capital and stock expansion. This further accelerated the foreign capital in China's "exclusive" storm. From the point of view of time, the process of using foreign capital M & A from "joint venture" to "sole proprietorship" is accelerating constantly; from the space point of view, there are obvious regional differences in the Sino-foreign joint ventures in which property rights have changed. This kind of "joint venture-merger-wholly foreign ownership" behavior in Sino-foreign joint venture not only increases the learning cost of Chinese enterprises, but also embezzles the operating income of Chinese enterprises. At the same time, it endangers the industrial safety of our country and seriously damages the healthy and orderly development of our national economy. In view of this phenomenon, the paper first looked up and studied the relevant research situation at home and abroad, and found out the path and motivation of foreign investors to launch the "monopolization" storm in our country. Secondly, the paper summarizes and combs the cases of foreign mergers and acquisitions of Chinese-foreign joint ventures in 2000-2007 in China's industrial enterprise database, and makes a visual analysis of its distribution in various regions of our country by using ArcGIS software. Thus, it can directly judge the obvious tendency of merger and acquisition between Chinese and foreign enterprises in all regions of our country. Then, combining theory with reality, this paper puts forward the system environment and innovation ability influence model of "joint venture-M & A-wholly foreign ownership" of foreign-funded enterprises to Chinese enterprises. This model analyzes the path change and evolution rule of Sino-foreign joint venture "joint venture-M & A-wholly foreign investment" from the two dimensions of institutional environment and innovation ability. The research finds that, with the improvement of regional institutional environment, foreign mergers and acquisitions will be more frequent, specifically, the improvement of the level of regional marketization and the rule of law, as well as the reduction of government intervention in enterprises will increase foreign mergers and acquisitions; On the other hand, the foreign mergers and acquisitions of regional joint ventures with high regional innovation ability are also relatively high. Finally, the paper puts forward some suggestions for reference on how to prevent foreign mergers and acquisitions of Sino-foreign joint ventures, including: improving market transparency, perfecting enterprise information disclosure system, appropriate government intervention to ensure industrial safety; Improve the relevant legal system of mergers and acquisitions, reduce foreign malicious mergers and acquisitions; strengthen joint venture qualification inspection, alert to foreign technology mergers and acquisitions. By means of ArcGIS software, the paper makes a regional visualization analysis of the "joint venture-merger-wholly foreign ownership" path of Chinese enterprises. Thus, it can discern directly whether the foreign merger and acquisition behavior of Sino-foreign joint ventures has different preferences in different regions of our country, which fully reflects the interdisciplinary advantage of combining management with geography. Secondly, through the study of the combination of macro-economy and micro-enterprise behavior, this paper focuses on the analysis of the impact of institutional environment and innovation ability on foreign mergers and acquisitions of Sino-foreign joint ventures, which has a strong persuasion. Finally, the paper takes a dynamic and static perspective, focusing on the whole process from joint venture to merger and then wholly owned by foreign investors, and constructs the influence mechanism model of foreign mergers and acquisitions in Sino-foreign joint ventures. To the current relevant theory has played a certain degree of enrichment, but also for Chinese enterprises to prevent foreign monopolization has played a warning role.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F425;F276.43
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