中国企业海外并购的成长机制

研究表明，跨国企业海外并购不是一项单纯的投资或融资活动，而是一项集投资、整合、生产、经营增殖于一体的系统工程。跨国企业并购前的进入战略选择机制、并购整合中的动态学习机制、并购后的价值创造机制，不仅对海外并购成败和公司绩效产生重要的影响，而且对于发展中国家的跨国企业来说，是一个成长学习过程。这种以微观企业条件作为分析工具的研究理路和方法，为推进中国对外投资发展和发展壮大中国的跨国公司，提供理论借鉴和现实启示。

Growth Mechanism of Overseas Mergers and Acquisitions of Chinese Corporations

The findings show that overseas merger and acquisition are not pure investment or financing activities,but rather a system that involves investment,integration,production,operating and proliferation.The choice of entering strategy mechanism in pre-M&A,the dynamic learning mechanism during M&A integration,and the value creation mechanism in post-M&A,not only have a significant impact on the success of overseas M&A and corporate per-formance,but also may be of great significance in the process of learning and growing for multinational companies in developing countries.And this theoretical method of enterprise conditions as an analysis tool provides some realistic enlightenments upon promoting the development of China's OFDI and developing and cultivating China's multinational corporations.