美国跨国公司并购及其对中国的启示

企业并购在美国经济生活中扮演着重要角色。研究美国跨国公司并购行为的变迁,对当前中国的企业并购有重要的启示意义。中国的企业并购存在行政干预过多、企业监管缺位、并购后管理滞后、金融市场功能不尽完善等问题。借鉴美国的经验,可以提出中国的相关制度安排,如:建立跨国并购扩张战略的梯度优势、强化企业实现价值最大化的并购动机、大力推行战略性跨国并购、重视跨国并购后的整合、培育和规范中介机构,等等。

American Transnational Corporation Mergers and Acquisitions and the Enlightenment to China

The mergers and acquisitions of China's enterprises are destined to emerge from China's economic development,and are also inalienable from the sustainable development.Nevertheless,it is easier to merge than to structurize the enterprises.As a Chinese proverb goes "delicious foods may not be easy to digest".On the basis of cost and income analysis,the paper points out that the mergers and acquisitions of China's enterprises are confronted with the risks and existing problems.This article begins with the transformation of M&A of US companies,then it points out the potential risks and problems for China's enterprises and provides suggestions.