制度環(huán)境、創(chuàng)新能力對(duì)中外合資企業(yè)外方并購(gòu)的影響研究
發(fā)布時(shí)間：2019-03-06 16:41
【摘要】：近些年來(lái),伴隨著我國(guó)廣大市場(chǎng)的不斷開(kāi)放,外商對(duì)華直接投資中外商獨(dú)資企業(yè)的比重越來(lái)越高。尤其值得注意的是,大量的中外合資企業(yè),亦紛紛通過(guò)受讓中方股權(quán)或者增資擴(kuò)股的方式將合資企業(yè)轉(zhuǎn)變?yōu)橥夥娇毓苫蛲馍酞?dú)資企業(yè),由此進(jìn)一步加速了外資在我國(guó)的“獨(dú)資化”風(fēng)暴。從時(shí)間上來(lái)看,外資利用并購(gòu)從“合資”到“獨(dú)資”的過(guò)程在不斷加速;從空間上來(lái)看,產(chǎn)權(quán)發(fā)生變化的中外合資企業(yè)存在明顯的區(qū)域差異。中外合資企業(yè)中的這種“合資-并購(gòu)-外方獨(dú)資”行為,不僅增加了中國(guó)企業(yè)的學(xué)習(xí)成本,侵占了中國(guó)企業(yè)的經(jīng)營(yíng)收益;同時(shí),更危及了我國(guó)的產(chǎn)業(yè)安全,嚴(yán)重?fù)p害了我國(guó)國(guó)民經(jīng)濟(jì)的健康有序發(fā)展。針對(duì)這種現(xiàn)象,論文首先通過(guò)對(duì)國(guó)內(nèi)外的相關(guān)研究情況進(jìn)行了查閱和研讀,找出了外商在我國(guó)展開(kāi)“獨(dú)資化”風(fēng)暴的路徑和動(dòng)機(jī)。其次通過(guò)對(duì)我國(guó)工業(yè)企業(yè)數(shù)據(jù)庫(kù)中2000—2007年中外合資企業(yè)外方并購(gòu)案例的總結(jié)梳理,運(yùn)用ArcGIS軟件,對(duì)其在我國(guó)各地區(qū)的分布情況進(jìn)行可視化分析。從而能夠直觀地判斷合資企業(yè)中外方并購(gòu)在我國(guó)各地區(qū)存在的明顯傾向性。接著,理論聯(lián)系現(xiàn)實(shí),提出了外資企業(yè)對(duì)中國(guó)企業(yè)的“合資-并購(gòu)-外方獨(dú)資”的制度環(huán)境與創(chuàng)新能力影響模型。該模型從制度環(huán)境和創(chuàng)新能力兩個(gè)維度重點(diǎn)剖析中外合資企業(yè)“合資-并購(gòu)-外方獨(dú)資”的路徑變遷及其演化規(guī)律。研究發(fā)現(xiàn),伴隨著地區(qū)制度環(huán)境的改善,外方并購(gòu)行為將會(huì)更加頻繁,具體表現(xiàn)為地區(qū)市場(chǎng)化水平和法治水平的提升以及減少政府對(duì)企業(yè)的干預(yù)都將會(huì)增加外方的并購(gòu)行為;另一方面,區(qū)域創(chuàng)新能力高的地區(qū)合資企業(yè)的外方并購(gòu)行為也相應(yīng)較高。最后,論文就如何防范中外合資企業(yè)的外方并購(gòu)提出了一些可供參考的建議,包括:提高市場(chǎng)透明度,完善企業(yè)信息披露制度;政府適當(dāng)干預(yù),保證產(chǎn)業(yè)安全;完善并購(gòu)相關(guān)法律制度,減少外方惡意并購(gòu);加強(qiáng)合資資質(zhì)考察,警惕外方技術(shù)并購(gòu)。論文通過(guò)ArcGIS軟件,將外資對(duì)我國(guó)企業(yè)的“合資-并購(gòu)-外方獨(dú)資”路徑進(jìn)行了區(qū)域可視化分析,從而能夠直觀地辨別中外合資企業(yè)的外方并購(gòu)行為在我國(guó)各地區(qū)是否存在不同的偏好,充分體現(xiàn)了管理學(xué)與地理學(xué)相結(jié)合的跨學(xué)科優(yōu)勢(shì)。其次,論文通過(guò)對(duì)宏觀經(jīng)濟(jì)與微觀企業(yè)行為的結(jié)合進(jìn)行研究,集中分析了制度環(huán)境與創(chuàng)新能力對(duì)中外合資企業(yè)外方并購(gòu)的影響,具有較強(qiáng)的說(shuō)服力。最后,論文采用了動(dòng)、靜相結(jié)合的視角,重點(diǎn)關(guān)注企業(yè)從合資到被并購(gòu)繼而被外商獨(dú)資的全視角過(guò)程,構(gòu)建了中外合資企業(yè)外方并購(gòu)的影響機(jī)理模型。對(duì)當(dāng)前相關(guān)理論起到了一定程度的充實(shí)作用,也為中國(guó)企業(yè)預(yù)防外商獨(dú)資化起到了警示作用。
[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.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F425;F276.43
本文編號(hào)：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.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F425;F276.43
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，本文編號(hào)：2435706
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