跨国并购对目标国产业集中与发展的影响分析  

The Impact of Foreign M&A on Target Country's Industry Concentration and Development

作　　者：戴金平[1] 安志勇[1] 冯蕾[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《证券市场导报》2008年第7期68-71,共4页Securities Market Herald

基　　金：教育部重点研究基地重大课题(编号:05JJD630025)

摘　　要：从食品饮料、汽车制造、日用化工、电子机械到零售仓储,外资大规模并购中国企业进入了一个新的高潮,目前外资并购的目标产业集中在机械制造和房地产业。本文选取外资在华并购的几大集中产业——日化、饮料、汽车和电讯设备在外资大规模并购后市场集中度和市场结构的变化,证明了外资在中国的并购行为有着内在的战略动机——通过改变进入产业的市场结构,获取垄断地位并谋求超额利润。在这一过程中,一方面反映为我国民族品牌的丧失和利润被瓜分,另一方面,也必须看到外资并购对于产业的发展壮大、劳动生产率的提高以及就业水平的促进有着一定的积极作用。两方面综合考虑到底是利大于弊还是弊大于利,其关键在于对外资进入行业的市场结构进行控制,避免有损于民族产业发展的高度寡头垄断结构的出现。The foreign M＆As have reached a high level and covered food and beverage, mobile manufacturing, daily chemicals, electronics and retails industry, etc. Presently foreign M＆As concentrate in mechanical manufacturing and real estate industries as their primary goal. This research studies the market concentration and structural change after foreign M＆As in several industries in China, and proves that the Foreign M＆A behaviors have internal strategic incentives： to obtain monopolistic position in specific industry and to acquire abnormal return. During this process, on one hand, domestic brands are losing their market shares and profits, on the other hand, the foreign M＆As do strengthen the industry, increase productivity and help employment. The crucial measure is to measure the market structure of foreign M＆As to avoid domestic brand failure or oligopoly.

关 键 词：产业集中 外资并购 市场结构 产业发展 

分 类 号：F276.7[经济管理—企业管理]