外资并购的策略性动机均衡分析  

Equilibrium Analysis on Strategic Motives of Foreign Capital Merger and Acquisition

作　　者：郑迎飞[1] 

机构地区：[1]上海对外贸易学院金融学院,上海201620

出　　处：《安徽大学学报（哲学社会科学版）》2009年第1期129-133,共5页Journal of Anhui University(Philosophy and Social Sciences Edition)

基　　金：国家自然科学基金项目(70372057);上海市教育委员会重点学科建设项目(J512-01);上海市教育委员会科研创新项目(08YS147)

摘　　要：均衡分析结果表明,外资并购选择挤占策略而非共存策略的重要原因包括:国内外企业之间成本差距大;产品差异化程度低;并购之后整顿成本高;参与市场竞争的企业数量少,尤其是低成本企业数量少。差异化是企业避免挤占式外资并购的最简单易行之策略。Equilibrium analysis shows that foreign capital merger and acquisition adopts expelling strategy instead of coexisting strategy for the following reasons ： wide gap of cost for domestic and foreign companies ; lack of product differentiation; high cost of reorganization; small number of competing firms in the market; most important of all, lack of firms operating with low cost. Product differentiation is the best way to avoid expelling foreign capital merger and acquisition.

关 键 词：外资并购 策略性动机 市场结构 内生性 

分 类 号：F752[经济管理—国际贸易]