国有企业跨国并购风险防范的制度研究  

The Institutional Analysis of Risk Prevention of Cross-border Merger and Acquisition in State-owned Enterprises

作　　者：汤吉军[1] 安然[2] 

机构地区：[1]吉林大学中国国有经济研究中心 [2]吉林大学经济学院

出　　处：《经济体制改革》2015年第3期118-123,共6页Reform of Economic System

基　　金：国家社会科学基金重大项目"推进经济结构战略性调整研究"(13&ZD022);教育部新世纪优秀人才支持计划项目"交易成本;沉淀成本与政府反垄断"(NCET-13-0247);吉林大学"985"工程哲学社会科学创新基地建设项目"中国国有经济改革与发展研究"(2010)的资助

摘　　要：随着经济全球化进一步推进,跨国公司迅速发展,对全球市场的影响也与日俱增。同时,中国也在不断推进经济结构战略性调整,国有经济改革逐渐深入。随着中国对外直接投资规模不断扩大,国有企业的跨国并购步伐也大大加快,并购收益凸现出来,同时所面临的诸多风险如政治、法律、价值等并购风险也相继出现,在一定程度上制约了国有企业跨国并购的发展。本文从国有企业跨国并购成本—收益角度入手,通过并购案例探讨面临的主要风险,并提出了相应的制度设计,以期为国有企业跨国并购提供可行性建议。With the further development of economic globalization, transnational companies have developed rapidly, thus increasing its impact on world market. Meanwhile, China continues to promote strategic economy restructuring and reform state- owned economy gradually. Mong with the increasing scale of FDI, state-owned enterprises speed up the pace of Mergers and Ac- quisitions. However, problems are clearly exposed with the boom of Cross-Border Merger and Acquisition. The risks including political risk, legal risk, value risk and other risks facing have restricted the development of Merger and Acquisition. From the point of view of Cost-Revenue, this paper focuses on system arrangement on the basis of case analysis, thus providing feasible advice for Cross-Border Merger and Acquisition of state-owned enterprises accordingly.

关 键 词：国有企业 跨国并购 并购收益 并购成本 

分 类 号：F270[经济管理—企业管理]