跨国公司参与下本土企业兼并重组的长期效应分析——来自“一汽-夏利-丰田”同盟的微观证据  

Multinational Enterprises Join and the Long-term Effects of Native Company Mergers:The Microscopic Evidences From “FAW-XIALI –TOYOTA” Auto Alliances

作　　者：白让让[1] 郄文惠 

机构地区：[1]复旦大学管理学院,上海200433

出　　处：《产业经济评论》2016年第5期5-27,共23页Review of Industrial Economics

基　　金：国家自然科学基金资助项目"价值链不对称嵌入情境下本土轿车企业优化纵向组织结构的战略研究与应用"(编号71372144);教育部人文社科项目"本土轿车制造企业自主产品开发的多案例比较研究"(编号12JYA3003)

摘　　要：现有的研究注重兼并重组对公司股东价值、股票价格和公司回报率的影响,很少分析兼并后的经营活动和各个参与者的实际绩效。本研究以跨国公司直接或间接参与下的轿车产业水平兼并背景,构建了一个三方兼并重组的理论模型,论证了"本土主导企业、边缘企业和跨国公司"的能力和动机差异,对后续整合行为的影响机理所在。通过对"一汽-夏利-丰田"战略联盟的经验分析,本文发现跨国公司主导下的重组行为,表面上虽然满足了本土主导企业发展自主品牌、弱势企业扭转经营亏损、政府提高产业集中度等要求,实际上却付出了本土企业自主创新的投资或能力下降、品牌和技术双重"空心化"以及跨国公司产业控制力增强的代价。本文还给出了政策纠偏和策略调整的若干建议。Existing researches focus on the impact of mergers and acquisitions on the shareholder value, stock price and rate of return of merger companies, with little analysis of the post-merger operations and the actual performance of various participants. Under the background of multinationals directly or indirectly involving in the horizontal mergers and acquisitions of automobile industry, this study constructs a theoretical model of a three- way merger and reorganization, demonstrates the capability and motivation differences of local leading enterprises, edge enterprises and multinational corporations and the mechanisms effecting subsequent integration behaviors. By analyzing the ＂FAW - Xiali - Toyota＂ strategic alliance, we found that the restructuring behaviors of multinational companies ostensibly meet the requirements of local leading enterprises developing their own brands, disadvantaged businesses reversing operating losses, the government increasing industrial concentration. However, it leads to huge costs that local enterprises＇ decline of independent innovation investment or ability, double ＂hollow＂ of both brand and technology and multinational greater industry control This article also gives some recommendations of policy correction and strategy adjustment.

关 键 词：兼并重组 能力不对称 跨国公司 自主创新 轿车产业 

分 类 号：F426.471[经济管理—产业经济]