“逆全球化”背景下中国企业在美并购的新特征、新风险与对策分析  

The Analysis of Characteristics,Risks and Features of Chinese Enterprises' Mergers & Acquisitions in the U.S.A. in the Age of Anti-globalization and the Coping Strategies

作　　者：李莉文[1] Li Liwen

机构地区：[1]北京外国语大学英语学院

出　　处：《美国研究》2019年第1期9-25,5,共18页The Chinese Journal of American Studies

基　　金：国家社科基金项目"中国企业在欧美发达国家并购投资中的风险防范研究"(14BGJ044);中央高校基本科研业务费专项基金资助课题"中国企业在八国集团成员国的并购研究"(项目编号:2013XG003)的阶段性成果

摘　　要：当前,以欧美发达国家为发源地的"逆全球化"思潮正在席卷全球。中国企业在美并购的新进展唯有置于"逆全球化"的背景下,方可得到准确的解读。本文从"逆全球化"的表象与根源入手,指出中国企业在美并购呈现出的一些新特征,其中尤以在美并购的热潮开始降温和国企再度成为并购龙头为甚。在"逆全球化"背景下,中国企业在美并购正在面临越来越多的风险。这些风险主要包括美国政府对中国企业在美并购的安全审查日趋严苛,中国企业在美并购的交易多存在债务驱动、高杠杆等金融风险,及在美并购的中国企业存在转型突兀、"水土不服"等隐忧。为了应对中国企业在美并购过程中遇到的新风险,中国企业不仅要在审查程序上展开有针对性的应对,更要善于讲好"中国故事",积极应对文化差异所导致的"水土不服"现象。同时,中国政府应持续加强监管有高杠杆驱动的并购交易。The anti-globalization movement that arose in America and Europe has been exerting great influence on Chinese enterprises mergers and acquisitions(M&A)in the U.S.A.The features and risks of Chinese enterprises M&A in the U.S.A.could only be understood by analyzing the characteristics and roots of the anti-globalization movement.This paper points out that Chinese enterprises M&A in the U.S.A.is assuming new features,such as Chinese acquisitions of U.S.firms on the decline and Chinese state-owned enterprises back on top in China s Outbound M&A ranking.In the meantime,Chinese enterprises are facing new risks.These risks include U.S.strict scrutiny of Chinese enterprises M&A out of national security concern,high financial leverage associated with Chinese enterprises M&A and their worries caused by culture shock.In order to deal with the risks,Chinese enterprises are supposed to rebuild China s image,and the Chinese government should keep an eye on debt-driven M&A of Chinese enterprises in the U.S.A.

关 键 词：美国经济 中美经贸关系 中国企业 在美并购 逆全球化 风险 

分 类 号：F279.2[经济管理—企业管理] F271[经济管理—国民经济]