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经济一体化的重要特征就是货币资本、商业资本及产业资本的国际化。随着跨国公司竞争的加剧,跨国并购已然超过新建投资,成为全球跨国公司对外直接投资的主要方式。本文从东道国经济安全的角度,以美国跨国公司收购我国公司为例,探讨跨国收购企业的博弈问题。我们研究的结论认为,在我国仍处于市场经济不发达、国内企业尚无力与跨国公司展开全面竞争的情况下,跨国并购将会在某些领域严重威胁到我国经济安全。为此,在跨国并购中,我们要侧重维护我国的产业经济安全,并在经济体制转型上,加强对我国现有民族企业的制度创新,这是我国企业赢得跨国并购博弈的前提。
An important feature of economic integration is the internationalization of monetary capital, commercial capital and industrial capital. With the intensification of competition among transnational corporations, transnational mergers and acquisitions have already surpassed newly-built ones and become the main means of global direct investment by multinational corporations. This paper, from the perspective of the host country’s economic security, takes the acquisition of Chinese companies by American multinationals as an example to discuss the game problems of multinational acquisitions. According to the conclusion of our study, cross-border mergers and acquisitions will seriously threaten the economic security of our country in some areas, while our country is still underdeveloped market economy and domestic enterprises are still unable to conduct full competition with multinational corporations. Therefore, in the cross-border mergers and acquisitions, we must focus on safeguarding the economic security of our industry and strengthen the institutional innovation of our existing national enterprises in the economic restructuring. This is the prerequisite for our country’s enterprises to win the cross-border M & A game.