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迅速成长的中国企业很快发现:他们在以一个世界级的产能,玩一个区域性的市场。中国似乎已经容不下他们了,以前的粗放增长方式迅速走到了尽头。因此,他们希望通过并购来实现品牌、技术等方面的“跨越“,进而解决产能过剩和产业升级的问题。然而,“走出去”的中国企业正面临一个悖论:由于产能过剩和产业升级问题没有解决,中国企业缺乏真正的竞争力,并因此在海外并购中陷于被动。此外,并购虽然有时可以延长他们的产品的生命周期,但不足以从根本上解决技术进步的问题。只有在全社会范围内形成一个系统性的技术投入的基本条件,才能实现技术进步和经济增长方式的转变,摆脱对通过并购实现“惊险跨越”思维的依赖
Rapidly growing Chinese companies soon discovered that they are playing a regional market with a world-class production capacity. China seems to have been unable to accommodate them. The previous mode of extensive growth has quickly come to an end. Therefore, they hope to achieve “leapfrogging” in branding, technology and other aspects through mergers and acquisitions, and then solve the problem of overcapacity and industrial upgrading. However, “going out” Chinese companies are facing a fallacy: Because overcapacity and industrial upgrading have not been resolved, Chinese companies lack real competitiveness and are therefore passive in overseas mergers and acquisitions. In addition, mergers and acquisitions can sometimes extend the life cycle of their products, but not enough to fundamentally solve the problem of technological progress. Only when the basic conditions for a systematic technological investment are formed within the scope of the whole society can the technological progress and the mode of economic growth be changed and the reliance on the “thrilling leapfrog” thinking through mergers and acquisitions can be eliminated.