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跨国并购是新兴公司从发达国家获取战略资产的有效途径之一。然而,有效地获得了战略资产并不能保证新兴公司能获取额外的经济收益。因为成功的并购从本质上是取决于买卖双方的资源互补态势。本文以资源理论为基础,探讨了跨国并购中价值的创造和分配机制,并分析了中国公司跨国并购的三种资源合并模式。分析发现,在并购市场上,当中国公司比竞标对手拥有更多的优势资源时,可以在并购中创造更多的额外价值以及促使双边垄断的形成,这样,中国公司的并购不仅可以获得所需战略资产,而且能够与并购目标分享经济收益,达成双赢。
Cross-border M & A is one of the effective ways for emerging companies to acquire strategic assets from developed countries. However, the effective acquisition of strategic assets does not guarantee that emerging companies can obtain additional economic benefits. Because successful mergers and acquisitions essentially depend on the complementary resources of buyers and sellers. Based on the resource theory, this paper explores the value creation and distribution mechanisms in cross-border M & A and analyzes the three resource consolidation models of cross-border mergers and acquisitions by Chinese companies. The analysis found that Chinese companies can create more extra value in mergers and acquisitions and promote the formation of bilateral monopolies in mergers and acquisitions market, so that Chinese companies can not only acquire the required mergers and acquisitions Strategic assets, but also to share the economic benefits of mergers and acquisitions, and achieve a win-win situation.