中國企業赴歐盟併購之研究-以中聯收購CIFA為例

改革開放以前，中國經濟當中根本不存在企業這種經濟實體，更不用談企業競爭力。不過，隨著中國政府打開國門並引進外國資本和技術，中國少數企業也在某程度上開始培養某種所有權優勢，並以此進行對外直接投資。　　當中國於2001年加入世界貿易組織時，中國為了使其經濟政策與WTO規則匹配得上而開始將國內曾經受政府保護的產業加以開放。因為這進一步的開放大幅激發了中國國內幾乎各產業的競爭環境，因此一方面中國企業為了增強它們的競爭力而到境外投資的意願獲得提高，而另一方面中國政府為了協助國內企業而逐漸開始調整其境外投資政策。不僅如此，自入世以來，中國政府相關部門持續的出台旨在規範，促進跟鼓勵中國企業赴海外投資的政策。　　隨著境外投資政策的開放，從2001年開始中國對外直接投資流量開始快速成長。2004年前，中國對歐盟直接投資佔其對全球直接投資的比重極小，更不用說其佔歐盟流入直接投資的比重。雖然目前中國對外直接投資的主要目的的為亞洲，但是2005年開始，中國對歐盟直接投資呈現空前的成長率。一方面，歐盟對中國的貿易壁壘使得中國企業赴東歐進行綠地投資，以透過當地生產圍繞歐盟貿易壁壘。另一方面，中國企業意識到，若要能夠在國際經濟中占一席之地，它們就必須加強其核心競爭力。然而，企業要增強其競爭力，並不是一步登天，而是一個緩慢的過程。作為FDI當中獲得先進技術，高等組織與管理能力以及市場份額的最快捷方式－跨國併購就成為中國企業赴歐盟（及其他發達國家）的主要途徑。　　於是，本文決定以中國企業在歐盟併購的地理和產業分布以及其動因分析為研究對象。為了增加論文的透視作用，本文篩選中國在歐盟的一筆併購，並憑著被收購公司所提供的資料來對中聯重科－CIFA併購案進行周延，詳細的分析，並希望藉此對於中國企業對外直接投資的動因與實際模式的研究領域做出貢獻。

關鍵字

對外直接投資；跨國併購；中國跨國企業

並列摘要

Before opening up its economy in 1979, China had virtually no enterprises as we know them today, let alone firm’s competitiveness, which is knowingly a condicio sine qua non for companies to engage in Foreign Direct Investment (FDI).A few yars after the start of the reform process however, a limited number of state-owned Chinese companies started to carry out overseas investment. This type of FDI was nevertheless undistinguishable from government policy, and was therefore directed at securing energy resources needed by the nascent economic development and, to a lesser extent, to facilitate Chinese exports. When in 2001 China joined the WTO, the government started to carry out a cautious but constant liberalization of industries once shielded from international competition. Against this new background, the Chinese government realized that Chinese companies needed to become internationally competitive in order to survive both at home and abroad and accordingly started to ease restrictions with regard to the use of foreign exchange, also simplifying and making clearer the administrative approval procedure for outward investment. Meanwhile, the relevant bodies in the government launched several policies aiming at regulating, encouraging and supporting the new outward investment strategy announced by the top leadership in 2001,viz. the “go global” (“zou chu qu”) strategy. Following these policy changes, Chinese outward investment started to rise at an unprecedented level. Even though Asia and the developing countries receive the bulk of Chinese OFDI, a considerable and rising share of this new wealth is flowing to the European Union.We will see in the next paragraphs how Western Europe receives the lion’s share of Chinese OFDI in the EU, and how more than 2/3 of it is invested through cross-border mergers and acquisitions (M&A). M&A is a riskful but rapid way for companies to obtain the advanced technology, managerial and organizational capabilities as well as market share and distribution channel, tasks the normally would take several years to be achieved. Developing countries’ MNEs generally lack core competitiveness vis-a-vis firms from developed countries, and they can speed up the catch-up process through acquiring and absorbing firms (often from developed countries) which possess some sort of ownership advantage. Evidently, Chinese companies are heavily relying on M&As to increase their core competences and thus be able to compete both in the domestic and the international markets. The present dissertation will analyze the industrial and geographical distribution of Chinese M&As in the European Union, attempting to find out its patterns and trends, as well as trying to determine the role that the government’s policies on one side, and the Euro Zone crisis on the other side played in shaping Chinese firms’s M&As in the EU.

並列關鍵字

FDI ； M&As ； Chinese MNEs

參考文獻

中聯重科股份有限公司網站：http://www.zoomlion.com/

黃泓堉，《BenQ Mobile 在歐洲市場的行銷失敗探討－A Case Study on BenQ Mobile’s Failure in Europe》（台北縣淡水鎮：淡江大學歐洲研究所碩士班，民國96 年）

謝依穎，《中國大陸國有企業進行跨國併購之研究：以中國石油化工集團公司為個案》（台北縣淡水鎮：淡江大學中國大陸研究所碩士班，民國 101 年）

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Thilo Hanemann and Daniel H. Rosen(2012) , “China Invests in Europe: Patterns, Impacts and Policy Implication, Rhodium Group.

國際替代計量

中國企業赴歐盟併購之研究-以中聯收購CIFA為例

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