跨国并购的区位选择理论及方法——兼论其在中国的实际运用(1

湖南大学硕士学位论文跨国并购的区位选择理论及方法——兼论其在中国的实际运用姓名：陈琼申请学位级别：硕士专业：国际贸易学指导教师：张亚斌20041024I80%;.IIAbstractNomatterbywhatkindofstandard,thegeographicdistributionofCross-borderM&A(MergerandAcquisition)isoverwhelminglyuneven.TheNorthAmerica,theEuropeandtheAustraliahaveattractedover80percentofCross-borderM&Aintheworld,andthedevelopingcountriesandregionsarestillactingassupportingrole.InChina,Cross-borderM&Ainvestmentsaremainlymadeinthecoastaldevelopedarea.Whydoestheunevendistributionoccur?WhatfactorsdecidethedistributionofCross-borderM&A?InordertoattractmoreCross-borderM&Ainvestment,howdoesChinaimproveitsinvestmentclimate?Thesequestionsaddressedabovearethemaintopicsofthisdissertation.BasedonthetheoryofCross-borderM&A,FDI(foreigndirectinvestment),andthetheoryoflocation,thispaper,constructingatheoryframeandanevaluatingsystem,analyzesthelocationchoiceofCross-borderM&AandfurtheradvancesthelocationtheoryofCross-borderM&A.Thedeterminantsaddressedinthispaperaredividedintothreecategories.Oneiscostdeterminants,includinglaborcost,transportcostandinformationcost.Anotheroneismarketdeterminants,includingmarketsize,thematureofthemarketandthedevelopmentleveloftheagencies.ThelastoneispolicydeterminantsthatincludetheattitudeandpoliciestoCross-borderM&A,theeffectivenessandefficiencyoflegalsystems.AimingattheessentialcharacteristicsofCross-borderM&A,thispaperchoosessevenevaluatingindicatorstoanalyzethelocationofCross-borderM&AinChina.TheresultsshowthatCross-borderM&Atendstoinflowintothecoastaldevelopedcitiesandtheregionalcentralcities.AfterenteringtheWTO,theinvestmentmotivationofMultinationalCorporation(MNC)inChinaistoobtainstrategicassetandlong-termbenefit.Policydeterminantsandmarketdeterminantsbecomethemostimportantdecisivefactors.Underthebackgroundoftheeconomicglobalization,Chinahasbecomeamergingmarketwiththehighestpotentialintheworld,andCross-borderM&Aisbecomingthemainwayofattractingforeigninvestmentprogressively.Inordertowidenthechannelofattractingforeigninvestment,attractCross-borderM&Ainvestmentenergetically,andpromotethecompetitiveness,everyregionofChinamustchangetheidea,cognizetheadvantagesanddisadvantagesofCross-borderM&A,definetheguidelines,andstrengtheninfrastructureconstruction,acceleratetheurbanizationprocessofthearea.AimingatthedeterminatesofthelocationchoiceofCross-borderM&A,everyregionmustsetupall-aroundagencyserviceIIIsystem,perfecttheinterrelatedlaw,andconstructabetterenvironmentforCross-borderM&Ainvestment.Keywords:Cross-borderM&A;LocationChoice;LocationEvaluatingSystem;PolicyDeterminants;MarketDeterminants;CostDeterminants1______2IV2.1.......................................................10V1.1..............................................12.1.....................................112.2...................................153.1...........................................274.120002003GDP..............................324.220002003........................334.3.............................344.420002003................................374.5.............................................3811WTO1.11.1.1209019962000200011.11.119963861227058.819974643342073.419986439411063.819998650720083.22000139301143882.120018238594072.120026512369856.82003560029705319952003.21.1.1.120901.2090101995351719975828199910945.9200010001320198719991013199619971519981999312.UNCTAD19871999207720809820003824.21592.71687.1586.767.23.1997904.38080WTO1.1.1.2200022.5200123.3200220.73.9ThompsonFinancial200047020011402002290200332402003338.4162002701.2.3.20034STST44.434.73277331231927[1]1.1.22090[2][1].200420044633[2]..200219251.21.2.11.2.1.1Hannah.L.Kay.J.(1977)VasconcellosKish(1998):1981-199076qqqRaven-scraft(1991);10;(Yip1982;BaldwinCaves1985)(Yip,1982)(1999)6(B.N.Wolf)197519771.2.2.230%20%Bradley(1988)1963-1984;JenenRuback(1983)40FrancescTrilllas(2002)0Lubatkin(1983)Capron(1999)Jensen(1991)Gibbs(1993)Johnson(1996)Goldberg(1973)Mueller(1985)RavenscraftScherer(1985)Klaus,Gugler.etl.200171.2.2OLIDunning1977[3]1966[4]54[4]Broadman&Sun19971992[5]199719871993Gong1995[3].200236[4].2002154[5]..1996513216[6]Broadman,H.C.andX.Sun.TheDistributionofForeignDirectInvestmentinChina.In:PolicyResearchWorkingPaper:1720,WorldBank,199782004[1]1.3[1].20042004491022.12.1.1Cross-borderMergers&Acquisitions2.1[7]3Mergers2.1[7]..19993101998RJ19991997199911[8]2.1.220802.12.1Wilson19801960Edwards&Buckley(1998)25Mudambi(2002)OLI614()..2004174-79[8].2004111121.[9]2.MM+1[9]..200018713M3.4.5.14199619965015618.192.22.2.1[8][10]2.2[8]Dunning,J..LocationandMultinationalEnterprise:ANeglectedFactor?JournalofInternationalBusinessStudies.29119984566[10]Buckley,P.,andM.Casson.TheEconomicTheoryoftheMultinationalEnterprise.London:Macmillan152.2Dunning,MultinationalEnterprisesandGlobalEconomy,AddisonWesleyPublishingCo.1992,pp.82-83Buckley,GovernmentPolicyResponsestoStrategicRent-Seeking,1996.pp.1-15.1966[11]1.2.3.4.[12]2.2.1.1[11]..2003365[12]..200019161.;2.()()():;;17[13][14]325%49%2.2.1.2[13]..2004223[14]..:19955618[15];1993T&N(GoetzeGroupGG)GG3(LSE)GGT&NT&NGG[15]..199934192.2.1.32.2.22.2.2.11.[16][16]..19