CAJ | 학술논문

由于传统的跨国并购动因理论侧重时点静态分析，已经很难准确解释现阶段的企业并购行为，本文提出了动态跨国并购动因理论框架，尝试融合宏观影响因素和微观影响因素，运用时间维度和空间维度双向分析轨道，从动态层、宏观层和动因层三个层次入手，分析中国企业对欧盟的跨国并购动因。从时间维度看，受到国际金融危机和欧洲主权债务危机的影响，欧元汇率的波动和欧盟失业率的持续增高降低了中国企业并购欧盟公司的成本、风险和市场的准入门槛；从空间维度看，欧盟有发达且较完善的市场机制、成熟的国际化管理经验、市场规模大，这些因素是吸引中国企业对欧盟投资的重要因素；此外，以并购形式进入欧盟市场可大大降低欧盟的技术壁垒对中国产品出口的影响。
유우전통적과국병구동인이론측중시점정태분석，이경흔난준학해석현계단적기업병구행위，본문제출료동태과국병구동인이론광가，상시융합굉관영향인소화미관영향인소，운용시간유도화공간유도쌍향분석궤도，종동태층、굉관층화동인층삼개층차입수，분석중국기업대구맹적과국병구동인。종시간유도간，수도국제금융위궤화구주주권채무위궤적영향，구원회솔적파동화구맹실업솔적지속증고강저료중국기업병구구맹공사적성본、풍험화시장적준입문함；종공간유도간，구맹유발체차교완선적시장궤제、성숙적국제화관리경험、시장규모대，저사인소시흡인중국기업대구맹투자적중요인소；차외，이병구형식진입구맹시장가대대강저구맹적기술벽루대중국산품출구적영향。
As the traditional cross -border mergers and acquisitions ( M&A) motivation theory focuses on sided point static analysis, it has been difficult to explain the behavior of M&A at the current stage .This paper puts forward an inno-vative dynamic theoretical framework for cross -border M&A motivation .Then it systematically analyzes cross -border M&A motivation of Chinese enterprises to the EU from dynamic , macro and motivation layer , blending macro and micro factors and using the time dimension and spatial dimensions two -way analysis orbit.From the time dimension, affected by the international economic crisis and European sovereign debt crisis , fluctuations in the euro exchange rate and the in-crease of unemployment rate reduce the cost , risks and barriers to entry markets of acquiring .From the space dimen-sion, the EU has developed and complete market mechanism , mature international management experience and large market size , which are important factors in attracting investment in the EU .In addition , accessing to the EU market in the form of M&A greatly contributes to reducing the impact of the EU′s technical barriers to the export of their products .