CAJ | 학술논문

金融危机背景下，全球资本市场以及并购活动进入低谷。但中国一些大型企业近来纷纷在海外出手，受到全球瞩目。这些企业在国内经营情况受冲击较小，流动资金充分，而且中国资本市场的资本成本比较低。这样就给中国企业去海外收购以优势和冲动，也是资本和产业结合的一个很好的推动力。但是中国企业到海外并购存在着很好的机遇的同时也存在着挑战和不确定性。这些国际并购经验并不充足的公司，应该选择正确的策略。不断吸取经验和总结教训，审慎探索获得资源和投资回报的路径。
금융위궤배경하，전구자본시장이급병구활동진입저곡。단중국일사대형기업근래분분재해외출수，수도전구촉목。저사기업재국내경영정황수충격교소，류동자금충분，이차중국자본시장적자본성본비교저。저양취급중국기업거해외수구이우세화충동，야시자본화산업결합적일개흔호적추동력。단시중국기업도해외병구존재착흔호적궤우적동시야존재착도전화불학정성。저사국제병구경험병불충족적공사，응해선택정학적책략。불단흡취경험화총결교훈，심신탐색획득자원화투자회보적로경。
Under the financial crisis, global capital markets and merger and acquisition （M＆A） activities have fallen into the low point. However, recently a number of Chinese large enterprises have taken over foreign shares or companies overseas, which attracts the global attention. These enterprises, having adequate cash-flow and enjoying lower cost of capital in Chinese market, suffer less from the crisis, which gives them advantages and passion to invest overseas and also an impetus to combine capital and industries. On the other hand, these enterprises are faced with challenges and uncertainties in their M＆A overseas, considering their lack of experience in international M＆A. h is advisable for them to choose right strategies, constantly learn lessons from others and try to explore the fight path for the return from resources and investment.