湖南师范大学社会科学学报
湖南師範大學社會科學學報
호남사범대학사회과학학보
Journal of Social Science of Hunan Normal University
2014年
4期
96~104
,共null页
中外合资企业 阴谋亏损 并购 “合资-亏损-并购”
中外閤資企業 陰謀虧損 併購 “閤資-虧損-併購”
중외합자기업 음모우손 병구 “합자-우손-병구”
sino-foreign joint venture; conspiracy losse; merger; joint venture and loss and merger
近年来跨国公司独资化倾向愈演愈烈，其中一种重要的路径是在原有合资企业的基础上，采取“阴谋亏损”的手段实现从合资到并购的目的。中外合资企业“阴谋亏损-外资并购”存在三阶段模型，通过对被外资并购的合资企业和未被并购企业合资前后绩效的动态对比，发现被并购企业的绩效存在阴谋亏损的特征。在此基础上，构建中外合资企业“阴谋亏损-外资并购”风险影响因素的二元逻辑回归模型并予以实证检验。结果表明，外方增加股权和外方出任总经理是主要的风险影响因素。
近年來跨國公司獨資化傾嚮愈縯愈烈，其中一種重要的路徑是在原有閤資企業的基礎上，採取“陰謀虧損”的手段實現從閤資到併購的目的。中外閤資企業“陰謀虧損-外資併購”存在三階段模型，通過對被外資併購的閤資企業和未被併購企業閤資前後績效的動態對比，髮現被併購企業的績效存在陰謀虧損的特徵。在此基礎上，構建中外閤資企業“陰謀虧損-外資併購”風險影響因素的二元邏輯迴歸模型併予以實證檢驗。結果錶明，外方增加股權和外方齣任總經理是主要的風險影響因素。
근년래과국공사독자화경향유연유렬，기중일충중요적로경시재원유합자기업적기출상，채취“음모우손”적수단실현종합자도병구적목적。중외합자기업“음모우손-외자병구”존재삼계단모형，통과대피외자병구적합자기업화미피병구기업합자전후적효적동태대비，발현피병구기업적적효존재음모우손적특정。재차기출상，구건중외합자기업“음모우손-외자병구”풍험영향인소적이원라집회귀모형병여이실증검험。결과표명，외방증가고권화외방출임총경리시주요적풍험영향인소。
In recent years, the sole proprietorship tendency of multinational companies is more and more serious. One of the important path is to take ＂conspiracy losses＂ way to make the joint venture to be acquired. This paper puts forward a three stage model of sino-foreign joint venture ＂conspiracy losses-foreign mergers and acquisitions＂ . By comparing the performance of joint venture between those acquired and those not, this paper finds that those M＆A companies have experienced conspiracy losses. Then it establishes a binary logistic regression model of sino-foreign joint venture ＂conspiracy losses-foreign M＆A＂ risk factors and makes empirical analysis. The results shows that the increased foreign equity and foreign served as general manager are the main risk factors.
