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中国企业进入发达国家市场时面临“并购抑或联盟?”的战略选择。针对资源基础观解释该问题时存在的局限性,本文创新性地运用了比较企业优势观,在将该理论的意愿内涵诠释为业务剥离意愿的基础上,通过理论分析和案例验证相结合的方法展开了研究。结果表明,比较企业优势和竞争优势的差异组合将对中国企业的战略选择产生不同影响,如果中国企业两种优势均无,则其实施的并购将因发达国家企业对业务剥离的天然抗拒而遭遇很高的风险和成本。
Chinese enterprises face the strategic choice of “mergers and acquisitions or alliance?” When they enter the markets of developed countries. In view of the limitations of resource-based view to explain the problem, this paper makes innovative use of the concept of comparative advantage of enterprises, interprets the intension of the theory as the intention of business divestiture, through the combination of theoretical analysis and case verification Started research The results show that comparing the different combinations of firm strengths and competitive edges will have different impacts on the strategic choices of Chinese firms. If both Chinese firms do not have any advantages, their acquisitions will be affected by the natural resistance of developed-country firms to business divestiture High risk and cost.