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随着我国投资环境的不断改善及入世后对外资限制的放宽,上世纪初全球长达50年的并购浪潮,开始以汹涌之势席卷中国,建立在全球价值链基础上的产业整合悄然展开,跨国公司与我国企业在国内战场展开正面竞争,这成为全球经济环境下我国产业发展不可回避的历史潮流。全球资源配置在中国的延伸,为我国经济增长带来了新的契机,但与此同时,大敌压境也大大加剧了国内经济转型的紧张与躁动。随着跨国并购的迅猛增长,我国产业对外依存度迅速攀升,大量市场和原创品牌被外资吞噬,产业控制力受到削弱,技术溢出效应未如预期,愈发凸现了国家经济安全隐患。外资并购犹如老虎蚕食,欲求安全,要么把虎打死,要么就壮大到虎口不能吞咽。把虎打死当然是釜底抽薪之举,但在开放的国际环境下,面临强盛的经济财团,我们不仅没有打虎的制度条件,还不具备打虎的实力基础。因此,我们只有不断提高本土产业的国际竞争力,不断提升本土产业的经济实力。“撑开虎口”,才是当前博弈外资并购的有效途径。
With the continuous improvement of the investment environment in our country and the relaxation of restrictions on foreign investment after China’s accession to the WTO, the 50-year global wave of M & A in the early 2000s began to sweep through China with turbulent momentum and quietly started the industrial integration based on the global value chain. Multinational corporations and Chinese enterprises have started a positive battle in the domestic battlefield, which has become an unavoidable historical trend of China’s industrial development in the global economic environment. The extension of global resource allocation in China has brought new opportunities for the economic growth of our country. However, at the same time, it has greatly aggravated the tension and agitation of the domestic economic restructuring. With the rapid growth of cross-border mergers and acquisitions (M & A), China’s dependence on foreign industries has rapidly risen. A large number of markets and original brands have been swallowed up by foreign investment and the control power of industries has been weakened. The technology spillover effect has not been as expected, which has highlighted the hidden dangers of the country’s economic security. Foreign mergers and acquisitions like a tiger nibbling, desire safety, either kill the tiger, or grow to the tiger’s mouth can not swallow. Of course, it is a drastic move to kill the tiger. However, in an open international environment, facing a prosperous economic consortia, we not only do not have the institutional conditions to defeat the tiger but also do not have the strength to defeat the tiger. Therefore, we should only continuously improve the international competitiveness of the local industries and constantly upgrade the economic strength of the local industries. “Expanding the tiger’s mouth” is the effective way to game foreign capital M & A.