跨国公司在华并购与政府规制研究
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摘要
随着我国经济结构的战略性调整,国有企业深化改革,跨国公司在华并购势头强劲,呈现出新的动向和特点。由美国次贷危机引发的金融危机导致国际市场需求萎缩,也使我国面临严重冲击。跨国公司在华并购对我国究竟有何影响?政府规制与跨国并购的关系如何?政府如何适度规制外资并购?系统研究跨国公司在华并购与政府规制问题,不仅对入世过渡期结束后、新的全球金融危机期间,我国政府适度规制外资并购、维护国家经济安全具有重大理论意义;而且对深入贯彻党的十七大精神,实施互利共赢开放战略、有效防范全球金融风险有着积极的现实意义。
     本文运用规范分析与实证分析、比较研究、案例研究等方法,对跨国公司在华并购与政府规制问题进行了理论研究与实证分析,并在借鉴国际经验的基础上提出了我国政府规制跨国公司在华并购的总体思路与政策建议。
     在理论研究方面,进一步丰富了跨国并购与政府规制理论。基于FDI与企业并购两个视角分别探讨跨国并购的动因理论,前者除系统分析传统的六大FDI理论外,还增加了逆向技术溢出动因这一最新理论、后者增加了产业组织与速度经济性动因理论;提出了跨国并购对东道国的“双刃效应”(正、负效应)这一新名词,并从经济、环境两个方面,从国家宏观、产业中观与企业微观三个层面细化了跨国并购的效应理论;在公共利益、公共选择、契约规制、利益集团与激励规制等理论研究的基础上,跟踪西方规制经济学的最新发展(如规制公共实施论),从经济性规制与社会性规制两方面入手,找到适合我国国情的外资并购规制理论。
     在实证研究方面,重点剖析了跨国公司在华并购与政府规制现状以及两者之间的关系。探讨了外资并购对我国的“双刃效应”,包括市场结构、资本形成、就业、出口竞争力等宏观经济效应,技术外溢与转移、自主品牌、资产价格、公司治理结构等微观经济效应以及产业中观经济效应,为对其进行经济性规制奠定基础;同时基于可持续发展与低碳经济的要求,更注重研究其环境效应,为适度强化对外资并购的环境规制奠定基础;列举了主要行业近年来跨国公司在华并购典型案例,着重分析其规模、来源、主体、区位、方式与行业变化等新动向,为规制外资并购找到现实理由;在系统梳理我国规制跨国公司在华并购的产业政策、竞争政策、外资政策与审查制度后,剖析了其中存在的主要问题;通过建立计量经济学模型,实证分析经济性规制、社会性规制与跨国公司在华并购的关系。实证结果表明,政府规制对跨国公司在华并购产生重要影响,只是影响程度和大小不一。其中,经济性规制对跨国公司在华并购存在显著影响,而社会性规制特别是环境规制与跨国公司在华并购之间不存在显著相关关系,表明强化环境规制对跨国公司在华并购不会产生实质性抑制作用。
     基于理论研究与实证分析,在借鉴国家、国际两个层面跨国并购规制经验基础上,本文认为,要处理好跨国公司在华并购与政府规制的关系,必须从四个方面着手:首先,基于低碳经济背景与跨国公司在华并购的经济效应与环境效应,应调整我国外资并购经济性规制与适度强化社会性规制,尤其是环境规制;其次,提出了规制跨国公司在华并购的多元化总体目标、近期目标与远期目标;再次,引入规制成本收益分析方法,提出了跨国公司在华并购规制收益最大化的初步构想;最后,提出了改革跨国公司在华并购规制的国内协调机制与国际协调机制的政策建议,一方面应立足本国,着力完善我国规制外资并购的产业政策、外资政策、竞争政策与安全审查制度及其相互协调,另一方面应积极参与跨国并购规制的国际协调,掌握话语权,从根本上维护国家经济安全。
With the strategic adjustment of the Chinese economy and the deepening reform of its state-owned enterprises,there appears an impetus for multinational corporations (MNCs) merging and acquiring China's enterprises,which takes a new trend and manifests some characteristics.The financial crisis brought about by the Subprime crisis resulted in withering demand which also hit China severely. What on earth are the effects of MNCs'mergers and acquisitions (M&As) in China? What is the relationship between out-in M&As in China and government regulations? How should the Chinese government regulate properly M&As by MNCs? A systematic investigation of the relationship between out-in M&As in China and government regulation has theoretical significance in properly regulating MNCs M&As in China and strengthening China's economic security especially at the time when the transition period for China's entry into WTO was over yet it faces a new global financial crisis. Also it has practical significance in implementing the spirits of the 17th National Conference of the Chinese Communist Party, realizing a mutual winning open strategy and effectively preventing financial crisis.
     Methods such as prescriptive analysis and empirical analysis,comparative study, case study, etc. are used in this study to theoretically and empirically analyze the problems involved of MNCs'M&As in China and the corresponding government regulations.Learning from the international experience, a general framework and policy suggestions are put forward in reference to how the Chinese government should regulate MNCs'M&As in China.
     Theoretically, this study enriches the theories in cross-border M&As and government regulations.From the perspectives of FDI and M&A, this study analyzed the motives of cross-border M&A,with the former adding the new reverse technological spillover motive as well as the six traditional FDI theories, while the latter adding industrial organization and speed of economic motivation theory; this study also put forward the new concept of "two swords" of cross-border M&A on the host country, discussing in great detail the effect theory of cross-border M&A from the economic and environment aspects and from the three levels of macro, industrial and microeconomics.Based on the theoretical research in public interest, public options, contractual regulations, interest groups,incentive regulations, etc.,following the recent development in the economics of regulation (such as the theory of public implementation of regulations),this study tries to find out the proper regulation theory for MNCs'M&A in China from the perspectives of economic regulation and social regulation.
     Empirically, this study focused on MNCs' M&A in China, the current corresponding regulations and the relationship between them.This study analyzed the "two swords effect" of cross-border M&A on China's macroeconomic aspects such as market structure, capital formation, employment, export competitiveness, etc. It also investigated the microeconomic aspects such as technological spillover, technological transfer, self-owned brand, assets price, corporate governance structure as well as the industrial economic effect, which help establish the foundation of economic regulation. Based on the requirement of sustainable development and low carbon dioxide economy, this study focused on the environmental effect, which established the foundation of environmental regulations for cross-border M&As.This study listed the typical cases of cross-border M&As in recent years in the major industries, highlighted the new trend in their scale, source, major participants, location, means and change of industry, etc. trying to find the rational for regulating cross-border M&As.After reviewing China's industrial policies,competitive policies, foreign investment policies and censoring policies, this study analyzed the major problems involved and particularly, by using econometric models,this study empirically analyzed the relationship between economic regulations, social regulations and cross-border M&As.The empirical evidence indicates that government regulations have significant effects on cross-border M&As,but the extent and size may vary. Specifically, there exists significant effect between economic regulations and cross-border M&As, while the social regulations, especially environmental regulations, do not have a significant impact on cross-border M&As, which shows that strengthening environmental regulations will not have a substantial inhibition effect on cross-border M&As.
     Based on theoretical and empirical research results,learning from domestic and international cross-border M&A regulations and experiences,this study argued that in order to deal properly with the relationship between MNCs'M&As in China and the related government regulations, we can approach from the following four aspects: firstly, based on low-carbon economic background,the economic and environmental effects of MNCs'M&As in China, we should adjust the corresponding economic regulations and moderately strengthen the social regulations,especially the environmental regulations;secondly, we put forward the multiple overall objective as well as short term and long term objectives in regulating MNCs'M&As in China; thirdly, introducing cost-benefit analysis in regulation,we proposed a framework of optimizing regulation revenue for MNCs'M&As in China;lastly, we proposed policy recommendations on reform of MNCs'M&As in China's domestic and international coordination regulatory system.On the one hand, it should be based on domestic conditions and strive to improve industrial policies, foreign policies,competitive policies and censoring and coordination systems for out-in M&As,on the other hand, China should participate actively in and have a say about the international coordination in regulations for MNCs'M&As to safeguard national economy security fundamentally.
引文
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    ①新华网www.news.cn.两部委联合颁布新的《外商投资产业指导目录》.2007-11-7
    ①韩国驻华大使馆新闻处.每周韩国,1999-8-24.
    ②指资产总额在2万亿韩元以上,约合20亿美元的企业并购案。
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