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20世纪90年代以来,高新技术迅猛发展使世界经济趋于一体化,在这样的大背景下,全球跨国直接投资不断发展扩大。根据联合国贸发会议(UNCTAD)数据,1988-2003年,中国企业累计跨国并购总金额为81.39亿美元,其中2003年高达16.47美元。可见,中国在跨国并购的浪潮中扮演着重要的角色,但是跨国并购在推动中国经济增长、产业结构调整、资源配置优化的同时,也存在着政策、法律、文化等多方面的风险。本文介绍了跨国并购和跨国并购风险的概念,结合案例重点分析跨国并购存在的各种风险。
Since the 90s of the 20th century, with the rapid development of high technology, the world economy has become more and more integrated. Under this background, the global cross-border direct investment has continuously expanded. According to the UNCTAD, in 1988-2003, the total amount of cross-border mergers and acquisitions by Chinese enterprises amounted to 8.139 billion U.S. dollars, up from 16.47 U.S. dollars in 2003. It can be seen that China plays an important role in the wave of cross-border mergers and acquisitions. However, while cross-border mergers and acquisitions are pushing forward China’s economic growth, industrial restructuring and optimization of resource allocation, there are also risks in policies, laws and cultures. This paper introduces the concept of cross-border mergers and acquisitions (M & A) risks and cross-border mergers and acquisitions (M & A).