意欲摆脱合资模式束缚的京东方,通过海外并购的方式获得了进入TFT-LCD产业竞争较为核心的技术。随后,京东方在自身原有的基础之上,强化了在TFT-LCD产业中下游的制造能力,打造了一条TFT-LCD产业链。应该肯定的是,京东方的一系列资本运作使得自身进入到主流产业的全球竞争,这是中国企业实现产业升级较为现实的路径。不过,京东方为此付出了很大的代价,目前陷入资金与市场的困境。为何会如此呢?是京东方海外并购策略失败的证明吗?理解京东方案例的问题,首先要搞清楚的是,在全球化时代,什么是产业链,什么是链条对链条的竞争? BOE, which intends to get out of the shackles of the joint venture model, has gained the core competitiveness of its TFT-LCD industry through overseas acquisitions. Subsequently, BOE in its own original basis, strengthened in the middle and lower reaches of the TFT-LCD manufacturing capacity, creating a TFT-LCD industry chain. What should be affirmed is that BOE’s series of capital operations have allowed itself to enter into the global competition of mainstream industries. This is a more realistic path for Chinese enterprises to achieve industrial upgrading. However, BOE paid a great price for this, now plunged into the plight of capital and markets. Why is it so? Is BOE overseas M & A strategy fails to prove it? Understand the BOE case of the problem, we must first clear is that in the era of globalization, what is the industrial chain, what is the chain of competition?