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交易效率是动态比较优势的重要来源,是跨国公司并购的根本动因。跨国公司并购作为折衷差异产品种类数增加与交易成本上升之间两难的手段,它将不同的产品与生产过程进行跨国安排,以在规模经济和研发规模上获取优势。跨国公司并购的成本优势不仅体现于因海外沉没资产规模的扩大引起边际成本的下降,而且还体现于规模经济和产品差异以及绝对成本优势所形成的进入壁垒;同时也正是这种成本优势使得跨国公司并购具有策略优势。
Transaction efficiency is an important source of dynamic comparative advantage, which is the fundamental motivation of multinational M & A. As a dilemma between the increasing number of product varieties and the rising transaction costs, M & As of transnational corporations make transnational arrangements for different products and production processes to gain advantages in scale economy and R & D scale. The cost advantage of multinational M & A is not only reflected in the decrease of marginal cost due to the expansion of overseas sunk assets, but also the entry barrier of economies of scale, product differentiation and absolute cost advantage. At the same time, it is precisely this cost advantage that makes Multinational M & A has strategic advantages.