本文从理论角度分析资源导向型企业纵向并购所产生的经济效应,以此对政府的对外直接投资政策和企业的对外投资行为提供理论指导。研究结果表明,目前各国法律多数是针对横向并购的情况考虑反垄断政策的制定,这是有局限性的。在纵向并购情况下也可能引起市场的集中,从而损害了市场的公平竞争。各国有必要对纵向并购可能引起的市场垄断进行认真考察,严格审查。 This paper analyzes the economic effects of vertical mergers and acquisitions of resource-oriented enterprises from a theoretical perspective, and provides theoretical guidance for the government’s outward FDI policies and enterprises’ overseas investment behavior. The result of the study shows that at present most countries’ laws mainly consider the formulation of antitrust policy in the case of horizontal mergers and acquisitions, which has its limitations. In the case of vertical mergers and acquisitions may also cause the market concentration, thus undermining the fair market competition. It is necessary for all countries to conscientiously inspect and scrutinize the market monopolies that vertical mergers and acquisitions may cause.