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90年代初期,伴随着跨国公司系统化对华投资的全面展开,以并购方式的投资活动在中国政府和企业尚未作好心理上、理论上和法律上准备之前就已悄然开始。目前,外商投资方式出现了转向并购的明显变化:从以往的合资转向控股收购和控股联营,方式有整体收购,也有部分收购和合资收购,此外,还有在合资过程中增资扩股,由参股变成控股。收购的对象,目前已经从一般性企业转向效益较好的大中型企业,从零散选择转向行业进攻。鉴于跨国并购方式已经成为跨国公司参与世界经济一体化进程中为了保持有利竞争地位,而更乐于采用的一种跨国直接投资方式,我国“入世”后将进一步完善市场经济体制和拓宽利用外资领域,那么,以并购方式引进外资的势头必将十分强劲。
In the early 1990s, with the systematic investment by multinationals in China, the investment activities by mergers and acquisitions started quietly before the Chinese government and enterprises were psychologically, theoretically and legally prepared. At present, there has been a noticeable shift in the mode of foreign investment toward mergers and acquisitions: from the previous joint-ventures to controlling acquisitions and holding allotments, there were overall acquisitions, partial acquisitions and joint ventures, as well as capital increase and share expansion during the joint venture, Into a holding. The target of the acquisition has now shifted from a generalized enterprise to a large and medium-sized enterprise with a relatively good profitability, shifting from scattered choices to offensive industries. Since the cross-border mergers and acquisitions (M & A) has become a transnational direct investment method that multinational corporations are willing to adopt in order to maintain a favorable competitive position in the process of world economic integration, China's accession to the WTO will further improve the market economic system and broaden the use of foreign investment, Then, the momentum of foreign investment by mergers and acquisitions will certainly be very strong.