全球产业重构与中国产业整合战略

从股权安排到各种非股权安排,跨国公司在全球范围内重构产业体系的投资方式逐渐由绿地投资、跨国并购发展到国际战略联盟,其治理机制也呈现出从一体化治理、价值链治理到虚拟再整合治理的演进轨迹。在全球产业重构的背景下,跨国并购、国有资产重组和民营企业扩张正在对中国产业系统的基础架构进行系统性重塑和整合。本文在对产业整合实践和研究文献综述的基础上,提出了中国产业整合战略的内涵、主要内容以及产业整合五个层面的金融机制与治理结构。

Global Industrial Restructuring and Industry Integration Stratagem in China

From equity linkages to various non-equity linkages, the investment modes of restructuring industry systems by TNCs in global scope, development from greenfield investment, cross-border merger and acquisition to cross-border strategic alliances, the mechanisms of governance also show itself evolvement track from integration governance, value chain governance to virtual re-integration governance. Under the backgrounds of global industrial restructuring, cross-border M&A, state assets recompose and privately owned enterprises expand in process of systemic restructuring and integration to foundation of industry systems in China. On the base of practices and research literature summarize of industry integration, this paper bring forward the connotation and content of China industry integration stratagem as well as the five levels financial mechanisms and governance structure of industry integration.