从中长期目标失败谈中国海外并购战略的优化升级

在全球经济复苏迟缓的背景下,中国海外并购面临重要契机,同时也蕴含巨大风险。如果将评价海外并购成败的时间节点扩大到并购后,那么并购后营运情况不良的海外并购都应当被认为是失败的。目前中国的对外并购存在对海外项目的扭曲需求、对市场不熟悉的过高溢价、并购战略落后、管理层虚荣倾向与责任机制缺位以及政治和文化方面的不利影响等失败因子。因此,有必要从中长期目标失败的原因来研究如何优化升级本国海外并购战略。

Why Fail to Achieve the Mid or Long Term Targets in China′s Overseas M&A

In the context of slow global economic recovery,China′s overseas M&A is confronted with an important opportunity,but also with a huge risk.If evaluation standards of overseas M&A were expanded to include after-merger performance,there would be much more China′s overseas M&A cases being considered as a failure.Distortions in the demand for overseas projects,being not familiar with overseas market,lacking global strategy,management vanity tendency and the absence of accountability mechanisms and adverse effects of political and cultural difference,would be responsible for such a high failure rate.