从智猪博奕理论看民营企业跨国并购策略

进入21世纪以来，作为国际并购市场上一支新兴的力量，中国民营企业开始尝试国际化的发展战略。但与国外达国家企业一百多年并购的历史和经验相比，中国民营企业无论在经验还是规模和实力上都有较大的差距。中国民营企业跨国并购的成功率实际上是比较低的。根据智猪博奕理论，在并购竞争中处于劣势地位的中国民营企业应在并购目标、并购区位和并购方式的选择上避强就弱，并组建并购战略联盟等策略发挥自身的优势与特点，才能在激烈的并购博奕中占有一席之地。

The strategy of International Acquisition of Private Enterprises from the view of Clever-pig Theory

Since the entrance to the 21st,as a newly-emerging force in the international acquisition market,private enterprises in China has begun to try a development strategy of globalization.But compared with the more than 100-year-old history and experience of those foreign enterprises in developed countries,private enterprises in China lag far behind in all the areas including experience,scale and strength.Actually,the success rate of international acquisition for private enterprises in China is relatively low.According to the Clever-pig Game Theory,private enterprises in China which are in a bad position in the acquisition competition should avoid the strong and seek the weak in the choice of acquisition goals,acquisition location,and acquisition means and form strategic acquisition alliance to make the most use of their strength and characteristics.Only by these strategies can the private enterprises in China have their own places in the intense acquisition competition.