中国企业海外并购中的代理问题与治理机制——基于无形资源获取的视角

近年来中国企业海外并购活动持续活跃，从并购的动机来看，通过并购发达国家的企业获取目标企业的优势无形资源是中国企业的一个主要目的。然而与国内并购相比，中国企业的海外并购活动面临着严重的信息不对称问题，在对目标企业的整合中牵涉到多重委托代理关系，存在一个跨越国界多环节委托代理链条，这些因素使中国企业在获取优势无形资源过程面临着更多的代理问题。为了切实防范与化解由代理问题所引发的风险，中国政府和企业应该分别从宏观与微观两个层面，进一步畅通中外双方的信息沟通渠道，并通过进一步完善公司治理机制，改进与强化对各级代理人的激励、监督措施与方法，在跨国超长的委托代理链条上构建有效的功能传导机制，最终达到降低代理成本、防范与化解风险隐患的目标。

Acquisition of Intangible Resources,Information Asymmetry,Agency Problems and Governance Mechanism-The study on Chinese Enterprises' overseas M&A based on Principal Agent Theory

In recent years, the activity of Chinese Enterprises' overseas M&A continued to be active, from the point of view of M&A motivation, it is a main objective to acquire the excellent intangible resources of target companies through overseas mergers and acquisitions business in developed countries. However, the activities of Chinese enterprises' overseas M&A faced a serious conditions of asymmetric information, involved multiple-principal-agency relationship in the process of integration with the target company, presented a crossed-border multi-link principal-agency chain. All these factors make Chinese enterprise face more agency problems in the process of obtaining the intangible resources. In order to prevent and solve the risks caused by proxy issues effectively, Chinese government and enterprises should further smooth information communication mechanism of Chinese and foreign parties form the macro and micro levels respectively, improve and strength incentives and supervision measures to each agent through improving the corporate governance mechanism, build an effective function transmission mechanism in the long transnational agency chain, get the goal of reducing the agency cost, preventing and resolving potential risk ultimately.