本文从外资并购国有企业的历史沿革的研究入手，深入地运用规
范分析和案例研究方法对外资并购国有企业的动因、模式及绩效进行
了深入的分析和研究。
本文首先对外资并购的内涵进行了界定，然后回顾了历史上的五
次购并浪潮及其特点，并详细地论述了外资并购国有企业的历史和特
点。接着对直接投资理论和跨国并购动因研究作了详尽的回顾，为下
文的研究作理论上的铺垫。在以上研究的基础，本文建立了“基于战
略的价值创造并购动因分析框架”，从我国的现实环境、外资和国有
企业三个角度对外资并购动因进行了深入的分析。价值创造必然需要
一定合适的方式来予以实现，本文在总结外资并购的各种方式后，从
非上市和上市国有企业的角度对外资并购模式进行了完整的论述，并
对建立促进外资并购模式创新的政策法律、经济环境方面提出了对
策。价值创造是否实现应该用并购的实际绩效来予以判断，因此，本
文最后运用财务会计法对外资并购国有企业的绩效进行了实际的分
析。
本文创新点在于：（1）提出了“基于战略的价值创造并购动因分
析框架”；（2）完整地论述了外资并购国有企业的模式，并对建立促
进外资并购模式创新的政策法律、经济环境方面提出了对策。（3）运
用财务会计法对并购企业的经营绩效进行了分析。
关键字 外资并购;国有企业;动因;模式;绩效
ABSTRACT
The form of making use of the foreign Investor in our country has
expanded to the multinational M&A field gradually from the traditional
joint venture cooperation. In 2002 and 2003, the amount of direct foreign
capital investment in our country is larger than any other country in the
world, but the foreign Investor in the form M&A is only 5 %. Now, the
world idle capital is abundant and flexible, and this provides the ample
funds the capital for multinational company to merge the Chinese
state-owned enterprise; as the transition period of China’ s joining in the
World Trade Organization ends gradually and the reforms of Chinese
economic system concerning foreign affairs deepens, the field and scope of
the foreign capital in Chinese realm will be more comprehensive, and the
policy will be even more looser. This will provide a better environment for
foreign Investor to merge the Chinese state-owned business enterprise. Our
country has much potential to attract foreign capital by merger and
acquisition in the future. The research on problems about M&A of Chinese
state-owned enterprise by foreign Investor has positive meaning both
theoretically and practically.
This text studies the motive, mode, and results of the M&A of the
state-owned enterprise by the foreign Investor from the research of the
history origin by making use of the norm analysis thoroughly with the case
example thoroughly analysis with study.
This text first defines the M&A of the foreign Investor , then looks back the
five historical merger waves and the characteristics, and discusses the
history and characteristics of the M&A of the state-owned enterprise by
foreign Investor in detail. Then reviews the theories of direct investment
and the motive of multinational M&A, and this provides theory base for
the following research.。On the investigative foundation above, this text
establishes“ the analysis frame based on strategic value creation motive”,
and analysis thoroughly the motive of foreign capital M&A from three
angles: the realistic environment in our country, foreign Investor and
state-owned enterprise. Value creation must be fulfilled in a proper way.
After concluding various foreign Investor M&A methods in this article, it
discusses the mode of foreign M&A in general form the angle of both
state-owned enterprise in and out of the market, and to establish to
promote M&A of the foreign investor about the policy law, economic
environment that mode set up put forward the countermeasure. Whether
value creation is realized or not should be judged by the actual results.
Therefore, this text finally uses finance accountancy&39;s method to analyze
the M&A of the state-owned business enterprise by foreign Investor.
This text is a little bit creative to consist in: (1) put forward “ the analysis
frame based on strategic value creation motive”; (2) discusses the mode of
the M&A of the state-owned enterprise by foreign Investor completely and
generally. and to establish to promote M&A of the foreign investor about
the policy law, economic environment that mode set up put forward the
countermeasure;（3）uses finance accountancy&39;s method to analyze the
M&A of the state-owned enterprise by foreign Investor.
KEYWORD M&A of foreign Investor; State-owned
enterprise;Motive;Mode, Results
第 1 章 引 言
1.1 选题背景
进入20 世纪90 年代以来，经济全球化浪潮的一个突出特点是跨国并
购迅猛增长，并成为许多国家利用外资的主要形式之一。在全球范围内，
国际直接投资中有80%以上是通过并购方式完成的。在全球市场中谋求生
存和繁荣已成为跨国并购高潮的动力所在，跨国并购特别是涉及大型跨国
公司、巨额资金和公司重大改组的并购是经济全球化最明显的特点。
十六届三中全会通过的《中共中央关于完善社会主义市场经济体制若
干问题的决定》明确提出，要进一步增强公有制经济的活力，大力发展混
合所有制经济，实现投资主体多元化，使股份制成为公有制的主要实现形
式。目前我国社会主义市场经济体制正处于不断完善的过程中，国有企业
现代企业制度还没有完全建立，推动企业间的兼并、联合、重组，促进国
有资产的合理流动和优化配置，加快国有经济布局和结构的战略性调整，
是国有企业改革和战略调整的需要和发展方向。
近几年，我国出台一系列涉及企业并购重组方面的法律法规，使并购
重组不断走向制度化、规范化和法制化的轨道。中国并购重组的法律法规
日臻完善，有关这方面的法律规定主要体现在《中华人民共和国公司法》、
《中华人民共和国中外合资经营企业法》、《上市公司收购管理办法》、《关
于企业兼并的暂行办法》、《中华人民共和国证券法》、《外商收购国有企业
的暂行规定》等法律、行政法规和部门规章中。
2002 年以来，国务院有关部门又先后联合发布实施了《利用外资改组
国有企业暂行规定》、《外国投资者并购境内企业暂行规定》，对外国投资
者参与国有企业并购重组作出了具体的规定。这将为外资企业参与国有企
业的改组改造提供新的发展契机。所有这些法律、法规和有关政策都有利
于外资参与国有企业的改组改造。
并购重组特别是国有大中型企业参与跨国并购既是融入国际市场、扩
大规模经济效应及提高管理水平的重要方式，更是面对压力，从激烈的竞
争中寻求生存及提升竞争力的严峻挑战。
我国利用外资的形式已从传统的合资合作逐步扩展到跨国并购领域。
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