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本文结合第五次跨国并购浪潮出现的特征和趋势,在邓宁(Dunning)折衷范式的框架内,分析在促进跨国并购的三大核心优势中,区位优势在不断弱化。跨国公司全球经营战略的转变及世界经济发展所导致区位优势非差异化,使对外直接投资区位优势的吸引力下降。跨国公司对东道国目标企业的并购投资更多侧重该企业的特定所有权优势和核心能力。
In the framework of Dunning eclectic paradigm, this paper analyzes the features and trends of the fifth wave of cross-border mergers and acquisitions and analyzes the weakening of regional advantages in promoting the three core advantages of cross-border M & A. The change in the global business strategy of multinational corporations and the non-differentiation of geographical advantages brought about by the world economic development have reduced the attractiveness of the regional advantages of foreign direct investment. MNCs’ M & A investment in host country target companies places more emphasis on the firm’s particular ownership advantages and core competencies.