跨国并购作为一种国际直接投资,在二十一世纪初已经超过“绿地”投资而成为占绝对地位的主要投资方式。对于跨国并购的经济解释,过去更多地是运用传统的企业理论和国际投资理论来进行分析的。自科斯于1937年发表《企业的性质》一文起,经威廉姆森、克莱因,张五常等人的不断发展完善,交易成本理论逐渐形成。随后,交易成本理论被运用于对跨国公司的研究,并为跨国公司跨国并购行为的研究提供了理论基础。本文试运用交易成本的观点与方法对跨国公司的跨国并购行为进行分析。 As a kind of international direct investment, transnational mergers and acquisitions (M & A) have surpassed “green space” investments in the early 21st century and become the main investment forms of absolute status. For the economic explanation of cross-border mergers and acquisitions, the past is to use more traditional business theory and international investment theory to analyze. Since the publication of “The Nature of Business” by Coase in 1937, the theory of transaction cost gradually formed through the constant development and improvement of Williamson, Klein, Zhang Wuchang and others. Subsequently, the theory of transaction costs was applied to the research of multinational corporations and provided the theoretical basis for the research on the multinational M & A behavior. This article tries to analyze the transnational mergers and acquisitions of transnational corporations by using transaction cost perspectives and methods.