自十九世紀末以來，企業併購已經有近百年的發展歷史，各種的併購理論及學說也孕育而生，而中國大陸身為近幾年崛起的經濟大國，其對外投資的方式及所運用的理論，加上對外投資中所面臨的國際政治因素或理論等等也越來越受到世界各國的關注與重視，其方式主要是以海外併購為主，知名案例時有耳聞。 目前中國大陸是世界前三大對外投資國之一，整體對外投資海外併購的數目及金額也逐年增加，但其在面臨對外投資海外併購時所遇到的問題仍不少，如投資主體仍以國有企業為主不免有中國大陸特色過於顯明的問題，民營企業對外投資時的資金取得也較不易，整體併購的戰略制定也較不明確，中國大陸政府該用什麼手段去解決社會主義國家帶給資本主義國家的刻板印象，及該如何去解決國有及民營企業懸殊的差距，從而去提升其整體併購案的成功率。 本文主要再探討中國大陸企業積極發動海外併購之經濟環境與背 景因素；中國大陸對外投資政策背後所延伸的意涵對中國大陸企業海外併購的影響；中國大陸對外投資的主要方式以企業併購為例，並瞭解影響其併購過程成敗之關鍵因素，並以「阿里巴巴併購雅虎中國」、「中海油併購優尼科」兩個個案為例去瞭解併購案的發動背後是否有“中國大陸特色”的政策引導。 From the late 19th century, the development of enterprise acquisition has almost a century of history, which various kind of theory and thoughts root from this period of time. China, who has rise as a economic superpower recent years, her theories and methods utilized has been drawing attentions and concerns among the world. The main way is overseas acquisition and famous cases are heard very frequently. So far, China has become the one of the biggest foreign investor in the world, whose amount of quantity and capitals of investing acquisition overseas increases by year. Nevertheless, the authority has to deal with several problems referring to its so-called “Socialism with Chinese characteristics” while carrying out the investments of overseas acquisition. Since it leads to stereotype to capitalism states, difficulty of finance rising, unclear commercial strategy, and distinct between state-owned businesses and privately owned businesses, in order to make the rate of successfulness of overall acquisition. The purpose of the research is mainly exploring the economic environment and background casuals of active launching acquisition overseas of Chinese enterprises, including effects on overseas acquisition policies due to the meaning of Chinese authority extended behind the scenes. For the cases of overseas acquisition the main way of China investing abroad, the key causes that made the process of acquisition successful or failure in the cases “Alibaba acquisition of Yahoo China” and “CNOOC acquisition of Unocal Corporation“ will be fully analyzed for the possibility of direction with “Policies with Chinese characteristics”
