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自“走出去”战略实施以来,我国海外并购增长势头强劲,但多以失败告终。基于此,本文研究发现:我国在并购中有溢价现象存在;价格因素需在消除政治偏见、经济威胁等前提下才能够发挥作用;东道国政府对我国并购行为有多种怀疑和猜测,归纳起来是对“中国崛起”的恐惧,这种恐惧与“中国溢价”的叠加效应深刻地影响着我国海外并购的成败。
Since the implementation of the strategy of “going global”, the overseas mergers and acquisitions in our country have enjoyed strong growth momentum, but many have failed. Based on this, this study finds that: there is a premium phenomenon in M & A in China; price factors need to be able to play a role in eliminating political prejudices and economic threats; host governments have many doubts and speculations about M & A in China The fear of “Rise of China”, the superposition effect of this fear and the “Chinese premium”, has profoundly affected the success or failure of China’s overseas mergers and acquisitions.