即外方仅把中方企业视为进入中国市场的跳板，先于中方合资，后在合资的过程
中蓄意损害合资企业的利益，以实现最终低价并购合资企业，完成其独资阴谋的
现象。“阴谋亏损”的现象使得中国企业付出了昂贵的交易成本、学习成本，却
没有取得预期效果。从“合资”到“并购”的变迁不仅侵占了中国企业的生存空
间，更危及到我国的产业安全，阻碍了国民经济的健康有序发展。外方得以实施
“阴谋亏损”的一个重要手段就是技术控制。利用技术控制，跨国公司一方面可
以对中方企业实施严格的技术封锁，防止自有知识外溢，造成合资企业对外方的
依赖；另一方面可以通过对技术投入的决定权与使用权来影响合资企业的绩效及
战略决策。而在此过程中，合资企业的技术创新能力发展也受到了极大的损害，
外方很容易操控合资企业的发展走向，促进其被“合资-并购”的路径变迁

基于此，本文以外方技术控制为切入点，从技术的角度来研究中外合资企业
中的“合资-阴谋亏损-并购”现象。文章首先对存在阴谋亏损的合资企业以及正
常经营的合资企业的技术创新能力进行了对比分析，发现被恶意并购的合资企业
在阴谋亏损期其技术创新能力会被削弱，而未被恶意并购的合资企业其技术创新
能力会保持相对平稳水平；并通过进一步构造合资企业技术创新能力以及合资企
业“合资-并购”路径变迁的影响因素模型，证明了外方可以通过技术控制阻碍
合资企业技术创新能力的提升，从而促进合资企业被并购的变迁，合资企业技术
创新能力在外方技术控制与合资企业“合资-亏损-并购”的变迁中发挥了中介作
用；合资企业研发投入对外方技术控制与合资企业被“合资-亏损-并购”的变迁
之间的正向调节作用没有得到发挥；合资企业技术创新能力的削弱会显著促进合
资企业被“合资-亏损-并购”的变迁。研究结果对国家外资政策的制定以及企业
引进外资的实践具有积极的指导意义

关键词：中外合资企业；外方技术控制；技术创新能力；“合资-亏损-并购”变
迁II
Abstract
The Chinese government liberalized foreign investment policy with the intention
of exchanging market for technology, however, according to the reality, this
liberalization has not achieved the expected effect and even faced the Chinese
enterprises with the risk of joint venture-conspiratorial loss-M&A. That is, the
foreign enterprises just take Chinese enterprises as springboards to enter the Chinese
market, first they joint venture with Chinese enterprises and during the course of joint
venture, they damage the benefit of the joint ventures deliberately and take over the
joint ventures with low cost so that they can conduct the conspiracy of sole
proprietorship. The conspiratorial loss phenomenon increased the transaction cost
and learning cost of Chinese corporations, and made Chinese corporations fail to
achieve what they expected. Thejoint venture-M&A transition in the Sino-foreign
joint ventures not only encroached the survival space of Chinese enterprises but also
endangered the host country’s industry security and brought damage to the healthy
and orderly development of the host country’s national economy. One of the most
important methods of conspiratorial loss is technical control. By employing
technical control, the foreign enterprises on the one hand can maximize their
technology blockage to the Chinese enterprises and prevent owned-knowledge
spillover, thus creating the Sino-foreign joint ventures’ dependence on them, and on
the other hand, can exert influence on the performance and strategic decisions of the
joint ventures through their decision power and usage right of the technological
resources. And during this process, the joint ventures’ technological innovation
capacity is also greatly damaged, thus foreign enterprises can easily manipulate the
joint ventures’ development, resulting the Sino-foreign joint ventures being taken
over.
Based on above, this paper takes technical control as the breakthrough point to
study the joint venture-conspiratorial loss-M&A phenomenon in Sino-foreign joint
ventures. This paper conducted a comparative analysis between the technical
innovation capacity of the Sino-foreign joint ventures under normal operation and that
of the Sino-foreign joint ventures with conspiratorial loss. It is showed that the
technical innovation capacity of the enterprises hostilely taken over has been weaken,
while that of the enterprises not taken over maintained a relatively stable level; we
also built the influencing factor models of the joint ventures’ technical innovationIII
capacity and the joint venture-conspiratorial loss-M&A transition of the joint
ventures, and proved that foreign enterprises may obstruct the promotion of the
technological innovation capacity of the joint ventures through technical control,
thereby increasing the possibility of the joint venture-conspiratorial loss-M&A
transition, and joint ventures’ technological innovation capacity played a mediating
role between foreign technical control and the joint venture-conspiratorial
loss-M&A transition; the moderating role of joint venture’s R&D investment
between foreign technical control and the joint venture-conspiratorial loss-M&A
transition has not been proved; the weakening of the technological innovation
capacity of the joint ventures would significantly increase the possibility of the joint
venture-conspiratorial loss-M&A transition in joint venture’s. The results of the
study hold a positive guiding significance for the development of foreign investment
policy and the practice of enterprises’introducing foreign investment.
Keywords: Sino-foreign joint venture; foreign technological control; technological
innovation capacity; joint venture-loss-M&A transitionIV
目 录
第 1 章 引言......1
1.1 论文的选题背景及意义.1
1.1.1 论文的选题背景......1
1.1.2 研究意义......2
1.2 国内外研究现状.3
1.2.1 跨国合资与并购的动因及其影响..3
1.2.2“合资-并购”现象的动因及手段.4
1.2.3 跨国企业的技术控制..........6
1.3 研究方法与内容.7
1.3.1 研究方法......7
1.3.2 研究内容......7
1.4 研究的创新点和不足之处.........8
1.4.1 研究创新......9
1.4.2 研究不足......9
第 2 章 论文相关理论概述....10
2.1 跨国合资理论概述.......10
2.1.1 跨国合资的相关概念........10
2.1.2 跨国合资的动因....10
2.2 跨国并购理论概述....... 11
2.2.1 跨国并购相关概念11
2.2.2 跨国并购的驱动因素........12
2.3 外方技术控制相关理论概述...13
2.3.1 合资企业控制权分配的知识动因13
2.3.2 外方技术控制的定义........14
2.3.3 外方技术控制的动因........14
2.3.4 外方技术控制的途径与手段..
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