绿地投资

FDI分为绿地投资、跨国并购和私有化（指外商持有国有股份减持的份额）。

FDI is composed of Greenfield investment , merger-and-acquisition ( MA ) transactions and privatization .

而在投资方式选择上，FDI进入发展中国家相对更倾向于绿地投资，而进入发达国家则相对更倾向于兼并重组。

The FDI into developing countries relative prefer to Greenfield investment while into developed countries to merger and acquisition .

但今年，FDI可能会全线下降，因为绿地投资也受到了金融危机的影响。

But this year FDI was likely to fall across the board as greenfield investments were also hit by the financial crisis , the report said .

目前跨国公司对外直接投资方式已经从绿地投资为主转变为跨国并购为主。中国加入WTO以后，跨国公司对中国国内企业的并购已经大规模的展开。

At present , foreign direct investment of transnational corporations has grown from greenfield investment-oriented to the main cross-border M A . Transnational corporations have done a large mountain of M A activitys on Chinese corporations , since the china come to WTO .

外国直接投资（FDI）主要包括两种形式：一种为新建投资，亦称绿地投资，另一种为跨国并购投资，即两国企业之间的兼并与收购。

The Foreign Direct Investment ( FDI ) have two styles : One is Establishing-Investment , or named " Green-field Investment " , the other is " Cross-border M A Investment " , it means M A between domestic companies and foreign companies .

DonLam说，这造成的后果就是有大量投资进入风险较大的绿地投资项目或西式消费品企业。这些企业要再过10年才会拥有足够强大的客户基础。

The outcome , Mr. Lam says , was a lot of investment in risky , green-field projects , or Western-style consumer-goods businesses that didn 't have a strong enough customer base for another decade .

跨国公司跨境并购与绿地投资的比较分析

A Comparison of Cross - border M & A and Greenfield Investment

第三部分：绿地投资与跨国并购之间的选择&模型的建立。

Part 3 : Choices between Greenfield Investments and M & As - Model Creation .

跨国公司对东道国进行直接投资主要有两种模式：绿地投资和并购。

Multinational enterprises have mainly two modes of entry to destination : one is greenfield investment ;

反之则跨国公司选择绿地投资作为最优进入途径。

On the contrary , the MNE will choose the Greenfield investment as the best entry mode .

构建了外资进入方式选择的分析框架，从不同层面重点研究了影响跨国并购与绿地投资的因素。

The thesis has also studied in different angle the factors which influence Cross-border Mergers & Acquisitions and Green-field Investment .

但长期以来，我国利用外资方式一直以绿地投资为主，很少采用跨国并购方式。

For a long time , China has mainly been using of foreign capital green investment , rarely using cross-border mergers and acquisitions .

在此次浪潮中，跨国并购表现活跃，已经取代了绿地投资成为对外直接投资的主要方式。

The active multinational M & A has already become the main mode of FDI in place of the Green - field Investment .

跨境并购下降近28%。传统上，跨境并购是一种比绿地投资更加波动的资本流动方式。

Cross-border mergers and acquisitions – traditionally a more volatile form of capital flow than greenfield investment – fell nearly 28 per cent .

跨国并购具有许多与绿地投资不同的效应，对国际经济和其他有关方面产生重要影响。

Transnational M & A has many different effects from the " green investment " . It will greatly influence the international economy and other aspects .

这种不同于传统绿地投资的跨国直接投资模式将会给中国经济的各个层面带来不同的影响。

This form of cross-border direct investment , which is unlike traditional Greenfield pattern , will have different effect on every layer of economy in China .

近年来，私募基金已经逐步超越绿地投资成为国际直接投资的主要部分，在我国也尤为如此。

In recent years , private equity investment has gradually displaced green-field investment as the main part of the international direct investment , especially in China .

1995年全球跨国并购总额达1866亿美元，首次超过绿地投资，占当年外国直接投资流入总额的56.2%，成为外国直接投资的主要方式；

In 1995 the investment of global cross-border MA which came to 56.2 % exceeded Greenfield investment for the first time and became the leading mode of FDI .

中国企业在进行低于某一门槛——通常为1亿美元——的对外并购、收购以及绿地投资时，不再需要获得外汇监管机构的批准。

Foreign mergers , acquisitions and greenfield investments by Chinese companies below a certain threshold , typically $ 100m , no longer require approval from the foreign exchange regulator .

第一部分：基本概念内涵的界定与理论基础。对诸如对外直接投资、绿地投资、跨国并购等基本概念的内涵进行了界定。

The thesis covers the following content : Part 1 : Basic Concept Definition and Theory Fundamental - Definition of Foreign Direct Investment , Greenfield Investments , Mergers & Acquisitions .

跨国公司对外投资主要有两种方法可供选择，即绿地投资和跨国并购。

There are mainly two ways for choices when a multinational corporation implements foreign direct investment , which are Greenfield Investment and Cross board Merger Acquisition ( M A ) .

其次，进入方式以跨国并购为主，绿地投资较少，对外直接投资进入方式单一。再次，进入方式的风险认识不足。

Second , the way to international mergers and acquisitions is given priority to , Greenfield investment is less , and the way of FDI entries is a single pattern .

随着世界经济的发展和企业自身的发展壮大，近年来跨国并购已超越了绿地投资成为国际直接投资的主要形式。

With the development of economic globalization and the self-strengthening of transnational enterprises , transnational MA has overtaken greenfield investment as the major form of international direct investment in recent years .

随着经济的发展和经济全球化进程的加快，跨国并购逐渐取代绿地投资，成为对外直接投资的主要方式。

With the economic development and the globalization , cross-borders MAs ( Mergers and Acquisitions ) have become the most way of FDI ( foreign direct investment ) in place of Greenfield Investment .

发展至今，中国工程机械企业的对外直接投资活动正在不断增多，投资规模也在不断扩大，投资方式以绿地投资为主。

Up to now , the number of Chinese construction machinery enterprises ' FDI projects has increased , the investment scale has expanded , nevertheless most of the FDI projects are greenfield investment .

允许企业及个人自担风险到各国各地区自由承揽工程和劳务合作项目，允许创新方式走出去开展绿地投资、并购投资、证券投资、联合投资等。

Enterprises and individuals will be encouraged to invest overseas and undertake contract and labor cooperation projects at their own risk , through greenfield investment , mergers and acquisitions , equities and joint investment .

由于市场开拓和风险抵抗能力较强，海外并购已经逐步取代了绿地投资成为各国企业对外直接投资的首选方式，也因此而改变了世界投资的格局。

Because of the strong marketing capabilities and risk resistance , cross-border M & A has been replaced as the first choice for foreign enterprises overseas investment and completely changed the pattern of world investment .

随着经济全球化不断向前推进，跨国并购已经取代绿地投资，成为企业实施和实现自己国际化战略的主要途径。

As the economic globalization is being advanced constantly , Cross-border M & A has already replaced green land investment , has become the main way that enterprises implement and realize it 's own internationalization strategy .

该报告预测，2010年至2020年间，中国对外直接投资将达1万亿至2万亿美元，预计其中约有四分之一将通过并购或者“绿地投资”流向欧洲。

The report forecasts Chinese outbound direct investment will reach $ 1tn to $ 2tn between 2010 and 2020 and it expects about a quarter of that will go to Europe through mergers and acquisitions or Greenfield investments .

许多经济学家认为，绿地投资的经济意义和效益都超过并购，因为它们会增加一国的净资本存量，增加就业，而不只是变更现有资产的所有权。

Greenfield investments are regarded by many economists as economically more significant and beneficial than mergers and acquisitions , since they add to countries ' net capital stocks and increase jobs rather than simply transferring ownership of existing assets .