关键词: 中国企业, 海外并购, 无形资源获取, 委托代理问题

Abstract: In recent years, the activity of Chinese Enterprises' overseas M&A continued to be active, from the point of view of M&A motivation, it is a main objective to acquire the excellent intangible resources of target companies through overseas mergers and acquisitions business in developed countries. However, the activities of Chinese enterprises' overseas M&A faced a serious conditions of asymmetric information, involved multiple-principal-agency relationship in the process of integration with the target company, presented a crossed-border multi-link principal-agency chain. All these factors make Chinese enterprise face more agency problems in the process of obtaining the intangible resources. In order to prevent and solve the risks caused by proxy issues effectively, Chinese government and enterprises should further smooth information communication mechanism of Chinese and foreign parties form the macro and micro levels respectively, improve and strength incentives and supervision measures to each agent through improving the corporate governance mechanism, build an effective function transmission mechanism in the long transnational agency chain, get the goal of reducing the agency cost, preventing and resolving potential risk ultimately.

Key words: chinese enterprises, overseas M&A, acquisition of intangible resources, principal agency problem