摘 要：快速的经济增长和庞大的内需市场在很大程度上帮助我国企业积累了大量资金，却依然没有改变我国企业缺少强大品牌这一现状。随着我国不断融入全球市场，我国企业不出国门就将面临严峻的国际竞争，品牌的作用更加突出，且已得到广泛的认同。近年来，我国企业正在越来越积极地参与跨国品牌并购，与自建品牌相比，并购的周期要短得多。然而，消费者如何评价一个被收购后的品牌将很大程度关系到并购决策的成败。我国企业的跨国品牌并购尚属于比较典型的“蛇吞象”，立足这种实际情况研究跨国品牌并购对消费者品牌评价的影响具有紧迫的现实意义。
目前，关于并购的文献非常多，关于消费者品牌评价的文献也非常多。但是，关于并购的文献绝大多数是研究企业对企业的收购，这与本人的研究问题存在着一些差异。以吉利并购沃尔沃为例，吉利并购的并不是美国福特公司，而只是沃尔沃这个品牌及其附属资产。然而，直接研究品牌并购的文献则相对较少，为数不多的研究品牌并购的文献也多是以财务指标为依据，或是通过跨案例比较分析的方法加以分析，关注消费者评价的研究很少。现有的关于消费者品牌评价的文献则多是对品牌延伸、品牌联合等问题的研究，很少有放在品牌并购这一背景下的研究。本研究试图通过将跨国品牌收购和消费者评价结合起来，研究前者对后者会产生怎样的影响。
在参考了一些文献和进行了一些简单的访谈后发现，我国企业这种“蛇吞象”的跨国品牌并购不可避免地会导致目标品牌消费者感知评价值的下降，但是这种下降是否显著却值得商榷。例如，对于一些制作工艺复杂、技术含量高的产品，其品牌一旦被我国企业并购，消费者可能会因为对本国企业的生产技术能力的质疑而大大降低对目标品牌的评价水平，与此相反，对于那些看似不具有高技术含量的产品，则不会做出明显的负面反应，毕竟我国已经是公认的世界制造工厂，简单的代工生产能力已经被广泛认同，该类产品的品牌并购也就可能较容易被接受。此外，不同的人群对于这种并购会有不同的看法。一些人会因为我国企业有魄力且有能力将国际知名品牌纳为己有而产生民族自豪感，由此进一步产生了对目标品牌和并购方企业的认同感，相应地对目标品牌保持甚至提高评价水平，而也有人会坚持“理性消费”的观念，这些人则对于这种并购的评价更多地依据对企业实力等客观因素加以评判。
鉴于以上两点发现，本文将把这些因素考虑进去，采用实验法加以研究，以发现这两个因素如何在跨国品牌收购对消费者评价的影响中发挥作用。通过实证数据分析发现，当我国企业的跨国品牌并购所涉及到的产品以消费者介入度指标分为两类后，并购对消费者评价所产生的影响是有着显著区别的。对于低介入度产品的国际知名品牌在被我国企业并购后，国内消费者虽然品牌态度指标会有显著的下降，但是购买意向并不会有显著的减弱，而对于高介入度产品的国际知名品牌在被我国企业并购后，国内消费者的品牌态度和购买意向两个指标都会出现显著的下降。此外，本研究还发现当这种并购涉及的产品具有较高的消费者介入度时，即使是具有较强的国货意识的消费人群也不会对被并购后的目标品牌做出显著高于国货意识较弱的消费人群的评价，而对于消费者介入度较低的产品，这种表现则正好相反。
Abstract：Rapid economic growth and huge domestic market to a great extent have help China's enterprises accumulated a great deal of capital. While it brings no change to the fact that China's enterprises lack strong brands. With China engaging in the global market, it’s been widely recognized that brands counts a lot. Even if our enterprises only stick to domestic market, they would be face of fierce competition from overseas. In recent years, our companies are increasingly active in cross-border brand acquisitions. And compared with that of self-built brands, M & A cycle is much shorter. However, it is largely related to the success or failure of M & A decisions that how consumers evaluate a brand after the acquisition. China’s enterprises’ mergers and acquisitions of transnational brands M & A is still a typical example of "She Tun Xiang ", based on which it’s with practical significance for consumer to evaluate those cross-border mergers and acquisitions brands.
Currently, the amount of literature on mergers and acquisitions is very large, so is the literature on consumer brand evaluation. However, the majority of literature on M & A is about business to business acquisition, which has some differences with my research questions. Take Gili’s acquisition of Volvo for example, it is not the acquisition of the company, but only the Volvo brand and its subsidiary assets. However, literature directly on acquisition of the brand is relatively small. Some are about financial indicators, or through approaches of cross-case comparative analysis. Consumer evaluation is few concerned. The existing literature on consumer brand evaluation studies on brand extension, co-branding and other issues, there is little under the background of brand acquisition. This study attempts to combine the cross-border brand acquisition and consumer evaluation to acquire how the former effects on the latter.
After reference to the literature and conducted interviews, it’s found that our business cross-border M & A will inevitably lead to decline in consumer perception value of target brand. But it’s debatable whether this decline is significant. For example, to some of products with production process of complex and high technology, if their brands have been purchased by our corporate, consumers may greatly reduces the level of evaluation of the target brand because of the distrust about the technology ability of domestic enterprises. On the contrary, For those products who seemingly do not have high technology, consumers will not show a significantly negative reaction. After all, China has
