本文選題：跨國并購 + 行為公司金融學(xué)��； 參考：《西南財(cái)經(jīng)大學(xué)》2016年碩士論文

【摘要】：改革開放以來,中國經(jīng)濟(jì)飛速發(fā)展,造就了一批國內(nèi)企業(yè)巨頭。在宏觀經(jīng)濟(jì)發(fā)展的同時(shí),從企業(yè)層面來看,企業(yè)產(chǎn)能過剩、產(chǎn)品的國內(nèi)市場(chǎng)占有率無法進(jìn)一步提高等問題凸顯。2014、2015年來,中國經(jīng)濟(jì)增速放緩,迎來轉(zhuǎn)型期。如何度過轉(zhuǎn)型期,這既是國家經(jīng)濟(jì)的問題,也是微觀層面企業(yè)發(fā)展的問題。近幾年,越來越多中國各行業(yè)的知名企業(yè),尤其制造業(yè)企業(yè),面臨兩難境地：產(chǎn)品的國內(nèi)市場(chǎng)占有率,己達(dá)較高水平且持續(xù)多年,在高達(dá)30%至40%的市場(chǎng)占有率上穩(wěn)步不前。逆水行舟,不進(jìn)則退。企業(yè)從國內(nèi)單一制造業(yè)想要繼續(xù)發(fā)展,做大做強(qiáng),要從橫向與縱向進(jìn)行發(fā)展,無非是先橫向再縱向,或是先縱向再橫向的發(fā)展。企業(yè)的橫向發(fā)展戰(zhàn)略大體有兩種選擇,要么加大投入,繼續(xù)深耕國內(nèi)市場(chǎng)；要么沖破地理邊界,通過去國外開公司自我成長或并購已有國外知名公司,走出國門。由于在國內(nèi)市場(chǎng)的多年經(jīng)營,品牌效應(yīng)穩(wěn)定,客戶品牌忠誠度已形成,繼續(xù)深耕國內(nèi)市場(chǎng)的選擇,投入產(chǎn)出比極低。走出國門已經(jīng)成為聯(lián)想、TCL、海爾等中國各個(gè)領(lǐng)域的中流砥柱企業(yè)的必然選擇。中國企業(yè)在海外開子公司,自我成長,尋求認(rèn)可,這條路可謂篳路藍(lán)縷,因?yàn)閲a(chǎn)品牌在中國比較出名,在國外還不為人所認(rèn)可,去外國開店,就像是在當(dāng)?shù)刂匦聞?chuàng)業(yè),獲得認(rèn)可。速度之慢,拓展市場(chǎng)之難,令人望而生畏。所以,中國優(yōu)秀的大企業(yè)要想走出國門,成為世界型企業(yè),跨國并購可以說是必由之路。風(fēng)險(xiǎn)雖大,為謀求企業(yè)發(fā)展壯大,也必須做出這樣的抉擇。因此,自1993年起,中國企業(yè)開始走向了并購之路。尤其在2001年中國加入WTO后,中國企業(yè)逐漸掀起了一輪跨國并購熱潮。自2005年至2015年,中國共發(fā)生了3066起跨國并購交易,累計(jì)披露并購金額高達(dá)6665億美元。自2012年以來的最近三年,中國企業(yè)對(duì)外投資的增長速度都在10%以上,據(jù)估計(jì),未來幾年中國的國際并購交易增速,將會(huì)保持高增長態(tài)勢(shì)。中國企業(yè)跨國并購交易額已大于中國企業(yè)在國內(nèi)的并購交易額。并且,中國企業(yè)跨國并購的目標(biāo)行業(yè),已經(jīng)由最初的制造業(yè),向行業(yè)多元化發(fā)展。它山之石,可以攻玉。由于我國企業(yè)跨國并購歷史尚淺,相關(guān)并購經(jīng)驗(yàn)不足。要想進(jìn)行成功的跨國并購,需要借鑒他國經(jīng)驗(yàn),而中國企業(yè)跨國并購,尤其是并購西方企業(yè),所遭遇最大困難是文化隔閡。本文不禁將目光轉(zhuǎn)向其他東方發(fā)達(dá)國家的跨國并購案例,以求從中得到成功經(jīng)驗(yàn)或失敗教訓(xùn)。以史為鑒,可以知興替。上世紀(jì)80年代,日本經(jīng)濟(jì)發(fā)展風(fēng)頭正勁,而美國經(jīng)濟(jì)連年下滑,萎靡不振,日本一舉奠定世界第二大經(jīng)濟(jì)體的地位。當(dāng)時(shí)的日本企業(yè)面臨的宏觀經(jīng)濟(jì)背景與現(xiàn)在的中國企業(yè)十分類似。1989年,在日本“經(jīng)營之圣”盛田昭夫的主導(dǎo)下,日本的電子業(yè)巨頭索尼公司并購哥倫比亞電影公司。索尼公司的這次并購,既橫向發(fā)展,打開了國外市場(chǎng),也得到了縱向發(fā)展,使索尼成功進(jìn)軍影視娛樂領(lǐng)域,可謂一舉兩得、深謀遠(yuǎn)慮�，F(xiàn)階段中國的聯(lián)想集團(tuán)、恒大集團(tuán)等企業(yè)現(xiàn)在也在進(jìn)軍金融、農(nóng)業(yè)等其他領(lǐng)域,以求實(shí)現(xiàn)縱向與橫向發(fā)展。對(duì)于九十年代日本企業(yè)的跨國并購潮中的成敗經(jīng)驗(yàn)的學(xué)習(xí),是十分必要的。本文選取兩家中國企業(yè)的跨國并購案例,一件較為成功,一件較為失敗,以及日本索尼公司的并購案,進(jìn)行對(duì)比分析。所選的三件并購案均已發(fā)生超過十年,其并購成敗應(yīng)是已成定論。通過不同角度對(duì)這三件案例進(jìn)行對(duì)比分析,有助于我們從中找到相同點(diǎn)、不同點(diǎn),吸取經(jīng)驗(yàn)教訓(xùn),更好的為來者服務(wù)。而行為公司金融學(xué)角度的選取,是為從不同的角度對(duì)所選案例進(jìn)行分析,以往文獻(xiàn)大多從傳統(tǒng)公司金融角度來分析跨國并購案。本文希望有所創(chuàng)新,從行為公司金融與跨國并購相關(guān)的幾個(gè)角度,對(duì)所選案例進(jìn)行重新審視與分析,期望能夠從中得到些許經(jīng)驗(yàn)教訓(xùn)。以饗來者。本文共分為五個(gè)部分。第一部分為緒論；第二部分為案例介紹；第三部分為案例分析,從宏觀PEST分析說明其宏觀背景相似程度,用會(huì)計(jì)法分析短期并購績效,用案例法分析其中長期并購績效；第四部分為案例分析——行為公司金融學(xué)角度,先通過對(duì)公司并購前后股價(jià)收益率進(jìn)行回歸分析,考察是否出現(xiàn)并購中“贏家的詛咒”現(xiàn)象,后通過對(duì)管理者“過度自信”程度進(jìn)行賦值分析,分析其是否出現(xiàn)管理者的“過度自信”現(xiàn)象,結(jié)合并購案例成敗與并購過程給出分析。第五部分為總結(jié)與建議。本文主要結(jié)論與建議如下：(1)根據(jù)PEST分析法,現(xiàn)階段我國企業(yè)實(shí)施跨國并購,所面臨的宏觀經(jīng)濟(jì)背景與八九十年代的日本企業(yè)十分類似�，F(xiàn)階段我國企業(yè)實(shí)施跨國并購,可以多參考日本企業(yè)在八九十年代的跨國并購潮,從文化融合策略、并購思路等角度,吸取日本企業(yè)當(dāng)時(shí)的經(jīng)驗(yàn)教訓(xùn)。(2)用會(huì)計(jì)指標(biāo)考察并購績效來看,跨國并購在初期因其大量的資金投入,會(huì)造成短期企業(yè)盈利能力、營運(yùn)能力、增長能力等的下降；但長期來看,好的并購決策會(huì)使企業(yè)的盈利能力、營運(yùn)能力等發(fā)生反彈,而后高于并購之前,達(dá)到并購預(yù)期目標(biāo);而差的并購決策會(huì)使企業(yè)盈利能力等受損多年。(3)長期來看,本文研究的三家目標(biāo)企業(yè),聯(lián)想集團(tuán)完成了既定并購目標(biāo),造就了世界級(jí)PC品牌；索尼公司完成了既定并購目標(biāo),在打開國際市場(chǎng)的同時(shí),完成了企業(yè)的戰(zhàn)略擴(kuò)張；TCL集團(tuán)因戰(zhàn)略決策失誤及其對(duì)并購的困難估計(jì)不足,沒有完成既定并購目標(biāo)。而并購后的文化整合和人事變動(dòng)問題至關(guān)重要,企業(yè)應(yīng)著力于這兩點(diǎn),進(jìn)行并購后企業(yè)整合與融合。(4)從行為公司金融學(xué)角度看,本文所研究的三家公司的并購交易均存在較為明顯的“贏家的詛咒”現(xiàn)象。雖然東方企業(yè)巨頭因其資金量雄厚,獲得了并購案的勝利,但因其出價(jià)較高,付出了大量的超額溢價(jià),并購后常常隱藏著巨大的經(jīng)營風(fēng)險(xiǎn)。在跨國并購這場(chǎng)博弈之中,來自東方的并購方有較大的信息劣勢(shì),并購發(fā)起方要盡量做到知己知彼,好好談判“還價(jià)”,并且更應(yīng)明確并購主要目的,明白高價(jià)花在了哪里,好好利用被并購企業(yè)的價(jià)值,比如品牌價(jià)值或行業(yè)地位等,與自身優(yōu)勢(shì)緊密結(jié)合,創(chuàng)造出新的利潤點(diǎn)。(5)從行為公司金融學(xué)角度看,基于對(duì)管理層“過度自信”情況的指標(biāo)評(píng)分。可以看出并購前TCL集團(tuán)管理層,尤其其CEO,有較強(qiáng)的“過度自信”傾向。而其跨國并購案也以失敗告終。根據(jù)以往研究文獻(xiàn)可知,過度自信的管理層與并購失敗呈正相關(guān)關(guān)系。企業(yè)管理層應(yīng)著力避免這樣的問題。(6)關(guān)于索尼公司并購哥倫比亞電影公司的案例。企業(yè)從國內(nèi)單一制造業(yè)想要繼續(xù)發(fā)展,做大做強(qiáng),要從橫向及縱向進(jìn)行發(fā)展,無非是先橫向再縱向,或是先縱向再橫向發(fā)展。索尼公司的這次并購,既橫向發(fā)展打開了國外市場(chǎng),也得到了縱向發(fā)展,進(jìn)軍了視聽娛樂領(lǐng)域,通過視聽娛樂領(lǐng)域的市場(chǎng)地位,帶動(dòng)其電子產(chǎn)品的銷售。這樁并購案可謂一舉兩得、深謀遠(yuǎn)慮。而現(xiàn)階段中國的聯(lián)想集團(tuán)、恒大集團(tuán)等企業(yè)現(xiàn)在也在進(jìn)軍金融、農(nóng)業(yè)等其他領(lǐng)域,學(xué)習(xí)索尼,通過跨國并購之路進(jìn)行橫向發(fā)展的同時(shí)又獲得縱向發(fā)展不失為一種好的思路�？鐕①�,道阻且長。希望本文的些許建議可以給予后來的中國企業(yè)些許幫助。
[Abstract]:Since the reform and opening up, China's economy has developed rapidly and has created a number of domestic enterprise giants. At the same time, in the macro economic development, from the enterprise level, the excess capacity of enterprises, the domestic market share of the products can not be further improved in.20142015 years, the economic growth of China has slowed down, and the transition period is ushered in. This is how to spend the transition period. In recent years, more and more well-known enterprises in various industries in China, especially manufacturing enterprises, are facing a dilemma: the domestic market share of products has reached a high level and has lasted for many years, and the market share of up to 30% to 40% is steady. The enterprise's horizontal development strategy is not only the horizontal and vertical development, but also the vertical and horizontal development first. The horizontal development strategy of the enterprise has two choices, either increase investment, continue to plough the domestic market, or break through the geographical border, through Foreign companies have developed or acquired foreign well-known companies. Because of their years of operation in the domestic market, the brand effect is stable, customer brand loyalty has formed, and the choice of the domestic market continues to be ploughed, the input and output ratio is very low. The country has become the mainstay of China's TCL, Haier and other fields. The inevitable choice of the industry is that Chinese enterprises open up their subsidiaries abroad, grow up and seek recognition, this is the road to which the domestic brands are more famous in China, are not recognized abroad, and go to foreign stores, as if they are to start a business in the local area and get recognized. The speed is slow and the market is difficult to expand. So, it is daunting. So, it is daunting. So, it is daunting to expand the market. China's outstanding large enterprises want to go out of the country and become a world type enterprise. Transnational mergers and acquisitions can be said to be the only way. Although the risk is big, it is necessary to make such a choice for the development of enterprises. Therefore, since 1993, Chinese enterprises began to move towards the way of merger and acquisition. Especially after China joined the WTO in 2001, Chinese enterprises have gradually set off one. From 2005 to 2015, there were 3066 transnational mergers and acquisitions in China. The total amount of mergers and acquisitions was up to $666 billion 500 million. In the last three years since 2012, the growth rate of foreign investment in Chinese enterprises was over 10%. It is estimated that the growth rate of China's international merger and acquisition will remain high in the next few years. The amount of transnational merger and acquisition of Chinese enterprises is more than the amount of merger and acquisition in China. Moreover, the target industry of Chinese enterprises' transnational merger and acquisition has been developed from the original manufacturing industry to the industry. Transnational mergers and acquisitions need to learn from the experience of other countries, and the biggest difficulty of Chinese enterprises in transnational mergers and acquisitions, especially in the merger and acquisition of western enterprises, is cultural estrangement. This article can not help but turn to the transnational merger and acquisition cases of other developed countries in order to get successful experience or lose the lesson. In the 80s of the last century, we can know the rise and fall. Japan's economic development is strong, and the US economy has fallen and slumped. Japan has laid the position of the world's second largest economy in one move. The macro economic background of Japanese enterprises at that time was similar to the current Chinese enterprises in.1989 years. Under the leadership of "Saint" Akio Morita, Japan's electronics giant, Colombia Pictures Inc merger and acquisition of Colombia Pictures Inc. The Sony Corp's merger, both horizontal development, open the foreign market, also got the vertical development, made SONY successful into the film and television entertainment field, can be described as one stone and one stone. At the present stage, China's Lenovo Group, Hengda group and other enterprises are now also marching into finance, agriculture and other leaders. In order to achieve vertical and horizontal development, it is necessary to study the success or failure of the Japanese enterprises in the tide of cross-border mergers and acquisitions in 90s. This article selects two cases of transnational mergers and acquisitions of two Chinese enterprises, a more successful, a more failure, and the case of the merger and acquisition of the Sony Corp in Japan. Three selected cases are selected and The purchase case has been over ten years, and the success or failure of the merger and acquisition should be a conclusion. The comparison and analysis of the three cases through different angles will help us find the same points, different points, draw lessons from the experience, and serve the visitors better. Analysis, most of the previous literature from the traditional corporate finance angle of analysis of transnational mergers and acquisitions. This paper hopes to be innovative, from the perspective of behavioral company finance and transnational mergers and acquisitions, the selected cases are re examined and analyzed, hoping to get some experience and lessons. This article is divided into five parts. The first part is Introduction; the second part is a case introduction; the third part is a case analysis, from the macro PEST analysis to illustrate the degree of its macro background, the analysis of the performance of short-term mergers and acquisitions by the accounting method, and the case analysis of the long-term merger and acquisition performance; the fourth part is the case analysis - the behavior company finance angle, first through the stock price before and after the merger and acquisition of the company. Return analysis is used to analyze the phenomenon of "winner's Curse" in merger and acquisition. After analyzing the degree of "overconfidence" of managers, it analyzes the phenomenon of "overconfidence" of managers, analyses the success or failure of M & A cases and the process of merger and acquisition. The fifth part is the summary and suggestion. The following conclusions and suggestions are as follows: (1) according to the PEST analysis, the macro economic background of Chinese enterprises at the present stage is similar to that of the Japanese enterprises in 80s and 90s. At the present stage, the implementation of transnational mergers and acquisitions in China can refer to the transnational merger and acquisition tide of Japanese enterprises in 80s and 90s, from the cultural integration strategy and the merger and acquisition. Thinking and so on, absorb the experience and lessons of the Japanese enterprises at that time. (2) to see the performance of mergers and acquisitions by accounting indicators, in the early stages of cross-border mergers and acquisitions, because of its large amount of capital investment, it will result in the decline of short-term enterprise profitability, operation ability, growth ability and so on. But in the long run, good merger and acquisition decision will make the enterprise's profitability, operation ability and so on. In the long run, the three target enterprises studied in this paper have completed the established M & A targets and created the world-class PC brand, and the Sony Corp completed the established M & a target and opened the international market. At the same time, the market has completed the strategic expansion of the enterprise; TCL group has not completed the target of M & A due to the failure of strategic decision and the difficulty of merger and acquisition. And the cultural integration and personnel changes after merger and acquisition are very important. Enterprises should focus on these two points, carry on and integrate after buying and buying enterprises. (4) from the behavior company finance From the point of view, there is a more obvious "Curse of winners" in the merger and acquisition transactions of the three companies studied in this paper. Although the Oriental giant has gained the victory of M & A because of its abundant capital, it has paid a lot of excess premium because of its high bid, and it often conceals huge business risk after the merger and acquisition. In this game, the M & a party from the East has a large information disadvantage, and the sponsors should try to know their own interests and negotiate "counter-price", and should make clear the main purpose of the merger and acquisition, understand where the high prices are spent, and make good use of the value of the merged enterprises, such as brand value or industry status, and close their own advantages. New profit points are created. (5) from the perspective of behavioral company finance, based on the index of "overconfidence" in the management level, it can be seen that the management layer of TCL group before M & A, especially its CEO, has a strong "overconfidence" tendency. The management layer is positively related to the failure of the merger and acquisition. The enterprise management should try to avoid such problems. (6) the case of the Sony Corp merger and acquisition of Colombia Pictures Inc. The enterprise from the domestic single manufacturing industry wants to continue to develop and grow stronger and stronger from horizontal and vertical. To develop, the merger and acquisition of Sony Corp has opened the foreign market in horizontal development, and has also developed vertically, marched into the field of audio-visual entertainment and promoted the sale of electronic products through the market position of audio-visual entertainment. It is also a good idea to learn SONY in other fields such as finance, agriculture and other fields, learning through cross border mergers and acquisitions, while cross border mergers and acquisitions.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F271;F279.2

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