中國企業(yè)海外并購動因與績效分析
發(fā)布時間：2018-09-10 07:39
【摘要】：企業(yè)并購活動在西方經(jīng)濟發(fā)展中已經(jīng)存續(xù)100多年,截至目前全球共發(fā)生六次并購浪潮。在過去的幾十年中,有許多國家經(jīng)歷了并購活動的高潮及隨之而來的衰落,其中前四次主要發(fā)生在受戰(zhàn)爭影響較小的美國,歐盟緊隨其后成為世界第二大并購市場。進入新千年之后,全球化快速推進,第五次并購浪潮在全球市場展開,新興市場開始參與其中。之后在第六次并購浪潮中,以中國為核心的發(fā)展中國家逐漸成為并購主要力量,我國眾多企業(yè)選擇海外投資并購以快速實現(xiàn)趕超。從1984年中資的第一筆海外并購開始,經(jīng)過三十幾年的發(fā)展,如今中國企業(yè)海外并購呈現(xiàn)出以下特征,從并購區(qū)域來看,更多的中國企業(yè)選擇美國、澳大利亞等發(fā)達國家和地區(qū);從并購行業(yè)來看,近年來我國企業(yè)海外并購重心發(fā)生轉(zhuǎn)移,早期主要集中在能源行業(yè),當前已逐步轉(zhuǎn)向TMT1、食品、醫(yī)療等行業(yè);從并購主體來看,民營企業(yè)替代國有企業(yè)成為并購主力。2016年,中國大陸企業(yè)海外并購呈爆發(fā)式增長,交易額達到2210億美元,超過前四年中國企業(yè)海外并購的交易金額總和。在中國經(jīng)濟步入新常態(tài)的背景下,越來越多的企業(yè)選擇去海外并購優(yōu)質(zhì)資產(chǎn),但是《2016年企業(yè)海外財務(wù)風險管理報告》公布中國企業(yè)并購有效率只有1/3,加權(quán)跨境跨文化整合因素,海外并購能夠真正成功的低于20%,比國際的一般并購成功率還要低。在我國企業(yè)海外并購熱情日益上漲的情況下,我們有必要探討為什么他們?nèi)绱诉x擇,即分析中國企業(yè)海外并購的動因。之后從源頭出發(fā)分析結(jié)果,站在并購動因的視角評估并購績效,并購動因與并購績效是并購理論中兩大核心問題,二者相輔相成。結(jié)合我國具體情況,首先本文從政府動因、戰(zhàn)略動因、投資動因和投機動因四個層面出發(fā),總結(jié)出具有中國特色的10個不同因素,它們分別是:政府鼓勵、并購法律的支持、東道國政策吸引;品牌及渠道尋求、技術(shù)尋求、資源尋求;增強市場勢力、分散風險;跨境套利、獲取殼資源。然后基于不同的中國企業(yè)海外并購動因視角,結(jié)合評估績效的非財務(wù)指標,設(shè)計出一份評估指標表格。之后選取我國汽車行業(yè)典型海外并購案例進行具體分析,得出結(jié)論。最后從并購之前的評估企業(yè)實力合理制定并購目標、聘請專業(yè)中介機構(gòu)開展海外并購、研究東道國法律、注重并購后的整合幾個方面,對我國企業(yè)海外并購能夠有效實施減少風險,并且提高海外并購成功率提出建議。
[Abstract]:M & A activities have existed for more than 100 years in the western economic development. Up to now, there have been six M & A waves in the world. In the past few decades, many countries have experienced the climax of M & A activity and its subsequent decline, the first four of which mainly occurred in the United States, which was less affected by the war, followed by the EU as the second largest M & A market in the world. After entering the new millennium, globalization is advancing rapidly, the fifth wave of M & A is launched in the global market, and emerging markets begin to participate in it. After that, in the sixth wave of M & A, developing countries with China as the core gradually became the main force of M & A, and many Chinese enterprises chose overseas investment to catch up with each other. After more than 30 years' development, the overseas M & A of Chinese enterprises has shown the following characteristics. From the M & A region, more Chinese enterprises choose the United States, Australia and other developed countries and regions. From the point of view of M & A industry, in recent years, the center of gravity of overseas M & A of Chinese enterprises has shifted, mainly concentrated in the energy industry in the early stage, and has gradually turned to the TMT1, food, medical and other industries; from the perspective of the main body of M & A, Private companies have replaced state-owned enterprises as the mainstay of mergers and acquisitions. Overseas mergers and acquisitions by mainland Chinese companies increased explosively in 2016, with turnover of $221 billion, more than the sum of overseas mergers and acquisitions made by Chinese companies in the previous four years. With China's economy entering the new normal, more and more enterprises choose to go overseas to acquire high-quality assets. However, the 2016 report on Enterprise overseas Financial risk Management announced that the effective rate of Chinese enterprise M & A is only 1 / 3, weighted cross-cultural integration factors. Overseas mergers and acquisitions can be truly successful below 20, than the international M & A success rate is lower. With the increasing enthusiasm of overseas M & A of Chinese enterprises, it is necessary to explore why they choose to do so, that is, to analyze the motivation of overseas M & A of Chinese enterprises. From the perspective of M & A motivation, M & A motivation and M & A performance are two core issues in M & A theory, and they complement each other. According to the concrete situation of our country, firstly, from four aspects of government motivation, strategic motivation, investment motivation and speculation motivation, this paper summarizes 10 different factors with Chinese characteristics, which are: government encouragement, merger and acquisition legal support. Host country policy attraction; brand and channel seeking, technology seeking, resource seeking; strengthening market power, dispersing risk; cross-border arbitrage, acquiring shell resources. Then, based on the different perspectives of overseas M & A motivation of Chinese enterprises, combined with the non-financial indicators of performance evaluation, the paper designs an evaluation index table. After that, the typical overseas M & A cases of automobile industry in China are analyzed and the conclusion is drawn. Finally, from the evaluation of the strength of the enterprise before the merger and acquisition, the establishment of the goal of the merger and acquisition, the engagement of professional intermediary organizations to carry out overseas mergers and acquisitions, the study of the laws of the host country, and the emphasis on the integration after the merger, Some suggestions on how to reduce the risk and improve the success rate of overseas M & A are put forward.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F279.2
本文編號：2233807
[Abstract]:M & A activities have existed for more than 100 years in the western economic development. Up to now, there have been six M & A waves in the world. In the past few decades, many countries have experienced the climax of M & A activity and its subsequent decline, the first four of which mainly occurred in the United States, which was less affected by the war, followed by the EU as the second largest M & A market in the world. After entering the new millennium, globalization is advancing rapidly, the fifth wave of M & A is launched in the global market, and emerging markets begin to participate in it. After that, in the sixth wave of M & A, developing countries with China as the core gradually became the main force of M & A, and many Chinese enterprises chose overseas investment to catch up with each other. After more than 30 years' development, the overseas M & A of Chinese enterprises has shown the following characteristics. From the M & A region, more Chinese enterprises choose the United States, Australia and other developed countries and regions. From the point of view of M & A industry, in recent years, the center of gravity of overseas M & A of Chinese enterprises has shifted, mainly concentrated in the energy industry in the early stage, and has gradually turned to the TMT1, food, medical and other industries; from the perspective of the main body of M & A, Private companies have replaced state-owned enterprises as the mainstay of mergers and acquisitions. Overseas mergers and acquisitions by mainland Chinese companies increased explosively in 2016, with turnover of $221 billion, more than the sum of overseas mergers and acquisitions made by Chinese companies in the previous four years. With China's economy entering the new normal, more and more enterprises choose to go overseas to acquire high-quality assets. However, the 2016 report on Enterprise overseas Financial risk Management announced that the effective rate of Chinese enterprise M & A is only 1 / 3, weighted cross-cultural integration factors. Overseas mergers and acquisitions can be truly successful below 20, than the international M & A success rate is lower. With the increasing enthusiasm of overseas M & A of Chinese enterprises, it is necessary to explore why they choose to do so, that is, to analyze the motivation of overseas M & A of Chinese enterprises. From the perspective of M & A motivation, M & A motivation and M & A performance are two core issues in M & A theory, and they complement each other. According to the concrete situation of our country, firstly, from four aspects of government motivation, strategic motivation, investment motivation and speculation motivation, this paper summarizes 10 different factors with Chinese characteristics, which are: government encouragement, merger and acquisition legal support. Host country policy attraction; brand and channel seeking, technology seeking, resource seeking; strengthening market power, dispersing risk; cross-border arbitrage, acquiring shell resources. Then, based on the different perspectives of overseas M & A motivation of Chinese enterprises, combined with the non-financial indicators of performance evaluation, the paper designs an evaluation index table. After that, the typical overseas M & A cases of automobile industry in China are analyzed and the conclusion is drawn. Finally, from the evaluation of the strength of the enterprise before the merger and acquisition, the establishment of the goal of the merger and acquisition, the engagement of professional intermediary organizations to carry out overseas mergers and acquisitions, the study of the laws of the host country, and the emphasis on the integration after the merger, Some suggestions on how to reduce the risk and improve the success rate of overseas M & A are put forward.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F279.2
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