本文選題：海外收購 + 匯率風(fēng)險��； 參考：《北京交通大學(xué)》2017年碩士論文

【摘要】：海外收購作為支持我國經(jīng)濟(jì)可持續(xù)發(fā)展和結(jié)構(gòu)化改革的推進(jìn)力量,對國內(nèi)企業(yè)的發(fā)展,乃至國內(nèi)宏觀經(jīng)濟(jì)增長,都具有十分重要的作用,同時,我們也要警惕其過程中存在的種種風(fēng)險。不同于國內(nèi)企業(yè)之間的相互并購,匯率風(fēng)險是屬于海外收購的獨特風(fēng)險,企業(yè)能否合理的規(guī)避匯率風(fēng)險,采取什么規(guī)避措施以及這一措施的有效性如何,都將對企業(yè)并購的最終結(jié)果帶來不可忽視的影響。本文的研究目的,是要探究管控模式這一集團(tuán)企業(yè)特有的屬性是否會對其發(fā)生海外收購時采取何種規(guī)避措施有影響。本文選取兩種不同的管控模式代表企業(yè)——戰(zhàn)略控制型管控模式企業(yè)華菱集團(tuán)和財務(wù)控制型管控模式企業(yè)長江基建集團(tuán)所發(fā)生的海外收購案例,首先分析了它們各自面臨的匯率風(fēng)險,然后闡述了雙方選取規(guī)避措施的過程和考慮,最后在案例分析的基礎(chǔ)上,結(jié)合以往學(xué)者對于一個企業(yè)采取何種匯率風(fēng)險規(guī)避措施的考慮因素,重新將這些因素分類為宏觀因素、中觀因素和微觀因素三方面,諸如企業(yè)所處的經(jīng)濟(jì)環(huán)境和金融市場發(fā)達(dá)程度,以及企業(yè)自身的性質(zhì)和財務(wù)狀況等,詳細(xì)分析了每個因素對匯率風(fēng)險規(guī)避措施選擇的影響機(jī)理——宏觀側(cè)重于對企業(yè)匯率預(yù)期的形成和所能采取的規(guī)避措施的種類造成影響;中觀側(cè)重于在宏觀因素的基礎(chǔ)上進(jìn)一步限制和規(guī)范企業(yè)所能采取的管理措施;微觀因素最終使得企業(yè)在權(quán)衡收益與成本的基礎(chǔ)上做出選擇。并通過兩個案例的對比分析,發(fā)現(xiàn)并提出了假設(shè)性結(jié)果——管控模式作為微觀因素的一員,是其匯率風(fēng)險規(guī)避措施選擇的影響因素之一。管控模式對于匯率風(fēng)險規(guī)避措施選擇的影響方式主要是基于母子公司部門設(shè)置、集團(tuán)內(nèi)部聯(lián)系機(jī)制以及集團(tuán)風(fēng)險觀念的構(gòu)建和傳導(dǎo)來體現(xiàn)的,這三個層面共同表現(xiàn)為集團(tuán)公司管控模式的集權(quán)程度,最終將集團(tuán)層面的管理風(fēng)格和對風(fēng)險的偏好程度傳達(dá)到下屬子公司來影響規(guī)避措施的選擇,戰(zhàn)略控制型集團(tuán)公司更加主動和激進(jìn),因此會選擇操控性較強(qiáng)的規(guī)避措施如期權(quán)和并購協(xié)議談判;財務(wù)控制型則更加被動和包容,會通過多元化的外幣存款結(jié)構(gòu)和金融工具集來消化對沖風(fēng)險。
[Abstract]:As a driving force to support sustainable economic development and structural reform in China, overseas acquisitions play a very important role in the development of domestic enterprises, as well as in the domestic macroeconomic growth. At the same time, We should also be alert to the risks involved in the process. Different from the mutual merger and acquisition between domestic enterprises, exchange rate risk belongs to the unique risk of overseas acquisition, whether the enterprise can reasonably avoid the exchange rate risk, what kind of circumvention measures to take and how effective this measure is. Will bring the final result of the enterprise merger and acquisition to bring the influence that cannot be ignored. The purpose of this paper is to explore whether the management and control mode, a unique attribute of a group enterprise, will have an impact on what kind of circumvention measures it takes when it takes place in overseas acquisitions. In this paper, two different modes of management and control are selected to represent the overseas acquisitions of the enterprises-the strategic control mode, the Valin group, and the financial control model, the Yangtze infrastructure group. First, the paper analyzes the exchange rate risk they face, then expounds the process and consideration of the two sides' selection of circumvention measures. Finally, on the basis of the case study, Combining with the factors that scholars used to consider which exchange rate risk avoidance measures should be taken by an enterprise, these factors are classified as macro factors, meso factors and micro factors. Such as the economic environment in which the enterprise is located and the degree to which the financial market is developed, as well as the nature and financial situation of the enterprise itself, This paper analyzes in detail the influence mechanism of each factor on the choice of exchange rate risk aversion measures-macroscopically focusing on the formation of enterprise exchange rate expectations and the types of evading measures that can be taken; Meso focuses on restricting and standardizing the management measures that enterprises can take on the basis of macro factors, and micro factors make enterprises make choices on the basis of balancing income and cost. Through the comparative analysis of two cases, it is found and put forward that the hypothetical result, as a member of microcosmic factors, is one of the influential factors in the choice of exchange rate risk aversion measures. The influence of the control mode on the choice of exchange rate risk avoidance measures is mainly based on the establishment of the departments of parent and subsidiary companies, the internal communication mechanism of the group and the construction and transmission of the group risk concept. These three levels are shown by the centralization degree of the control mode of the group company. Finally, the management style and risk preference of the group level are conveyed to the subsidiary companies to influence the choice of circumvention measures. Strategic control group companies are more active and aggressive, so they choose more manipulative circumvention measures such as option and merger agreement negotiation, while financial control group companies are more passive and inclusive. Hedge risk will be digested through diversified foreign currency deposit structure and financial tool set.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F832.6;F426.31

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