本文選題：海外并購 + 財務(wù)風(fēng)險��； 參考：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：20世紀(jì)90年代開始,全球范圍內(nèi)越來越多的企業(yè)加入了跨國并購的大軍中。我國經(jīng)濟(jì)迅速發(fā)展,許多企業(yè)在國內(nèi)迅速發(fā)展的同時,開始把戰(zhàn)略目標(biāo)和市場份額擴(kuò)大到了全球的范圍內(nèi),紛紛走上了跨國并購的道路�？鐕①徔梢詭砗芏嗟暮锰�,比如優(yōu)化資源配置、提高企業(yè)競爭力等等。跨國并購在滿足企業(yè)發(fā)展要求的同時也伴隨著高度風(fēng)險。而這些風(fēng)險可能直接導(dǎo)致并購的失敗�？鐕①彽母鱾�階段都伴隨著并購財務(wù)風(fēng)險,而如果不注意識別、控制財務(wù)風(fēng)險,可能導(dǎo)致最終的并購失敗,所以識別、控制財務(wù)風(fēng)險是跨國并購中的重要工作。2013年2月26日,中海油完成了對尼克森的跨國并購,并購對價為151億美元。這是我國企業(yè)跨國并購案例中涉及金額最大的案例,對于加拿大而言,是金融危機(jī)以后規(guī)模最大的跨國收購案例。中海油并購尼克森的動機(jī)主要包括獲取稀缺資源、獲取先進(jìn)技術(shù)、擴(kuò)充海外市場以增強(qiáng)競爭力和獲取更多的石油市場信息以取得一定的定價權(quán)。本文以“企業(yè)海外并購財務(wù)風(fēng)險及控制”為題。本文先回顧中海油并購尼克森案例的動機(jī)和過程,再對企業(yè)并購的各個環(huán)節(jié)的財務(wù)風(fēng)險進(jìn)行分析,并評價中海油的風(fēng)險控制措施。最后針對中海油的案例提出了啟示,并對企業(yè)跨國并購提出了一些建議,以給其他公司提供一些經(jīng)驗。本文正文由六個部分組成,分別為引言、跨國并購的財務(wù)風(fēng)險及其控制概述、中海油跨國并購尼克森的案例介紹、中海油跨國并購尼克森的財務(wù)風(fēng)險分析、中海油跨國并購尼克森的財務(wù)風(fēng)險控制分析、基本結(jié)論和啟示。引言部分介紹了跨國并購的研究意義和研究背景,最后對跨國并購的理論研究進(jìn)行了回顧。第二部分先介紹了跨國并購財務(wù)風(fēng)險及控制的定義,分析了該風(fēng)險的形成因素,最后闡述了信息不對稱理論、資本資產(chǎn)定價理論和優(yōu)序融資理論。第三部分介紹中海油和尼克森的基本信息,以及中海油跨國并購尼克森的動因和過程。第四部分對中海油并購尼克森的案例進(jìn)行深度剖析,分析了此次并購的定價風(fēng)險、融資風(fēng)險、支付風(fēng)險。第五部分針對中海油并購尼克森的各種財務(wù)風(fēng)險,分析相應(yīng)的控制措施。最后,通過前文對跨國并購財務(wù)風(fēng)險的理論學(xué)習(xí)和中海油案例的分析,第六部分總結(jié)了中海油公司跨國并購成功帶來的啟示,提出了一些關(guān)于跨國并購財務(wù)風(fēng)險控制的建議,以便于我國企業(yè)跨國并購時能有效控制財務(wù)風(fēng)險,實現(xiàn)企業(yè)價值最大化。
[Abstract]:Since the 1990 s, more and more enterprises have joined the army of transnational M & A all over the world. With the rapid development of China's economy, many enterprises have begun to expand their strategic objectives and market share to the global scope, and have embarked on the road of cross-border mergers and acquisitions. Cross-border mergers and acquisitions can bring a lot of benefits, such as optimizing the allocation of resources, improving the competitiveness of enterprises and so on. Cross-border mergers and acquisitions meet the requirements of enterprise development, but also accompanied by a high degree of risk. These risks may lead directly to the failure of mergers and acquisitions. All stages of cross-border M & A are accompanied by M & A financial risks, and if we do not pay attention to the identification and control of financial risks, it may lead to the ultimate failure of M & A. Therefore, to identify, control financial risks is an important task in cross-border M & A. February 26, 2013, CNOOC completed a cross-border merger with Nexen at a price of $15.1 billion. This is the largest case involving the amount of money in the case of transnational M & A of Chinese enterprises, and for Canada, it is the largest case of transnational acquisition after the financial crisis. The motivation of CNOOC to acquire Nexen mainly includes acquiring scarce resources, acquiring advanced technology, expanding overseas markets to enhance competitiveness and obtaining more information on oil market to obtain certain pricing power. This paper focuses on financial risk and control of overseas M & A. This paper reviews the motivation and process of CNOOC's merger and acquisition of Nexen case, then analyzes the financial risk of each link of enterprise merger and acquisition, and evaluates the risk control measures of CNOOC. In the end, the paper puts forward some enlightenment to the case of CNOOC, and puts forward some suggestions on cross-border M & A to provide some experience for other companies. The text is composed of six parts: introduction, overview of financial risk and control of cross-border M & A, case study of CNOOC's cross-border merger and acquisition of Nexen, and financial risk analysis of CNOOC's cross-border merger and acquisition of Nexen. The financial risk control analysis, basic conclusion and enlightenment of CNOOC's cross-border merger and acquisition of Nexen. The introduction introduces the research significance and background of transnational M & A, and finally reviews the theoretical research of M & A. The second part first introduces the definition of financial risk and control of cross-border M & A, analyzes the forming factors of the risk, and finally expounds the information asymmetry theory, capital asset pricing theory and priority financing theory. The third part introduces the basic information of CNOOC and Nexen, as well as the motivation and process of CNOOC's cross-border merger and acquisition of Nexen. The fourth part analyzes the pricing risk, financing risk and payment risk of CNOOC's merger and acquisition of Nexen. The fifth part analyzes the corresponding control measures against various financial risks of CNOOC merger and acquisition of Nexen. Finally, through the theoretical study of the financial risk of cross-border M & A and the analysis of Cnooc case, the sixth part summarizes the inspiration brought by the success of the cross-border M & A of CNOOC, and puts forward some suggestions on the financial risk control of cross-border M & A. In order to effectively control the financial risks and maximize the value of enterprises in cross-border mergers and acquisitions in China.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.22;F271;F406.7

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