【摘要】：企業(yè)并購(gòu)活動(dòng)在西方經(jīng)濟(jì)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(gòu)浪潮。在過(guò)去的幾十年中,有許多國(guó)家經(jīng)歷了并購(gòu)活動(dòng)的高潮及隨之而來(lái)的衰落,其中前四次主要發(fā)生在受戰(zhàn)爭(zhēng)影響較小的美國(guó),歐盟緊隨其后成為世界第二大并購(gòu)市場(chǎng)。進(jìn)入新千年之后,全球化快速推進(jìn),第五次并購(gòu)浪潮在全球市場(chǎng)展開(kāi),新興市場(chǎng)開(kāi)始參與其中。之后在第六次并購(gòu)浪潮中,以中國(guó)為核心的發(fā)展中國(guó)家逐漸成為并購(gòu)主要力量,我國(guó)眾多企業(yè)選擇海外投資并購(gòu)以快速實(shí)現(xiàn)趕超。從1984年中資的第一筆海外并購(gòu)開(kāi)始,經(jīng)過(guò)三十幾年的發(fā)展,如今中國(guó)企業(yè)海外并購(gòu)呈現(xiàn)出以下特征,從并購(gòu)區(qū)域來(lái)看,更多的中國(guó)企業(yè)選擇美國(guó)、澳大利亞等發(fā)達(dá)國(guó)家和地區(qū);從并購(gòu)行業(yè)來(lái)看,近年來(lái)我國(guó)企業(yè)海外并購(gòu)重心發(fā)生轉(zhuǎn)移,早期主要集中在能源行業(yè),當(dāng)前已逐步轉(zhuǎn)向TMT1、食品、醫(yī)療等行業(yè);從并購(gòu)主體來(lái)看,民營(yíng)企業(yè)替代國(guó)有企業(yè)成為并購(gòu)主力。2016年,中國(guó)大陸企業(yè)海外并購(gòu)呈爆發(fā)式增長(zhǎng),交易額達(dá)到2210億美元,超過(guò)前四年中國(guó)企業(yè)海外并購(gòu)的交易金額總和。在中國(guó)經(jīng)濟(jì)步入新常態(tài)的背景下,越來(lái)越多的企業(yè)選擇去海外并購(gòu)優(yōu)質(zhì)資產(chǎn),但是《2016年企業(yè)海外財(cái)務(wù)風(fēng)險(xiǎn)管理報(bào)告》公布中國(guó)企業(yè)并購(gòu)有效率只有1/3,加權(quán)跨境跨文化整合因素,海外并購(gòu)能夠真正成功的低于20%,比國(guó)際的一般并購(gòu)成功率還要低。在我國(guó)企業(yè)海外并購(gòu)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(guó)企業(yè)海外并購(gòu)的動(dòng)因。之后從源頭出發(fā)分析結(jié)果,站在并購(gòu)動(dòng)因的視角評(píng)估并購(gòu)績(jī)效,并購(gòu)動(dòng)因與并購(gòu)績(jī)效是并購(gòu)理論中兩大核心問(wèn)題,二者相輔相成。結(jié)合我國(guó)具體情況,首先本文從政府動(dòng)因、戰(zhàn)略動(dòng)因、投資動(dòng)因和投機(jī)動(dòng)因四個(gè)層面出發(fā),總結(jié)出具有中國(guó)特色的10個(gè)不同因素,它們分別是:政府鼓勵(lì)、并購(gòu)法律的支持、東道國(guó)政策吸引;品牌及渠道尋求、技術(shù)尋求、資源尋求;增強(qiáng)市場(chǎng)勢(shì)力、分散風(fēng)險(xiǎn);跨境套利、獲取殼資源。然后基于不同的中國(guó)企業(yè)海外并購(gòu)動(dòng)因視角,結(jié)合評(píng)估績(jī)效的非財(cái)務(wù)指標(biāo),設(shè)計(jì)出一份評(píng)估指標(biāo)表格。之后選取我國(guó)汽車(chē)行業(yè)典型海外并購(gòu)案例進(jìn)行具體分析,得出結(jié)論。最后從并購(gòu)之前的評(píng)估企業(yè)實(shí)力合理制定并購(gòu)目標(biāo)、聘請(qǐng)專業(yè)中介機(jī)構(gòu)開(kāi)展海外并購(gòu)、研究東道國(guó)法律、注重并購(gòu)后的整合幾個(gè)方面,對(duì)我國(guó)企業(yè)海外并購(gòu)能夠有效實(shí)施減少風(fēng)險(xiǎn),并且提高海外并購(gòu)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(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F279.2

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