本文選題：國家電網(wǎng) + 國企��； 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：由于全球經(jīng)濟(jì)一體化的進(jìn)程日益加快,開放市場己成為全球大部分國家的首要選擇,為了能夠在全球范圍內(nèi)實(shí)現(xiàn)資源優(yōu)化配置,世界各國(尤其是發(fā)達(dá)國家)的大型企業(yè),都積極走出國門,開拓國際市場。近幾年來我國企業(yè)跨國投資規(guī)模呈逐年上升趨勢,已經(jīng)有相當(dāng)一部分央企和大中型企業(yè)在海外開展了大規(guī)模的投資,其中不乏超過千萬美元的投資。為進(jìn)一步促進(jìn)對外經(jīng)濟(jì)合作,優(yōu)化對外投資結(jié)構(gòu),落實(shí)“走出去”戰(zhàn)略,商務(wù)部牽頭會同國家相關(guān)部門制定了一系列的鼓勵政策,涉及到與投資密切相關(guān)的信貸、稅收、外匯、保險(xiǎn)、國別導(dǎo)向等領(lǐng)域,并積極貫徹落實(shí),同時(shí)繼續(xù)深入改革企業(yè)境外投資的管理體系,尤其是使經(jīng)濟(jì)保障體系和監(jiān)管體系的建立與完善和對外合作的實(shí)際情況相適應(yīng),使我國企業(yè)“走出去”的過程更加便利化、人性化。各種措施的具體實(shí)施,對推動“走出去”進(jìn)程的向前發(fā)展發(fā)揮了重要作用,使進(jìn)行境外投資經(jīng)營的企業(yè),在收獲頗豐的同時(shí)也積累了寶貴的經(jīng)驗(yàn),涌現(xiàn)出一批名揚(yáng)四海的國際知名企業(yè)。為積極響應(yīng)我國提出的“走出去”的發(fā)展戰(zhàn)略,國家電網(wǎng)公司高瞻遠(yuǎn)矚,以實(shí)現(xiàn)國家能源資源長遠(yuǎn)發(fā)展和在世界范圍內(nèi)優(yōu)化資源配置為出發(fā)點(diǎn)謀劃電網(wǎng)發(fā)展,加快特高壓電網(wǎng)技術(shù)的發(fā)展和智能電網(wǎng)的普及應(yīng)用,堅(jiān)持自主研發(fā),掌握核心技術(shù),己在國際電網(wǎng)技術(shù)中走在前列,在國際電力合作中占據(jù)主動,隨著“走出去”戰(zhàn)略的具體實(shí)施,原先設(shè)定的“網(wǎng)聯(lián)天下”、“電力出海”等發(fā)展藍(lán)圖的整體格局己初現(xiàn)端倪。 作為企業(yè)發(fā)展的對外戰(zhàn)略,并購是企業(yè)整合社會資源、順應(yīng)市場經(jīng)濟(jì)發(fā)展規(guī)律的產(chǎn)物,對企業(yè)的發(fā)展壯大起著重要作用。研究國網(wǎng)公司的境外并購,更重要的意義是提供持續(xù)改革的“催化劑”,促使企業(yè)進(jìn)一步完善公司治理結(jié)構(gòu),建立健全一整套新的市場激勵和約束機(jī)制、嚴(yán)格的風(fēng)險(xiǎn)控制和資本約束機(jī)制,引入先進(jìn)的經(jīng)營理念、完善規(guī)章制度和科學(xué)的業(yè)務(wù)流程,經(jīng)歷外部監(jiān)管由疏漏到完善、內(nèi)部控制由松到嚴(yán)的進(jìn)化過程,分析其境外并購過程中的可行性、環(huán)境、風(fēng)險(xiǎn)等內(nèi)容時(shí),能夠明確國家電網(wǎng)公司在境外并購中的各種優(yōu)勢和劣勢,為國家電網(wǎng)公司在如何揚(yáng)長避短、規(guī)避風(fēng)險(xiǎn)等方面提供了很好的參考意義,同時(shí)對于我國其他國企走出國門、處理國際問題的方法選擇方面,也提供了一定的參考經(jīng)驗(yàn)和借鑒意義。 本文共分六個(gè)部分,每個(gè)部分的主要內(nèi)容如下： 第一部分導(dǎo)論。介紹了本文的研究背景及研究意義、研究框架及思路,并介紹了研究的主要方法。 第二部分文獻(xiàn)綜述。本部分主要介紹了國內(nèi)外針對企業(yè)國際化、企業(yè)并購所作出的研究結(jié)果,并對這些研究成果進(jìn)行了全面而客觀的評價(jià),同時(shí)提出作者自己的研究觀點(diǎn)。 第三部分國家電網(wǎng)境外并購的理論分析。解釋了本文涉及較多的幾個(gè)重要概念,以及和企業(yè)并購相關(guān)的部分理論基礎(chǔ),包括企業(yè)并購的財(cái)務(wù)整合和其他相關(guān)理論。 第四部分國網(wǎng)公司以往并購綜述以及境外并購的可行性分析。本部分在對國網(wǎng)以往幾次較大的境外并購進(jìn)行綜述的基礎(chǔ)上,綜合分析了國網(wǎng)選擇進(jìn)行境外并購的動因及可行性因素,并利用SWOT分析方法,具體羅列了國網(wǎng)進(jìn)行境外并購的優(yōu)勢、劣勢、機(jī)會及威脅。 第五部分案例分析-----國家電網(wǎng)公司收購葡萄牙國家能源網(wǎng)公司股份。首先交代了國網(wǎng)公司此時(shí)對目標(biāo)公司進(jìn)行并購的時(shí)代背景、并購成因以及雙方的基本情況,然后通過2011年與2012年同時(shí)期財(cái)務(wù)報(bào)表的變化,分析了并購后國網(wǎng)公司財(cái)務(wù)上的變化,并推出相應(yīng)的借鑒意義。 第六部分完善國家電網(wǎng)公司境外并購的建議。根據(jù)上一部分的案例分析得出的結(jié)論,分別從宏觀層面和微觀層面對國網(wǎng)或類似的國企境外并購提出了改善建議。 本文的主要貢獻(xiàn)有兩點(diǎn)： 第一：站在國企境外并購的獨(dú)特視角,在對目前國有企業(yè)境外投資的大環(huán)境進(jìn)行分析的基礎(chǔ)之上,對國家電網(wǎng)公司以往境外并購的成果、此次并購的特殊時(shí)代背景、并購過程、并購后的財(cái)務(wù)變化等作了介紹和分析,為日后更深入地分析我國國有企業(yè)境外并購奠定了基礎(chǔ)。 第二：通過對企業(yè)境外并購相關(guān)理論的介紹與梳理,結(jié)合中國市場和國際市場的實(shí)踐情況,選取具有特殊意義的案例,通過對比并購前后國網(wǎng)公司在財(cái)務(wù)上發(fā)生的變化,得出對投資者和公司管理層都有實(shí)踐指導(dǎo)意義的結(jié)論,并通過宏觀與微觀層面改善建議的提出,試圖對類似國企在進(jìn)行境外并購時(shí)提供一定的借鑒意義。
[Abstract]:As the process of global economic integration is accelerating, open market has become the primary choice for most countries in the world. In order to realize the optimal allocation of resources around the world, the large enterprises of all countries (especially developed countries) have actively walked out of the country and opened up the international market. In recent years, the scale of transnational investment in China's enterprises has been on the scale. A considerable number of central and medium-sized enterprises have invested heavily abroad, including more than tens of millions of dollars in investment. In order to further promote foreign economic cooperation, optimize the foreign investment structure and implement the "going out" strategy, the Ministry of Commerce has led a series of drums with the relevant state departments. The policy of encouragement is related to the areas of credit, tax, foreign exchange, insurance, country orientation and other fields which are closely related to investment, and actively implement it, and continue to reform the management system of foreign investment in enterprises, especially to make the establishment and improvement of the economic security system and supervision system adapt to the actual situation of foreign cooperation and make our enterprises "go" The process of "going out" is more convenient and humanized. The concrete implementation of various measures has played an important role in promoting the forward development of the "going out" process. In order to realize the long-term development of national energy resources and optimize the allocation of resources in the world, the national Power Grid Corp proposes to plan the development of the power grid, accelerate the development of the technology of the UHV power grid and the popularization and application of the smart grid, adhere to the independent research and development, master the core technology, and have been in the international area. The power grid technology is in the forefront and takes the initiative in international power cooperation. With the implementation of the "going out" strategy, the overall pattern of the blueprint, such as "the net union world" and "the power out of the sea", has begun to emerge.
As a foreign strategy for enterprise development, merger and acquisition is the product of enterprise integration of social resources and the product of the law of market economy, which plays an important role in the development and expansion of enterprises. The whole set of new market incentive and restraint mechanism, strict risk control and capital restraint mechanism, advanced management concept, perfect rules and regulations and scientific business process, experience external supervision from omission to perfection, internal control from loose to strict evolution process, analysis of the feasibility, environment, risk and so on in the process of foreign merger and acquisition. At the same time, we can make clear the advantages and disadvantages of the national Power Grid Corp in foreign mergers and acquisitions. It provides a good reference for the national Power Grid Corp to avoid the risks and avoid the risks. It also provides some reference experience and loan for other state-owned enterprises to go out of the country and to deal with the international problems. Make sense.
This article is divided into six parts. The main contents of each part are as follows:
The first part is introduction. It introduces the background, significance, framework and ideas of the research, and introduces the main research methods.
The second part of the literature review. This part mainly introduces the research results of enterprise internationalization and merger and acquisition at home and abroad, and makes a comprehensive and objective evaluation of these research results, and puts forward the author's own research views.
The third part is the theoretical analysis of the overseas merger and acquisition of the state power grid. It explains several important concepts involved in this paper, and some theoretical bases related to the merger and acquisition of enterprises, including financial integration and other related theories of mergers and acquisitions.
The fourth part of the past merger and acquisition of national network company and the feasibility analysis of foreign mergers and acquisitions. On the basis of the past several large overseas mergers and acquisitions on the national network, this part analyses the reasons and feasibility factors of the national network selection for foreign mergers and acquisitions, and uses the SWOT analysis method to specify the foreign merger and acquisition of the national network. Strengths, weaknesses, opportunities and threats.
The fifth part of the case analysis - ---- the national Power Grid Corp acquisition of the shares of the Portuguese national energy network company. First, it explained the background of the merger and acquisition of Target Corp at this time, the causes of merger and acquisition and the basic situation of the two parties. Then, through the changes in the financial statements of the same period in 2011 and 2012, the company's wealth after the merger and acquisition was analyzed. The change of the affairs and the corresponding reference significance.
The sixth part consummates the proposal of the national Power Grid Corp foreign merger and acquisition. According to the conclusion of the case analysis of the previous part, the suggestions are put forward to improve the foreign merger and acquisition of the state network or similar state-owned enterprises from the macro level and the micro level.
The main contributions of this article are two points:
First, on the basis of the unique perspective of the overseas merger and acquisition of state-owned enterprises, on the basis of the analysis of the large environment of the overseas investment of state-owned enterprises, this paper introduces and analyses the achievements of the past overseas mergers and acquisitions of the national Power Grid Corp, the special era background of the merger and acquisition, the process of merger and acquisition, and the financial changes after the merger and analysis, which will be more in-depth analysis for the future. China's state-owned enterprises have laid the foundation for foreign mergers and acquisitions.
Second: through the introduction and combing of relevant theories of foreign mergers and acquisitions, combining the practice of Chinese market and international market, select cases with special significance. By comparing the financial changes before and after the merger and acquisition, the conclusions are drawn to the investors and the company management. With the proposal of micro level improvement proposals, it tries to provide some reference for similar state-owned enterprises in overseas mergers and acquisitions.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F271;F275;F426.61

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