本文選題：風(fēng)險(xiǎn)管理 + 海外股權(quán)收購(gòu)項(xiàng)目�。� 參考：《東北大學(xué)》2013年碩士論文

【摘要】：隨著改革開(kāi)放的深入,我國(guó)國(guó)民經(jīng)濟(jì)不斷的發(fā)展,在國(guó)內(nèi)和國(guó)際市場(chǎng)的大融合、全球經(jīng)濟(jì)一體化的形勢(shì)下,我國(guó)越來(lái)越多的企業(yè)將將目光投向海外市場(chǎng),進(jìn)行海外項(xiàng)目的投資收購(gòu),尤其是資源類項(xiàng)目。而涉外投資收購(gòu)是一項(xiàng)龐大又復(fù)雜的過(guò)程,存在很多的不確定性因素,各種風(fēng)險(xiǎn)影響著項(xiàng)目收益的各個(gè)方面。2011年9月,首鋼與中方聯(lián)合體在香港成立了合資公司對(duì)巴西目標(biāo)公司進(jìn)行15%股權(quán)的收購(gòu),即首鋼巴西鈮鐵投資項(xiàng)目。首鋼巴西鈮鐵投資項(xiàng)目是一個(gè)跨國(guó)項(xiàng)目,相比一般項(xiàng)目,風(fēng)險(xiǎn)因素多且復(fù)雜,比如市場(chǎng)問(wèn)題、政策法規(guī)問(wèn)題、經(jīng)濟(jì)形勢(shì)等問(wèn)題,為了減少這些風(fēng)險(xiǎn)對(duì)境外股權(quán)投資項(xiàng)目所造成的損失,需要對(duì)這一復(fù)雜項(xiàng)目進(jìn)行系統(tǒng)、科學(xué)、全面的風(fēng)險(xiǎn)分析。本文首先從項(xiàng)目風(fēng)險(xiǎn)管理理論入手,通過(guò)查閱大量國(guó)內(nèi)外相關(guān)文獻(xiàn)資料和項(xiàng)目的實(shí)際情況,按照風(fēng)險(xiǎn)識(shí)別、風(fēng)險(xiǎn)評(píng)價(jià)及風(fēng)險(xiǎn)應(yīng)對(duì)的管理體系,結(jié)合國(guó)際項(xiàng)目的特殊性,歸納出首鋼巴西鈮鐵投資項(xiàng)目運(yùn)營(yíng)過(guò)程中存在的經(jīng)營(yíng)風(fēng)險(xiǎn)、市場(chǎng)風(fēng)險(xiǎn)、外匯風(fēng)險(xiǎn)、政策風(fēng)險(xiǎn)、少數(shù)股東控制權(quán)風(fēng)險(xiǎn)等五種主要風(fēng)險(xiǎn)。論文在綜合分析了現(xiàn)行項(xiàng)目風(fēng)險(xiǎn)評(píng)價(jià)綜合方法的基礎(chǔ)上,選取層次分析法對(duì)首鋼巴西鈮鐵投資項(xiàng)目的各類風(fēng)險(xiǎn)進(jìn)行了評(píng)價(jià),得出各類風(fēng)險(xiǎn)的重要性排序,從而確定了需要重點(diǎn)控制的風(fēng)險(xiǎn)有經(jīng)營(yíng)風(fēng)險(xiǎn)、外匯風(fēng)險(xiǎn)和市場(chǎng)風(fēng)險(xiǎn)。最后,針對(duì)該項(xiàng)目的各類風(fēng)險(xiǎn)提出了一系列的應(yīng)對(duì)措施,形成了一套較為全面、系統(tǒng)、科學(xué)的海外股權(quán)投資項(xiàng)目風(fēng)險(xiǎn)管理方法,為今后國(guó)際股權(quán)投資收購(gòu)項(xiàng)目實(shí)施過(guò)程中所面臨的風(fēng)險(xiǎn)提供了有效的防范措施。
[Abstract]:With the deepening of reform and opening up, the continuous development of our national economy, the integration of domestic and international markets, and the global economic integration, more and more enterprises in our country will turn their attention to overseas markets. Carry out investment acquisition of overseas projects, especially resource projects. Foreign investment acquisition is a huge and complex process, there are a lot of uncertainties, a variety of risks affect all aspects of the project income. Shougang and the Chinese consortium set up a joint venture in Hong Kong to buy a 15 percent stake in Brazil's target company, Shougang's Brazilian ferroniobium investment. The Brazilian ferroniobium investment project of Shougang is a transnational project. Compared with the general project, the risk factors are more and more complicated, such as market problems, policies and regulations, economic situation and so on. In order to reduce the losses caused by these risks to foreign equity investment projects, it is necessary to carry out systematic, scientific and comprehensive risk analysis for this complex project. This paper begins with the theory of project risk management, through consulting a large number of domestic and foreign literature and the actual situation of the project, according to the risk identification, risk evaluation and risk management system, combined with the particularity of the international project. Five main risks, such as operating risk, market risk, foreign exchange risk, policy risk and minority shareholder control risk, are summarized in the operation process of Brazilian ferroniobium investment project of Shougang. Based on the comprehensive analysis of the existing project risk assessment methods, the paper evaluates the various kinds of risks of Brazilian ferroniobiobium investment project in Shougang Iron and Steel Co., Ltd by selecting the Analytical hierarchy process (AHP), and concludes that the importance of all kinds of risks is ranked. In order to determine the need to control the risk of management, foreign exchange risk and market risk. Finally, a series of countermeasures are put forward to deal with the various risks of the project, and a set of comprehensive, systematic and scientific risk management methods for overseas equity investment projects are formed. It provides effective preventive measures for the risks faced in the implementation of the international equity investment acquisition project in the future.
【學(xué)位授予單位】：東北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F426.31

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本文編號(hào)：2093355