【摘要】：近年來,我國經(jīng)濟(jì)增長進(jìn)入“新常態(tài)”,經(jīng)濟(jì)增長速度從原有的高速增長向中高速增長轉(zhuǎn)變,同時(shí),由于在國家實(shí)施“引進(jìn)來”和“走出去”的戰(zhàn)略部署,統(tǒng)籌產(chǎn)業(yè)升級和產(chǎn)業(yè)轉(zhuǎn)移,做強(qiáng)制造業(yè)和提升服務(wù)業(yè),中國企業(yè)憑借自身實(shí)力的提升,在全球范圍內(nèi)掀起了一輪跨國并購浪潮。統(tǒng)計(jì)表明,近年來,中國企業(yè)跨國并購數(shù)目增加、規(guī)模增大,上升趨勢明顯,地區(qū)也趨于多樣化,一方面尋求技術(shù)支持突破發(fā)展瓶頸,另一方面借助目標(biāo)企業(yè)高效率海外擴(kuò)張。但有近三分之二的交易都以失敗告終,整合后處于盈利或持平狀態(tài)的僅占30%。并購目標(biāo)選擇與并購時(shí)機(jī)決策,作為并購活動(dòng)的第一步,是并購能否創(chuàng)造價(jià)值,產(chǎn)生協(xié)同效應(yīng)的初步判斷,具有重要的理論意義與現(xiàn)實(shí)意義。本文基于并購動(dòng)因理論和動(dòng)態(tài)能力理論,選取我國發(fā)展成熟、國際化程度較高、并購發(fā)生較為頻繁家電行業(yè)A企業(yè)的跨國并購典型案例,探究企業(yè)應(yīng)如何科學(xué)的進(jìn)行目標(biāo)企業(yè)選擇以及并購時(shí)機(jī)選擇等并購前期決策。針對上述問題,本文首先運(yùn)用了文獻(xiàn)研究法,對相關(guān)領(lǐng)域的研究現(xiàn)狀和研究成果進(jìn)行梳理;其次,運(yùn)用單案例研究法,選擇跨國并購經(jīng)驗(yàn)豐富的A企業(yè)近期選擇目標(biāo)企業(yè)的案例進(jìn)行剖析,結(jié)合企業(yè)自身戰(zhàn)略與資源的差距、目標(biāo)企業(yè)所具有的特質(zhì)進(jìn)行并購匹配,確定并購的目標(biāo)企業(yè),并結(jié)合經(jīng)濟(jì)環(huán)境、行業(yè)背景、以及并購雙方的契機(jī),對并購時(shí)機(jī)展開分析。最后,結(jié)合A企業(yè)的實(shí)際情況,提出跨國并購目標(biāo)企業(yè)選擇的模型和并購時(shí)機(jī)影響因素分析,提出前期決策理論框架的構(gòu)建,以期為解決并購前期決策的問題上提供新的角度,做出一定貢獻(xiàn)。本文研究結(jié)論提供兩點(diǎn)啟示,第一,企業(yè)在進(jìn)行跨國并購時(shí)候要注重對自身戰(zhàn)略和資源的了解,明確自身資源需求后確定包括行業(yè)、地域、盈利能力、規(guī)模的并購方向,并查找匹配的企業(yè)作為備選目標(biāo),分別測算潛在協(xié)同效應(yīng),選擇最為匹配的企業(yè)作為目標(biāo)企業(yè)。第二,跨國并購是渴望實(shí)現(xiàn)雙贏的并購,是雙向選擇,因此并購時(shí)機(jī)的把握不只是并購方的決策,在并購時(shí)機(jī)來臨之前,并購方需要根據(jù)目標(biāo)企業(yè)的產(chǎn)業(yè)生命周期制定長遠(yuǎn)的并購戰(zhàn)略計(jì)劃,為資金、管理、經(jīng)驗(yàn)的需要做好充足的準(zhǔn)備,以把握并購時(shí)機(jī)。第三,合法性作為跨國并購面臨的重要難題,需要并購方密切關(guān)注經(jīng)濟(jì)與相關(guān)制度變化,制定合法性獲取策略,降低風(fēng)險(xiǎn)。
[Abstract]:In recent years, China's economic growth has entered the "new normal", and the economic growth rate has changed from the original high speed growth to the middle high speed growth. At the same time, due to the implementation of the strategic arrangements of "bringing in" and "going out" in the country, In order to coordinate industrial upgrading and industrial transfer, strengthen manufacturing industry and enhance service industry, Chinese enterprises, with their own strength, have set off a wave of cross-border mergers and acquisitions around the world. Statistics show that in recent years, the number and scale of cross-border mergers and acquisitions of Chinese enterprises are increasing, the rising trend is obvious, and the regions tend to be diversified. But nearly 2/3 of all transactions ended in failure, and only 30 percent were profitable or flat after consolidation. As the first step of M & A, the choice of M & A target and the decision of M & A timing are the preliminary judgment of whether M & A can create value and produce synergy effect, which has important theoretical and practical significance. Based on M & A motivation theory and dynamic capability theory, this paper selects a typical case of cross-border M & A of A enterprise in household appliances industry, which has mature development, high degree of internationalization and frequent M & A. This paper explores how to scientifically choose the target enterprises and the timing of M & A. In order to solve the above problems, this paper first uses the literature research method to sort out the current research situation and the research results in related fields; secondly, the single case study method is used. Choosing the case of A enterprise with rich experience in transnational M & A to analyze the target enterprise in the near future, combining the gap between the strategy and resources of the enterprise itself, the characteristics of the target enterprise to match the M & A, and to determine the target enterprise of M & A. Combined with the economic environment, industry background, as well as the opportunity of M & A, the opportunity of M & A is analyzed. Finally, according to the actual situation of A enterprise, this paper puts forward the model of the choice of the target enterprise of cross-border M & A and the analysis of the influencing factors of the opportunity of M & A, and puts forward the construction of the theoretical framework of the pre-decision in order to provide a new angle for solving the problem of the pre-decision of M & A. Make a contribution. The conclusions of this paper provide two enlightenments. First, enterprises should pay attention to the understanding of their own strategy and resources when undertaking cross-border mergers and acquisitions, and determine the direction of M & A, including industry, region, profitability and scale, after defining their own resource needs. The matching enterprise is chosen as the alternative target, the potential synergy effect is calculated separately, and the most matched enterprise is chosen as the target enterprise. Second, Cross-border M & A is a two-way choice, eager to achieve a win-win situation. Therefore, the timing of M & A is not only the decision-making of the M & A parties, but also the timing of M & A. M & A parties need to formulate long-term M & A strategic plan according to the industry life cycle of the target enterprise, and make sufficient preparations for the needs of capital, management and experience in order to grasp the opportunity of M & A. Third, legitimacy, as an important problem in cross-border M & A, requires M & A parties to pay close attention to economic and related institutional changes, formulate legitimacy acquisition strategies and reduce risks.
【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

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