發(fā)布時(shí)間：2017-12-26 21:48

  本文關(guān)鍵詞：A民營企業(yè)海外并購案例研究　出處：《中國財(cái)政科學(xué)研究院》2016年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 民營企業(yè) 海外并購 A企業(yè)

【摘要】：在中國快速發(fā)展的經(jīng)濟(jì)背景之下,我國企業(yè)進(jìn)行海外并購已經(jīng)是尋求自我發(fā)展的有效方式之一,全球金融危機(jī)也為我國企業(yè)海外并購創(chuàng)造了各種條件和機(jī)遇。隨著我國海外并購相關(guān)政策相繼出臺(tái),我國民營企業(yè)也依靠其特點(diǎn)在海外并購的浪潮中漸漸嶄露頭角。我國民營企業(yè)目前不僅在海外并購活動(dòng)中數(shù)量上占絕對優(yōu)勢,并購涉及的總金額也十分可觀,單筆金額高的并購項(xiàng)目也不斷增多,民企海外并購在標(biāo)的選擇上更加寬泛和多元化。對民營企業(yè)海外并購案例的研究不僅將有利于民營企業(yè)更好的借鑒相關(guān)海外并購經(jīng)驗(yàn),更好地享受到由海外并購帶來的企業(yè)規(guī)模變大、銷售渠道變廣、技術(shù)水平提升等諸多好處,也有助于我國民營企業(yè)更好的對海外并購中可能遇到的各種問題而進(jìn)行有效識別和防范。A企業(yè)作為我國優(yōu)秀的民營企業(yè)之一,此次A企業(yè)的海外并購是我國民營企業(yè)海外并購活動(dòng)中比較成功的案例,在A企業(yè)海外并購的過程中也出現(xiàn)的一些問題也具有比較明顯的民營企業(yè)特征。本文通過對A企業(yè)此次海外并購的準(zhǔn)備階段、實(shí)施階段以及完成階段進(jìn)行全面了解,結(jié)合A企業(yè)在并購之后的相關(guān)表現(xiàn),了解A企業(yè)并購的背景、動(dòng)因、策略、并購后的整合等具體情況,分析A企業(yè)海外并購的案例過程,對A企業(yè)此次海外并購的相關(guān)經(jīng)驗(yàn)和問題進(jìn)行研究。在此次并購后A企業(yè)在關(guān)鍵指標(biāo)改善、技術(shù)融合以及品牌打造上都取得了比較好的效果,A企業(yè)在海外并購后,實(shí)現(xiàn)了主營業(yè)務(wù)收入的提升、海外市場的拓寬、成本控制的加強(qiáng)、技術(shù)水平和品牌價(jià)值的提升等多項(xiàng)成果,為我國民營企業(yè)海外并購提供了海外并購戰(zhàn)略規(guī)劃、目標(biāo)公司選擇和海外并購前的相關(guān)準(zhǔn)備等各方面的非常重要的經(jīng)驗(yàn)。與此同時(shí),在分析整個(gè)海外并購過程之后,本文分析了A企業(yè)在海外并購中遇到了財(cái)務(wù)、法律、人才、整合等方面的問題。財(cái)務(wù)方面,A企業(yè)此次海外并購融資過程中充分運(yùn)用了內(nèi)部融資和外部融資,在巧妙運(yùn)用了各方利益聯(lián)盟的力量順利完成融資過程的同時(shí)也帶來了后續(xù)項(xiàng)目建設(shè)的資金壓力,大額的現(xiàn)金支付也給企業(yè)帶來了相應(yīng)的償債壓力;法律方面,A企業(yè)遇到了監(jiān)管審批、知識產(chǎn)權(quán)、勞動(dòng)保護(hù)等方面的問題;人才方面,A企業(yè)遇到了海外并購人才儲(chǔ)備不足的問題;在整合方面,A企業(yè)遇到了經(jīng)營整合、技術(shù)整合、文化整合等問題。本文就以上出現(xiàn)的問題結(jié)合我國民營企業(yè)海外并購現(xiàn)狀提出了相應(yīng)的對策和建議。在財(cái)務(wù)方面,我國相關(guān)立法部門應(yīng)盡快修訂和完善現(xiàn)有并購融資的法律法規(guī),放松對民營企業(yè)并購融資的管制,不斷完善資本市場建設(shè);我國民營企業(yè)應(yīng)該充分利用企業(yè)內(nèi)部資金以緩解其并購融資壓力,對融資模式進(jìn)行創(chuàng)新型設(shè)計(jì)并充分運(yùn)用戰(zhàn)略聯(lián)盟的力量,謹(jǐn)慎選擇海外并購支付方式。法律方面,我國政府還應(yīng)繼續(xù)積極發(fā)展相關(guān)中介機(jī)構(gòu)的涉外業(yè)務(wù),在立法、司法和行政等方面支持保護(hù)知識產(chǎn)權(quán);我國民營企業(yè)在應(yīng)該做好目標(biāo)企業(yè)的盡職調(diào)查,了解目標(biāo)企業(yè)所在國的勞工文化和勞工法律法規(guī),對所涉及到的相關(guān)知識產(chǎn)權(quán)進(jìn)行有效評估。人才方面,民營企業(yè)應(yīng)積極地引進(jìn)和培養(yǎng)高素質(zhì)人才,要建立良好的人才激勵(lì)機(jī)制,吸引高層次復(fù)合型人才的加入。整合方面,我國民營企業(yè)應(yīng)確保海外并購后目標(biāo)企業(yè)所有企業(yè)成員接受和認(rèn)可企業(yè)的短期目標(biāo)和長期目標(biāo),在充分考慮目標(biāo)企業(yè)特點(diǎn)的基礎(chǔ)上,結(jié)合自身的發(fā)展戰(zhàn)略制定合理的技術(shù)整合戰(zhàn)略,并循序漸進(jìn)地進(jìn)行文化的整合。雖然此次A企業(yè)海外并購的成功有其獨(dú)特的并購背景,其他企業(yè)可能難以進(jìn)行復(fù)制,但是我國民營企業(yè)還是可以從這次成功并購中得到以下啟示和借鑒:應(yīng)充分準(zhǔn)備,長遠(yuǎn)規(guī)劃;應(yīng)善借外力,防范風(fēng)險(xiǎn);應(yīng)循序漸進(jìn),取長補(bǔ)短,以成功完成海外并購整個(gè)過程。本文以A企業(yè)的案例為例,結(jié)合民營企業(yè)的特點(diǎn)分析A企業(yè)在海外并購中的相關(guān)成果與問題,具有一定的針對性,可以為我國民營企業(yè)在海外并購提供相應(yīng)的經(jīng)驗(yàn)。但是本文還有很多片面和不足之處,A企業(yè)所在的行業(yè)、發(fā)展?fàn)顩r、公司規(guī)模等各方面都具有其獨(dú)特性,在研究相關(guān)問題的時(shí)候無法完全將其特點(diǎn)完全剝離出來進(jìn)行分析。未來還需要結(jié)合民營企業(yè)所處相關(guān)行業(yè)背景、所處的發(fā)展階段、企業(yè)自身特點(diǎn)等各方面的因素來對民營企業(yè)海外并購中的問題進(jìn)行更有針對性的研究來指導(dǎo)具體民營企業(yè)的海外并購活動(dòng)。
[Abstract]:Under the background of China's rapid economic development, Chinese enterprises' overseas mergers and acquisitions have been one of the effective ways to seek self development. The global financial crisis has also created various conditions and opportunities for Chinese enterprises to acquire overseas. As China's foreign mergers and acquisitions related policies have been introduced, private enterprises in China have also come to the fore by their characteristics in the wave of overseas mergers and acquisitions. China's private enterprises not only take an absolute advantage in the overseas M & A activities, but also the total amount of M & A involved is also very considerable. The number of M & A projects with high single sum is increasing. The overseas mergers and acquisitions of private enterprises are more extensive and diversified in the choice of targets. Study on private enterprises overseas mergers and acquisitions cases will not only benefit private enterprises better reference to overseas experience in mergers and acquisitions, to enjoy better brought by overseas mergers and acquisitions of larger scale enterprises, sales channels become wide, enhance the level of technology and many other benefits, but also help our national enterprises better on a variety of problems that may be encountered overseas M & A and effective identification and prevention. A enterprises as one of the outstanding private enterprises in China, the overseas acquisitions of A enterprises is a relatively successful case of Chinese private enterprises in overseas M & A activities. Some problems also appeared in the process of A overseas mergers and acquisitions, which also have obvious characteristics of private enterprises. In this paper, through a comprehensive understanding of the preparation stage, the A enterprises overseas mergers and acquisitions implementation phase and completion phase, combined with the performance of A after the acquisition of companies, understand the background, motivation, strategy, mergers and acquisitions A merger integration after the specific circumstances, the case analysis process of overseas mergers and acquisitions of A enterprises, analyzing the related experience A enterprises in the overseas mergers and acquisitions and problems. After the acquisition, A enterprises to improve the key indicator of technology integration and brand building have achieved relatively good results, A enterprises in overseas mergers and acquisitions, to achieve the main business income, improve overseas market to expand, cost control and technical level and strengthen the brand value promotion and many other achievements, provide all aspects of overseas mergers and acquisitions, strategic planning, Target Corp selection and overseas mergers and acquisitions before the preparation of a very important experience for overseas mergers and acquisitions of private enterprises in china. At the same time, after analyzing the whole process of overseas M & A, this paper analyzes the problems of A in overseas mergers and acquisitions, such as finance, law, talent and integration. Financially, the A enterprises overseas mergers and acquisitions in the process of financing to make full use of the internal and external financing, in the clever use of the interests of all parties coalition forces successfully completed the process of financing has also brought the follow-up project construction funding pressures, large sums of cash also brings the corresponding debt pressure; legal aspects, enterprise A encountered problems of regulatory approval, intellectual property rights and labor protection; talent, A enterprises have encountered a shortage of overseas mergers and acquisitions of talent reserve; in terms of integration, A enterprise has encountered operating integration, technology integration, cultural integration and other issues. This paper puts forward the corresponding countermeasures and suggestions on the current situation of the overseas merger and acquisition of private enterprises in China. In the aspect of finance, the relevant legislation department of our country should revise and improve the existing financing laws and regulations as soon as possible, to relax the restrictions on financing of private enterprises, and constantly improve the construction of capital market; China's private enterprises should make full use of internal resources to alleviate the financing pressure on mergers and acquisitions, financing mode of innovative design and make full use of the power of strategic alliance, careful selection of overseas MampA payment. The legal aspects, our government should continue to actively develop intermediary business affairs, support the protection of intellectual property rights in the legislative, judicial and administrative aspects; private enterprises in China should do due diligence of target enterprise, understand the goal of the country where the enterprise labor culture and labor laws and regulations related to intellectual property rights involved the effective evaluation. In terms of talent, private enterprises should actively introduce and cultivate high-quality talents, establish a good talent incentive mechanism and attract high level compound talents to join. The integration of China's private enterprises, all enterprises should ensure that members of overseas mergers and acquisitions after the target enterprise acceptance and approval of enterprise short-term goals and long-term goals, based on the full consideration of the characteristics of the target enterprise, strategic technology integration with its own development strategy to develop a reasonable, and progressive cultural integration. Although the A of overseas mergers and acquisitions business success has its unique background of mergers and acquisitions, other companies may be difficult to replicate, but China's private enterprises still can get the following revelation and reference from the successful merger should be fully prepared, long-term planning should be good by the external force; risk prevention; step by step, learn from each other, to complete successfully the whole process of overseas mergers and acquisitions. Taking A enterprises as an example, combined with the characteristics of private enterprises, this paper analyzes the related achievements and problems of A enterprises in overseas mergers and acquisitions, which has certain pertinence, and can provide some experience for Chinese private enterprises in overseas mergers and acquisitions. But there are still many sidedness and shortcomings in this paper. The industry, development status and company size of A enterprises have their own characteristics. When they are studying related problems, they cannot completely divestiture their features and analyze them. In the future, it is necessary to conduct more targeted research on private enterprises' overseas mergers and acquisitions in order to guide specific overseas mergers and acquisitions activities of private enterprises based on the related industry background, stage of development and characteristics of enterprises.
【學(xué)位授予單位】：中國財(cái)政科學(xué)研究院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F271;F426.471

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