【摘要】：伴隨著世界經(jīng)濟一體化的不斷加速,跨國并購日益成為中國企業(yè)尋求國際發(fā)展和獲取資源的重要方式之一。尤其作為“世界工廠”的中國制造企業(yè)長期以來被看作價值鏈底端的勞動密集型企業(yè)的代表,與發(fā)達國家的制造企業(yè)相比具有技術(shù)落后、自動化程度低、利潤率低等特點。隨著東南亞等國家發(fā)起的成本競爭,中國企業(yè)亟需通過跨國并購等方式提升自身的競爭力。在過去十年中,中國制造企業(yè)也開始逐步“走出去”實行跨國并購,獲得了國外企業(yè)的市場、技術(shù)、人才等重要要素,跨國并購已經(jīng)逐步成為企業(yè)在全球經(jīng)濟一體化時代進行資源整合、提高競爭力的重要選擇,如何在跨國并購的浪潮中實現(xiàn)中國制造企業(yè)發(fā)展質(zhì)量的飛躍?中國制造企業(yè)當(dāng)前的跨國并購績效如何?跨國并購是否有效地提升中國制造企業(yè)的盈利能力、發(fā)展能力和創(chuàng)新能力?對這些問題的探究具備重要的理論和現(xiàn)實意義。本文在對中國制造企業(yè)跨國并購動因、現(xiàn)狀和影響因素分析的基礎(chǔ)上,以2007至2012年間進行跨國并購的中國制造企業(yè)為研究樣本,運用因子分析的實證方法,對并購的綜合績效進行了研究。對綜合績效的研究,涵蓋了企業(yè)的盈利能力、發(fā)展能力和創(chuàng)新能力三個維度,建立相應(yīng)的指標(biāo)評價體系,計算得出企業(yè)的綜合績效得分。本文的研究結(jié)果表明跨國并購對中國制造企業(yè)綜合績效產(chǎn)生了積極效應(yīng),并購當(dāng)年和并購后一年均實現(xiàn)了增長,但并購后的第二年有所回落;跨國并購對中國制造企業(yè)的盈利能力產(chǎn)生積極影響,對發(fā)展能力產(chǎn)生負(fù)面影響,而對企業(yè)的創(chuàng)新能力在并購?fù)瓿僧?dāng)年形成了較大程度的提升,而并購?fù)瓿珊蟮牡?年和第2年僅與并購當(dāng)年持平,未能形成持續(xù)的增長勢頭。在研究結(jié)果和相關(guān)的理論基礎(chǔ)上,本文從并購后的整合、可持續(xù)創(chuàng)新、全面的并購戰(zhàn)略以及政府的相關(guān)支持等方面提出了相關(guān)建議,以期為中國制造企業(yè)跨國并購行為提供相應(yīng)的理論支持。
[Abstract]:With the acceleration of world economic integration, cross-border M & A has become one of the important ways for Chinese enterprises to seek international development and obtain resources. Especially as a "world factory", Chinese manufacturing enterprises have been regarded as representatives of labor-intensive enterprises at the bottom of the value chain for a long time. Compared with the manufacturing enterprises in developed countries, they have the characteristics of backward technology, low degree of automation, low profit margin and so on. With the cost competition in Southeast Asia and other countries, Chinese enterprises urgently need to improve their competitiveness through cross-border mergers and acquisitions. In the past decade, Chinese manufacturing enterprises have also started to "go out" gradually to implement cross-border mergers and acquisitions, gaining access to the market, technology, talent and other important elements of foreign enterprises. Cross-border M & A has gradually become an important choice for enterprises to integrate resources and improve competitiveness in the era of global economic integration. How to achieve the development quality of Chinese manufacturing enterprises in the wave of cross-border M & A? What is the current performance of Chinese manufacturing companies in cross-border mergers and acquisitions? Can Cross-border M & A effectively enhance the profitability, development and innovation ability of Chinese manufacturing enterprises? The exploration of these problems has important theoretical and practical significance. Based on the analysis of the causes, current situation and influencing factors of cross-border M & A of Chinese manufacturing enterprises, this paper takes the Chinese manufacturing enterprises from 2007 to 2012 as the research samples, and applies the empirical method of factor analysis. The comprehensive performance of M & A is studied. The research on comprehensive performance covers three dimensions of enterprise's profitability, development ability and innovation ability, establishes the corresponding index evaluation system, and calculates the enterprise's comprehensive performance score. The results of this paper show that transnational M & A has a positive effect on the comprehensive performance of Chinese manufacturing enterprises. In the year of M & A and one year after M & A, the increase has been realized, but in the second year of M & A, it has declined. Cross-border mergers and acquisitions have a positive impact on the profitability of Chinese manufacturing enterprises and a negative impact on their development ability, while on the other hand, the innovation ability of enterprises has been greatly enhanced in the year of completion of the merger and acquisition. However, the first year and the second year after the completion of the merger and acquisition were only the same as the year of merger and acquisition, and failed to form a sustained growth momentum. On the basis of the research results and related theories, this paper puts forward some suggestions from the aspects of integration, sustainable innovation, comprehensive M & A strategy and government support after M & A. In order to provide corresponding theoretical support for cross-border M & A of Chinese manufacturing enterprises.
【學(xué)位授予單位】：廣東外語外貿(mào)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F425;F271

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本文編號：2139729