【摘要】：伴隨著世界經(jīng)濟(jì)一體化的不斷加速,跨國(guó)并購(gòu)日益成為中國(guó)企業(yè)尋求國(guó)際發(fā)展和獲取資源的重要方式之一。尤其作為“世界工廠(chǎng)”的中國(guó)制造企業(yè)長(zhǎng)期以來(lái)被看作價(jià)值鏈底端的勞動(dòng)密集型企業(yè)的代表,與發(fā)達(dá)國(guó)家的制造企業(yè)相比具有技術(shù)落后、自動(dòng)化程度低、利潤(rùn)率低等特點(diǎn)。隨著東南亞等國(guó)家發(fā)起的成本競(jìng)爭(zhēng),中國(guó)企業(yè)亟需通過(guò)跨國(guó)并購(gòu)等方式提升自身的競(jìng)爭(zhēng)力。在過(guò)去十年中,中國(guó)制造企業(yè)也開(kāi)始逐步“走出去”實(shí)行跨國(guó)并購(gòu),獲得了國(guó)外企業(yè)的市場(chǎng)、技術(shù)、人才等重要要素,跨國(guó)并購(gòu)已經(jīng)逐步成為企業(yè)在全球經(jīng)濟(jì)一體化時(shí)代進(jìn)行資源整合、提高競(jìng)爭(zhēng)力的重要選擇,如何在跨國(guó)并購(gòu)的浪潮中實(shí)現(xiàn)中國(guó)制造企業(yè)發(fā)展質(zhì)量的飛躍?中國(guó)制造企業(yè)當(dāng)前的跨國(guó)并購(gòu)績(jī)效如何?跨國(guó)并購(gòu)是否有效地提升中國(guó)制造企業(yè)的盈利能力、發(fā)展能力和創(chuàng)新能力?對(duì)這些問(wèn)題的探究具備重要的理論和現(xiàn)實(shí)意義。本文在對(duì)中國(guó)制造企業(yè)跨國(guó)并購(gòu)動(dòng)因、現(xiàn)狀和影響因素分析的基礎(chǔ)上,以2007至2012年間進(jìn)行跨國(guó)并購(gòu)的中國(guó)制造企業(yè)為研究樣本,運(yùn)用因子分析的實(shí)證方法,對(duì)并購(gòu)的綜合績(jī)效進(jìn)行了研究。對(duì)綜合績(jī)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(gè)維度,建立相應(yīng)的指標(biāo)評(píng)價(jià)體系,計(jì)算得出企業(yè)的綜合績(jī)效得分。本文的研究結(jié)果表明跨國(guó)并購(gòu)對(duì)中國(guó)制造企業(yè)綜合績(jī)效產(chǎn)生了積極效應(yīng),并購(gòu)當(dāng)年和并購(gòu)后一年均實(shí)現(xiàn)了增長(zhǎng),但并購(gòu)后的第二年有所回落;跨國(guó)并購(gòu)對(duì)中國(guó)制造企業(yè)的盈利能力產(chǎn)生積極影響,對(duì)發(fā)展能力產(chǎn)生負(fù)面影響,而對(duì)企業(yè)的創(chuàng)新能力在并購(gòu)?fù)瓿僧?dāng)年形成了較大程度的提升,而并購(gòu)?fù)瓿珊蟮牡?年和第2年僅與并購(gòu)當(dāng)年持平,未能形成持續(xù)的增長(zhǎng)勢(shì)頭。在研究結(jié)果和相關(guān)的理論基礎(chǔ)上,本文從并購(gòu)后的整合、可持續(xù)創(chuàng)新、全面的并購(gòu)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(guó)制造企業(yè)跨國(guó)并購(gòu)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(yǔ)外貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：F425;F271

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本文編號(hào)：2139729