東道國(guó)政治風(fēng)險(xiǎn)對(duì)中國(guó)資源型企業(yè)跨國(guó)并購(gòu)影響
發(fā)布時(shí)間：2018-07-14 15:06
【摘要】：隨著全球化的不斷推進(jìn),國(guó)際資本流動(dòng)和企業(yè)之間的跨境合作越來(lái)越多,跨境并購(gòu)也有了較快增長(zhǎng)。自20世紀(jì)90年代以來(lái),隨著企業(yè)自身規(guī)模和國(guó)際合作的不斷增加,跨國(guó)企業(yè)也越來(lái)越多,在融資成本較低、企業(yè)盈利增速放緩的環(huán)境下,未來(lái)全球并購(gòu)有望快速增長(zhǎng)。根據(jù)聯(lián)合國(guó)貿(mào)易和發(fā)展會(huì)議歷年發(fā)布的《世界投資報(bào)告》,1987年全球跨國(guó)并購(gòu)金額為973.1億美元,2012年則達(dá)到了1.1萬(wàn)億美元,增長(zhǎng)了約10.3倍。中國(guó)跨境并購(gòu)也出現(xiàn)快速增長(zhǎng)趨勢(shì),近十年來(lái)中國(guó)跨境并購(gòu)交易數(shù)量達(dá)到3066宗,累計(jì)披露的并購(gòu)規(guī)模達(dá)到6665億美元。其中,2014年的涉數(shù)金額最高,幾乎是自08年以來(lái)發(fā)展最好的一年,全球關(guān)于并購(gòu)活動(dòng)的數(shù)據(jù)也顯示涉數(shù)金額整整比13年高了近半成比例。隨著各國(guó)新政策以及法律法規(guī)等的不斷完善,未來(lái)全球化的并購(gòu)浪潮也必將達(dá)到一個(gè)新的發(fā)展階段。在中國(guó)經(jīng)濟(jì)持續(xù)快速發(fā)展、工業(yè)化與城鎮(zhèn)化推進(jìn)不斷加快背景下,我國(guó)對(duì)各種能源資源的需求將不斷增加。根據(jù)BP公司發(fā)布的((2030世界能源展望》,中國(guó)和印度最為世界兩個(gè)人口大國(guó),在即將到來(lái)的2030年,其各自對(duì)資源的需求程度將會(huì)比其他國(guó)家都更為迫切。其中2012年中國(guó)一次性能源消費(fèi)量為27.35億,2014年則達(dá)到38.9億噸,增長(zhǎng)約為42.23%,而同期中國(guó)GDP增長(zhǎng)率為19.170%,在未來(lái)能源供應(yīng)段的不足將會(huì)限制中國(guó)經(jīng)濟(jì)發(fā)展。中國(guó)能源資源儲(chǔ)藏相對(duì)短缺,但是能源生產(chǎn)能力相對(duì)過(guò)剩,拉美等國(guó)家能源資源儲(chǔ)藏相對(duì)豐富,但由于投資缺乏、技術(shù)不夠而生產(chǎn)能力相對(duì)不足。產(chǎn)業(yè)發(fā)展?fàn)顩r的互補(bǔ)性差異以及能源資源稟賦的不同促進(jìn)了中國(guó)與國(guó)外企業(yè)跨境合作的熱潮。自2003年以來(lái),我國(guó)的對(duì)外資本大多集中在與資源相關(guān)的領(lǐng)域,這與我國(guó)近些年來(lái)的經(jīng)濟(jì)政策有很大的關(guān)系。在多重有利因素的影響下,我國(guó)在全球范圍內(nèi)的投資活動(dòng)也越來(lái)越頻繁。這其中,又以資源投資領(lǐng)域最為活躍。據(jù)有關(guān)數(shù)據(jù)顯示,直至2013年年底,我國(guó)海外資本中就有將近五分之一的數(shù)額流向了資源投資領(lǐng)域。但是,這背后也隱藏著種種危機(jī)。資源投資領(lǐng)域的變數(shù)很大,資源的價(jià)格常常和各國(guó)的政治息息相關(guān),很多細(xì)微且不確定的因素都會(huì)大大影響到最后資源的交易價(jià)格。正是由于諸多環(huán)境的影響,資源投資領(lǐng)域需要中國(guó)投資者面對(duì)更多的挑戰(zhàn)。最近10年,資源型行業(yè)的海外并購(gòu)也出現(xiàn)了很多失敗案例,如2005年中海油在美國(guó)議會(huì)干擾下未能完成對(duì)優(yōu)尼科的收購(gòu),2009年中鋁以195億美元收購(gòu)力拓告吹,2011年中國(guó)神華競(jìng)購(gòu)蒙古國(guó)煤田一波三折,中海油和中鋁等公司在這些并購(gòu)案中也損失慘重,因此在這樣的背景下,研究中國(guó)資源型企業(yè)海外并購(gòu)成功率與東道國(guó)的政治環(huán)境之間的聯(lián)系是必不可少的,同時(shí)也是跨國(guó)企業(yè)在新的海外投資活動(dòng)中需要十分注意的地方。該文由五個(gè)部分組成,其中緒論是對(duì)該文的一個(gè)整體大概的介紹和簡(jiǎn)單總結(jié),方便了解全文的脈絡(luò)和中心,第二部分是該文涉及到的理論介紹,幫助理解后面的內(nèi)容。理論部分梳理了發(fā)達(dá)和發(fā)展中國(guó)家有關(guān)跨國(guó)并購(gòu)的理論,文獻(xiàn)綜述部分則從國(guó)內(nèi)外視角詳細(xì)描述當(dāng)前對(duì)于跨國(guó)并購(gòu)的研究現(xiàn)狀。第三部分首先介紹了資源型企業(yè)海外并購(gòu)政治風(fēng)險(xiǎn)概念,然后詳細(xì)敘述了當(dāng)前我國(guó)資源型企業(yè)跨國(guó)并購(gòu)呈現(xiàn)的特點(diǎn),最后介紹了跨國(guó)并購(gòu)中政治風(fēng)險(xiǎn)的影響機(jī)理。第四部分是本文的實(shí)證部分,本文在實(shí)證方面選取了資源較為豐富國(guó)家以及代表性案例進(jìn)行研究,并且選取了對(duì)外開(kāi)放度與自然資源豐裕程度兩個(gè)控制性變量,更加符合資源型企業(yè)海外并購(gòu)特點(diǎn),讓實(shí)證研究更加全面和具有研究?jī)r(jià)值。本文通過(guò)在控制變量基礎(chǔ)上,分析一系列與政治風(fēng)險(xiǎn)相關(guān)的指標(biāo)從而識(shí)別出這些指標(biāo)對(duì)中國(guó)資源型企業(yè)海外并購(gòu)成功率的影響。通過(guò)實(shí)證和深入的研究,可以發(fā)現(xiàn)東道國(guó)的政治環(huán)境穩(wěn)定與否對(duì)海外投資活動(dòng)的影響十分明顯,越不穩(wěn)定的政治環(huán)境反而越便于企業(yè)海外并購(gòu)的成功。與此同時(shí),東道國(guó)對(duì)外來(lái)文化的接受能力也直接影響到了企業(yè)在海外業(yè)務(wù)的發(fā)展速度,甚至如果該國(guó)對(duì)外來(lái)文化較為排斥,收購(gòu)活動(dòng)都會(huì)受到影響。最后經(jīng)過(guò)對(duì)一系列海外并購(gòu)的因素的探討,深入分析海外并購(gòu)中面臨的問(wèn)題和風(fēng)險(xiǎn),并為我國(guó)企業(yè)的海外投資活動(dòng)提供相關(guān)建設(shè)性建議。第五部分為政策建議,希望能夠?qū)χ袊?guó)資源型企業(yè)跨國(guó)并購(gòu)中政治風(fēng)險(xiǎn)分析與策略制定提供一些具有價(jià)值的建議,為更多的中國(guó)資源型企業(yè)走出去提供理論及經(jīng)驗(yàn)支持。
[Abstract]:With the continuous progress of globalization, more and more international capital flows and cross-border cooperation between enterprises and cross-border mergers and acquisitions have also increased rapidly. Since 1990s, with the increase of enterprises' own scale and international cooperation, more and more transnational enterprises are also under the environment that the cost of financing is low and the growth rate of enterprises is slowing down. Global mergers and acquisitions are expected to grow rapidly. According to the world investment report published over the years of the United Nations Conference on Trade and development, global cross-border M & A is $97 billion 310 million in 1987 and 1 trillion and 100 billion dollars in 2012, up about 10.3 times. China's cross-border M & A also has a rapid growth trend, and the number of cross-border M & A transactions in China in the last ten years 3066, the cumulative amount of mergers and acquisitions reached $666 billion 500 million. Of which, the 2014 was the highest, almost the best year of development in 08 years. The global data on M & A activities also showed that the amount involved was nearly half as high as 13 years. With the continuous improvement of new policies and laws and regulations, the future whole In the context of the continuous rapid development of China's economy and the rapid development of industrialization and urbanization, China's demand for all kinds of energy resources will continue to increase. According to BP (2030 world energy outlook >, China and India are the two most populous countries in the world, at the moment. " In 2030, the demand for resources will be more urgent than other countries. In 2012, China's one-time energy consumption in 2012 is 2 billion 735 million, and in 2014 it will reach 38.9 billion tons, up to 42.23%, while China's GDP growth rate is 19.170% in the same period. China's economic development will be limited in the future. The storage of energy resources is relatively short, but the energy production capacity is relatively surplus, and the energy resources in Latin America are relatively rich, but the lack of investment and lack of technology and relatively inadequate production capacity. The differences in the complementary nature of the industrial development and the difference of energy resources have promoted the cross-border cooperation between China and foreign enterprises. Since 2003, China's foreign capital is mostly concentrated in the areas related to resources, which has a great relationship with China's economic policy in recent years. Under the influence of multiple favorable factors, our country's investment activities around the world are becoming more and more frequent. Until the end of 2013, nearly 1/5 of China's overseas capital flows into the field of resource investment. However, there are various crises behind it. There are many variables in the field of resource investment, the price of resources is often closely related to the politics of countries, and many subtle and uncertain factors will greatly affect the final resources. Trading prices. It is the impact of a number of environments that require Chinese investors to face more challenges. In the last 10 years, there have been many failures in overseas mergers and acquisitions in the resource-based industries, such as the failure to complete the acquisition of Unocal by CNOOC in 2005 and the acquisition of Rio by 19 billion 500 million US dollars in 2009. In 2011, China Shenhua bid for the Mongolia coal field, and CNOOC and CNOOC and other companies have suffered heavy losses. Therefore, in this context, it is essential to study the relationship between the success rate of Chinese resource enterprises and the host country's political environment. This article consists of five parts. The article is composed of five parts. The introduction is a general introduction and a brief summary of the article. It is convenient to understand the context and center of the full text. The second part is the theoretical introduction involved in this article to help understand the content behind it. The theoretical part combed the developed and developing China. In the third part, the author first introduces the concept of the political risk of overseas merger and acquisition in resource based enterprises, and then describes the characteristics of the present transnational mergers and acquisitions in China's resource-based enterprises, and finally introduces the transnational merger and acquisition. The fourth part is the empirical part of this article. In this paper, we choose the more abundant countries and representative cases in the empirical study, and select two control variables of the degree of openness and the abundance of natural resources, which are more consistent with the characteristics of the overseas merger and acquisition of the resource-based enterprises, and make the empirical research more On the basis of control variables, this paper analyzes a series of indicators related to political risks to identify the impact of these indicators on the success rate of overseas mergers and acquisitions in China's resource-based enterprises. Through empirical and in-depth research, it can be found that the political environment of the host country is stable or not for overseas investment activities. It is obvious that the more unstable political environment is more convenient for the enterprise to succeed overseas. At the same time, the host country's ability to accept foreign culture has a direct impact on the development speed of the business in the overseas business. Even if the country is more alien to the foreign culture, the acquisition activity will be affected. The study of the factors of overseas mergers and acquisitions, in-depth analysis of the problems and risks faced by overseas mergers and acquisitions, and provide constructive suggestions for the overseas investment activities of Chinese enterprises. The fifth part is the policy proposal, hoping to provide some valuable suggestions for the political risk analysis and strategy formulation in the transnational merger and acquisition of Chinese resource enterprises. To provide theoretical and empirical support for more Chinese resource-based enterprises to go out.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F271;F279.2;D0
[Abstract]:With the continuous progress of globalization, more and more international capital flows and cross-border cooperation between enterprises and cross-border mergers and acquisitions have also increased rapidly. Since 1990s, with the increase of enterprises' own scale and international cooperation, more and more transnational enterprises are also under the environment that the cost of financing is low and the growth rate of enterprises is slowing down. Global mergers and acquisitions are expected to grow rapidly. According to the world investment report published over the years of the United Nations Conference on Trade and development, global cross-border M & A is $97 billion 310 million in 1987 and 1 trillion and 100 billion dollars in 2012, up about 10.3 times. China's cross-border M & A also has a rapid growth trend, and the number of cross-border M & A transactions in China in the last ten years 3066, the cumulative amount of mergers and acquisitions reached $666 billion 500 million. Of which, the 2014 was the highest, almost the best year of development in 08 years. The global data on M & A activities also showed that the amount involved was nearly half as high as 13 years. With the continuous improvement of new policies and laws and regulations, the future whole In the context of the continuous rapid development of China's economy and the rapid development of industrialization and urbanization, China's demand for all kinds of energy resources will continue to increase. According to BP (2030 world energy outlook >, China and India are the two most populous countries in the world, at the moment. " In 2030, the demand for resources will be more urgent than other countries. In 2012, China's one-time energy consumption in 2012 is 2 billion 735 million, and in 2014 it will reach 38.9 billion tons, up to 42.23%, while China's GDP growth rate is 19.170% in the same period. China's economic development will be limited in the future. The storage of energy resources is relatively short, but the energy production capacity is relatively surplus, and the energy resources in Latin America are relatively rich, but the lack of investment and lack of technology and relatively inadequate production capacity. The differences in the complementary nature of the industrial development and the difference of energy resources have promoted the cross-border cooperation between China and foreign enterprises. Since 2003, China's foreign capital is mostly concentrated in the areas related to resources, which has a great relationship with China's economic policy in recent years. Under the influence of multiple favorable factors, our country's investment activities around the world are becoming more and more frequent. Until the end of 2013, nearly 1/5 of China's overseas capital flows into the field of resource investment. However, there are various crises behind it. There are many variables in the field of resource investment, the price of resources is often closely related to the politics of countries, and many subtle and uncertain factors will greatly affect the final resources. Trading prices. It is the impact of a number of environments that require Chinese investors to face more challenges. In the last 10 years, there have been many failures in overseas mergers and acquisitions in the resource-based industries, such as the failure to complete the acquisition of Unocal by CNOOC in 2005 and the acquisition of Rio by 19 billion 500 million US dollars in 2009. In 2011, China Shenhua bid for the Mongolia coal field, and CNOOC and CNOOC and other companies have suffered heavy losses. Therefore, in this context, it is essential to study the relationship between the success rate of Chinese resource enterprises and the host country's political environment. This article consists of five parts. The article is composed of five parts. The introduction is a general introduction and a brief summary of the article. It is convenient to understand the context and center of the full text. The second part is the theoretical introduction involved in this article to help understand the content behind it. The theoretical part combed the developed and developing China. In the third part, the author first introduces the concept of the political risk of overseas merger and acquisition in resource based enterprises, and then describes the characteristics of the present transnational mergers and acquisitions in China's resource-based enterprises, and finally introduces the transnational merger and acquisition. The fourth part is the empirical part of this article. In this paper, we choose the more abundant countries and representative cases in the empirical study, and select two control variables of the degree of openness and the abundance of natural resources, which are more consistent with the characteristics of the overseas merger and acquisition of the resource-based enterprises, and make the empirical research more On the basis of control variables, this paper analyzes a series of indicators related to political risks to identify the impact of these indicators on the success rate of overseas mergers and acquisitions in China's resource-based enterprises. Through empirical and in-depth research, it can be found that the political environment of the host country is stable or not for overseas investment activities. It is obvious that the more unstable political environment is more convenient for the enterprise to succeed overseas. At the same time, the host country's ability to accept foreign culture has a direct impact on the development speed of the business in the overseas business. Even if the country is more alien to the foreign culture, the acquisition activity will be affected. The study of the factors of overseas mergers and acquisitions, in-depth analysis of the problems and risks faced by overseas mergers and acquisitions, and provide constructive suggestions for the overseas investment activities of Chinese enterprises. The fifth part is the policy proposal, hoping to provide some valuable suggestions for the political risk analysis and strategy formulation in the transnational merger and acquisition of Chinese resource enterprises. To provide theoretical and empirical support for more Chinese resource-based enterprises to go out.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F271;F279.2;D0
【相似文獻(xiàn)】
相關(guān)期刊論文 前10條
1 楊和平;資源型企業(yè)對(duì)當(dāng)?shù)亟?jīng)濟(jì)和環(huán)保的帶動(dòng)效應(yīng)芻議[J];勝利油田黨校學(xué)報(bào);2004年01期
2 楊子平;;資源型企業(yè)產(chǎn)業(yè)轉(zhuǎn)型的三個(gè)視角[J];甘肅理論學(xué)刊;2006年06期
3 厲無(wú)畏;;推進(jìn)資源型城市與資源型企業(yè)的轉(zhuǎn)型發(fā)展[J];毛澤東鄧小平理論研究;2012年03期
4 宋志堅(jiān);;700多個(gè)村莊價(jià)值幾何[J];唯實(shí);2012年03期
5 尹國(guó)偉;段鵬;;資源型企業(yè)文化的影響因素分析[J];法制與社會(huì);2007年11期
6 孫凌宇;付子葉;;企業(yè)社會(huì)責(zé)任與資源型企業(yè)的可持續(xù)發(fā)展[J];攀登;2014年03期
7 王建軍;曲波;;青海省資源型企業(yè)競(jìng)爭(zhēng)力分析[J];攀登;2007年06期
8 何仁春;;打造具有國(guó)際競(jìng)爭(zhēng)力的資源型企業(yè)[J];求是;2008年13期
9 周貴川;揭筱紋;;資源型企業(yè)技術(shù)創(chuàng)新管理的現(xiàn)實(shí)困境與出路[J];理論與改革;2012年02期
10 黃建康;蔣伏心;;資源型企業(yè)集群網(wǎng)絡(luò)剛性及其超越——基于網(wǎng)絡(luò)組織的視角[J];理論探索;2012年03期
相關(guān)會(huì)議論文 前5條
1 胡新欣;付永水;黃津孚;;成果評(píng)介3：資源型企業(yè)發(fā)展接續(xù)產(chǎn)業(yè)的決策與管理[A];以科學(xué)發(fā)展觀引領(lǐng)管理創(chuàng)新——2005年全國(guó)企業(yè)管理創(chuàng)新大會(huì)資料匯編[C];2005年
2 王n，
本文編號(hào)：2122034
本文鏈接：http://sikaile.net/shekelunwen/zhengzx/2122034.html
最近更新
教材專著
