中海油跨国并购Nexen财务风险分析

发布时间：2018-03-01 19:08

本文关键词： 跨国并购财务风险中海油风险控制　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着经济全球化的发展,越来越多的企业将战略目标转向海外市场,以增强企业的行业竞争力,在世界经济市场占有一席之地,跨国并购作为企业走向国际市场的快速实现方式成为企业首要选择。纵观企业的跨国并购历程,可知跨国并购规模虽在不断增大,但是能够实现预期效果的不足二分之一,这也就意味着并购活动复杂,企业想要通过此捷径实现发展,必然要承担更多的风险。跨国并购风险受政治、经济和文化等多种因素的影响,风险会随着跨国并购的进程随时出现,如果企业对这些风险难以把控必然会受到战略决策的反噬,引发企业财务结构消极变动,继而引发财务风险。因此,财务风险防范是企业跨国并购过程中不容忽视的问题。实施跨国并购活动的进度不同遇到的财务风险也不尽相同,主要包括并购前应根据自身发展需求选择合适的并购目标并对其估值风险,如何应对为并购实施筹备足够资金的风险,以及并购后双方如何整合才能更好地现实预期目的的风险等,为了解决上述问题,文章首先对研究背景进行介绍,并详细分析了上述财务风险的内涵及影响因素。然后,采用案例研究的方法,以中海油并购Nexen为案例,对跨国并购过程中产生的定价风险、偿债风险、融资风险和财务整合风险进行分解,落实到具体财务指标,对财务风险进行深入剖析。对中海油并购Nexen案例分析可知,财务风险自始至终都伴随该跨国并购的发展,但凭借中海油一直优良的财务状况及其并购过程中采取积极地应对措施,虽然Nexen在被收购前的经营惨淡,获利能力也是差强人意,但在并购后并未对中海油产生不利影响,此次并购的成功完成对中海油来说,在政治目的及能源发展战略等方面具有不可估量的意义。
[Abstract]:With the development of economic globalization, more and more enterprises have shifted their strategic objectives to overseas markets in order to enhance their industry competitiveness and occupy a place in the world economic market. Transnational M & A (M & A) as a rapid way to realize the international market has become the first choice of enterprises. Looking at the process of transnational M & A, we can see that the scale of cross-border M & A is increasing, but it can achieve the expected effect of less than 1/2. This means that M & A activities are complex. If enterprises want to achieve development through this shortcut, they will have to bear more risks. Cross-border M & A risks are influenced by political, economic and cultural factors. Risk will appear at any time with the process of transnational merger and acquisition. If the enterprise is difficult to control these risks, it will inevitably suffer from the negative changes in the financial structure of the enterprise, which will lead to the financial risk. The prevention of financial risk is a problem that can not be ignored in the process of transnational merger and acquisition. It mainly includes how to choose the appropriate target of M & A and evaluate its risk according to their own development needs before M & A, how to deal with the risk of preparing sufficient funds for the implementation of M & A. In order to solve the above problems, this paper first introduces the research background, and analyzes the connotation and influence factors of the financial risk in detail. Taking CNOOC M & A Nexen as a case study, the pricing risk, debt repayment risk, financing risk and financial integration risk in the process of cross-border M & A are decomposed into specific financial indicators. Through the analysis of the Nexen case of CNOOC's merger and acquisition, we can see that the financial risk has been accompanied by the development of the cross-border M & A from the beginning to the end. However, with Cnooc's excellent financial situation and the positive measures taken in the process of M & A, although Nexen's operation before the acquisition was poor and its profitability was not satisfactory, it did not have a negative impact on Cnooc after the merger and acquisition. The successful completion of the acquisition for CNOOC, in terms of political objectives and energy development strategy has incalculable significance.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.22;F406.7;F271

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