管控模式是否会影响企业在海外收购中汇率风险规避措施的选择

发布时间：2018-05-11 09:16

本文选题：海外收购 + 汇率风险　；参考：《北京交通大学》2017年硕士论文

【摘要】：海外收购作为支持我国经济可持续发展和结构化改革的推进力量,对国内企业的发展,乃至国内宏观经济增长,都具有十分重要的作用,同时,我们也要警惕其过程中存在的种种风险。不同于国内企业之间的相互并购,汇率风险是属于海外收购的独特风险,企业能否合理的规避汇率风险,采取什么规避措施以及这一措施的有效性如何,都将对企业并购的最终结果带来不可忽视的影响。本文的研究目的,是要探究管控模式这一集团企业特有的属性是否会对其发生海外收购时采取何种规避措施有影响。本文选取两种不同的管控模式代表企业——战略控制型管控模式企业华菱集团和财务控制型管控模式企业长江基建集团所发生的海外收购案例,首先分析了它们各自面临的汇率风险,然后阐述了双方选取规避措施的过程和考虑,最后在案例分析的基础上,结合以往学者对于一个企业采取何种汇率风险规避措施的考虑因素,重新将这些因素分类为宏观因素、中观因素和微观因素三方面,诸如企业所处的经济环境和金融市场发达程度,以及企业自身的性质和财务状况等,详细分析了每个因素对汇率风险规避措施选择的影响机理——宏观侧重于对企业汇率预期的形成和所能采取的规避措施的种类造成影响;中观侧重于在宏观因素的基础上进一步限制和规范企业所能采取的管理措施;微观因素最终使得企业在权衡收益与成本的基础上做出选择。并通过两个案例的对比分析,发现并提出了假设性结果——管控模式作为微观因素的一员,是其汇率风险规避措施选择的影响因素之一。管控模式对于汇率风险规避措施选择的影响方式主要是基于母子公司部门设置、集团内部联系机制以及集团风险观念的构建和传导来体现的,这三个层面共同表现为集团公司管控模式的集权程度,最终将集团层面的管理风格和对风险的偏好程度传达到下属子公司来影响规避措施的选择,战略控制型集团公司更加主动和激进,因此会选择操控性较强的规避措施如期权和并购协议谈判;财务控制型则更加被动和包容,会通过多元化的外币存款结构和金融工具集来消化对冲风险。
[Abstract]:As a driving force to support sustainable economic development and structural reform in China, overseas acquisitions play a very important role in the development of domestic enterprises, as well as in the domestic macroeconomic growth. At the same time, We should also be alert to the risks involved in the process. Different from the mutual merger and acquisition between domestic enterprises, exchange rate risk belongs to the unique risk of overseas acquisition, whether the enterprise can reasonably avoid the exchange rate risk, what kind of circumvention measures to take and how effective this measure is. Will bring the final result of the enterprise merger and acquisition to bring the influence that cannot be ignored. The purpose of this paper is to explore whether the management and control mode, a unique attribute of a group enterprise, will have an impact on what kind of circumvention measures it takes when it takes place in overseas acquisitions. In this paper, two different modes of management and control are selected to represent the overseas acquisitions of the enterprises-the strategic control mode, the Valin group, and the financial control model, the Yangtze infrastructure group. First, the paper analyzes the exchange rate risk they face, then expounds the process and consideration of the two sides' selection of circumvention measures. Finally, on the basis of the case study, Combining with the factors that scholars used to consider which exchange rate risk avoidance measures should be taken by an enterprise, these factors are classified as macro factors, meso factors and micro factors. Such as the economic environment in which the enterprise is located and the degree to which the financial market is developed, as well as the nature and financial situation of the enterprise itself, This paper analyzes in detail the influence mechanism of each factor on the choice of exchange rate risk aversion measures-macroscopically focusing on the formation of enterprise exchange rate expectations and the types of evading measures that can be taken; Meso focuses on restricting and standardizing the management measures that enterprises can take on the basis of macro factors, and micro factors make enterprises make choices on the basis of balancing income and cost. Through the comparative analysis of two cases, it is found and put forward that the hypothetical result, as a member of microcosmic factors, is one of the influential factors in the choice of exchange rate risk aversion measures. The influence of the control mode on the choice of exchange rate risk avoidance measures is mainly based on the establishment of the departments of parent and subsidiary companies, the internal communication mechanism of the group and the construction and transmission of the group risk concept. These three levels are shown by the centralization degree of the control mode of the group company. Finally, the management style and risk preference of the group level are conveyed to the subsidiary companies to influence the choice of circumvention measures. Strategic control group companies are more active and aggressive, so they choose more manipulative circumvention measures such as option and merger agreement negotiation, while financial control group companies are more passive and inclusive. Hedge risk will be digested through diversified foreign currency deposit structure and financial tool set.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.6;F426.31

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