制造业企业跨国并购的绩效研究

发布时间：2018-05-30 14:41

本文选题：跨国并购 + 绩效分析　；参考：《山东师范大学》2017年硕士论文

【摘要】：在全球企业都积极参与市场竞争的大环境下,以跨国并购的投资方式来获取全球性的竞争优势,已经成为了企业进行海外投资有效措施。在经济全球化以及经济一体化的不断深化的大环境下,跨国公司对外直接投资的模式选择有了很大的变化,如今跨国并购已经成为推动对外投资的主要方式。对于一个企业来说,想要获得长远的发展,长期战略目标是一个非常重要的基础,企业应该学会充分应用现有的资源,同时结合企业自身的发展战略目标,结合企业自身的行业背景和行业趋势。但是由于国际市场竞争格局的复杂性以及商务环境的差异性,这都提高了企业进行跨国并购的难度。企业一旦踏上跨国并购的征途,就必然会面临着各种的困难和挫折。近年来,在中国制造2015战略和一带一路的背景下,我国境内制造业企业凭借丰富的资本正在不断向国外进行扩展。中国企业海外并购的浪潮越来越强烈。中国的境内企业尤其民营企业越来越多的开始加入到了海外并购的浪潮中。数据表明,2016年我国境内资本海外并购井喷,在2016年前三季度,我国境内企业海外并购金额总数达到了近1600亿美元。市场普遍认为,在“中国制造2025”和一带一路战略实施的新形势下,中国第四次企业的并购浪潮有望提速,并在广度和深度上超越前三次。在此背景之下对我国制造业企业的跨国并购的绩效进行研究有利于中国企业海外并购的不断发展,具有重要的理论与现实意义。本文首先界定了跨国并购绩效的相关概念以及对我国制造业企业跨国并购的现状进行了详细的分析,得出了我国制造业企业跨国并购的特征和存在的问题。其次,本文分析了影响跨国并购绩效的原因,并在此基础之上构建了跨国并购绩效事前评估模型。然后以潍柴动力跨国并购为例,利用了事件研究法以及财务分析法分别从短期长期两个角度出发,选用最新的数据,实证研究了跨国并购事后的绩效的变化。最后并结合我国企业跨国并购的动因,从企业的角度以及政府的角度分别对参与跨国并购提出了相应对策及建议。
[Abstract]:Under the circumstance that the global enterprises are actively participating in the market competition, it has become an effective measure for enterprises to make overseas investment to obtain the global competitive advantage by the way of transnational M & A investment. Under the environment of economic globalization and deepening economic integration, the mode choice of multinational corporations' foreign direct investment has changed greatly. Nowadays, transnational merger and acquisition has become the main way to promote foreign investment. For an enterprise, in order to achieve long-term development, long-term strategic goal is a very important foundation, enterprises should learn to fully utilize existing resources, and at the same time, combined with their own development strategic objectives. Combined with the enterprise's own industry background and industry trends. However, due to the complexity of international market competition and the difference of business environment, it is more difficult for enterprises to conduct cross-border mergers and acquisitions. Once the enterprise embarks on the journey of cross-border merger and acquisition, it will inevitably face all kinds of difficulties and setbacks. In recent years, under the background of China's 2015 strategy and Belt and Road, domestic manufacturing enterprises are expanding abroad with abundant capital. The wave of overseas mergers and acquisitions of Chinese enterprises is becoming more and more intense. China's domestic enterprises, especially private enterprises, began to join the wave of overseas mergers and acquisitions. China's domestic capital oversea mergers and acquisitions bounced out in 2016, with the total value of overseas mergers and acquisitions reaching nearly $160 billion in the first three quarters of 2016, according to data. The market generally believes that under the new situation of "made in China 2025" and the implementation of Belt and Road strategy, the fourth wave of mergers and acquisitions of Chinese enterprises is expected to accelerate, and surpass the first three times in scope and depth. Under this background, it is beneficial to the development of overseas M & A of Chinese manufacturing enterprises to study the performance of transnational M & A of manufacturing enterprises in China, which has important theoretical and practical significance. This paper first defines the related concepts of the performance of cross-border M & A and analyzes the current situation of cross-border M & A of manufacturing enterprises in China in detail. The characteristics and existing problems of cross-border M & A of manufacturing enterprises in China are obtained. Secondly, this paper analyzes the reasons that affect the performance of cross-border M & A, and builds a pre-evaluation model of the performance of cross-border M & A. Then, taking Weichai Power Cross-border M & A as an example, using the event study method and the financial analysis method respectively from the short-term and long-term perspective, select the latest data, empirical study of the performance changes of cross-border M & A after the event. Finally, combined with the motivation of transnational M & A of Chinese enterprises, the corresponding countermeasures and suggestions are put forward from the angle of enterprise and government respectively.
【学位授予单位】：山东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.4

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