中海油跨国并购尼克森的财务风险及控制

发布时间：2018-05-23 16:05

本文选题：海外并购 + 财务风险　；参考：《江西财经大学》2017年硕士论文

【摘要】：20世纪90年代开始,全球范围内越来越多的企业加入了跨国并购的大军中。我国经济迅速发展,许多企业在国内迅速发展的同时,开始把战略目标和市场份额扩大到了全球的范围内,纷纷走上了跨国并购的道路。跨国并购可以带来很多的好处,比如优化资源配置、提高企业竞争力等等。跨国并购在满足企业发展要求的同时也伴随着高度风险。而这些风险可能直接导致并购的失败。跨国并购的各个阶段都伴随着并购财务风险,而如果不注意识别、控制财务风险,可能导致最终的并购失败,所以识别、控制财务风险是跨国并购中的重要工作。2013年2月26日,中海油完成了对尼克森的跨国并购,并购对价为151亿美元。这是我国企业跨国并购案例中涉及金额最大的案例,对于加拿大而言,是金融危机以后规模最大的跨国收购案例。中海油并购尼克森的动机主要包括获取稀缺资源、获取先进技术、扩充海外市场以增强竞争力和获取更多的石油市场信息以取得一定的定价权。本文以“企业海外并购财务风险及控制”为题。本文先回顾中海油并购尼克森案例的动机和过程,再对企业并购的各个环节的财务风险进行分析,并评价中海油的风险控制措施。最后针对中海油的案例提出了启示,并对企业跨国并购提出了一些建议,以给其他公司提供一些经验。本文正文由六个部分组成,分别为引言、跨国并购的财务风险及其控制概述、中海油跨国并购尼克森的案例介绍、中海油跨国并购尼克森的财务风险分析、中海油跨国并购尼克森的财务风险控制分析、基本结论和启示。引言部分介绍了跨国并购的研究意义和研究背景,最后对跨国并购的理论研究进行了回顾。第二部分先介绍了跨国并购财务风险及控制的定义,分析了该风险的形成因素,最后阐述了信息不对称理论、资本资产定价理论和优序融资理论。第三部分介绍中海油和尼克森的基本信息,以及中海油跨国并购尼克森的动因和过程。第四部分对中海油并购尼克森的案例进行深度剖析,分析了此次并购的定价风险、融资风险、支付风险。第五部分针对中海油并购尼克森的各种财务风险,分析相应的控制措施。最后,通过前文对跨国并购财务风险的理论学习和中海油案例的分析,第六部分总结了中海油公司跨国并购成功带来的启示,提出了一些关于跨国并购财务风险控制的建议,以便于我国企业跨国并购时能有效控制财务风险,实现企业价值最大化。
[Abstract]:Since the 1990 s, more and more enterprises have joined the army of transnational M & A all over the world. With the rapid development of China's economy, many enterprises have begun to expand their strategic objectives and market share to the global scope, and have embarked on the road of cross-border mergers and acquisitions. Cross-border mergers and acquisitions can bring a lot of benefits, such as optimizing the allocation of resources, improving the competitiveness of enterprises and so on. Cross-border mergers and acquisitions meet the requirements of enterprise development, but also accompanied by a high degree of risk. These risks may lead directly to the failure of mergers and acquisitions. All stages of cross-border M & A are accompanied by M & A financial risks, and if we do not pay attention to the identification and control of financial risks, it may lead to the ultimate failure of M & A. Therefore, to identify, control financial risks is an important task in cross-border M & A. February 26, 2013, CNOOC completed a cross-border merger with Nexen at a price of $15.1 billion. This is the largest case involving the amount of money in the case of transnational M & A of Chinese enterprises, and for Canada, it is the largest case of transnational acquisition after the financial crisis. The motivation of CNOOC to acquire Nexen mainly includes acquiring scarce resources, acquiring advanced technology, expanding overseas markets to enhance competitiveness and obtaining more information on oil market to obtain certain pricing power. This paper focuses on financial risk and control of overseas M & A. This paper reviews the motivation and process of CNOOC's merger and acquisition of Nexen case, then analyzes the financial risk of each link of enterprise merger and acquisition, and evaluates the risk control measures of CNOOC. In the end, the paper puts forward some enlightenment to the case of CNOOC, and puts forward some suggestions on cross-border M & A to provide some experience for other companies. The text is composed of six parts: introduction, overview of financial risk and control of cross-border M & A, case study of CNOOC's cross-border merger and acquisition of Nexen, and financial risk analysis of CNOOC's cross-border merger and acquisition of Nexen. The financial risk control analysis, basic conclusion and enlightenment of CNOOC's cross-border merger and acquisition of Nexen. The introduction introduces the research significance and background of transnational M & A, and finally reviews the theoretical research of M & A. The second part first introduces the definition of financial risk and control of cross-border M & A, analyzes the forming factors of the risk, and finally expounds the information asymmetry theory, capital asset pricing theory and priority financing theory. The third part introduces the basic information of CNOOC and Nexen, as well as the motivation and process of CNOOC's cross-border merger and acquisition of Nexen. The fourth part analyzes the pricing risk, financing risk and payment risk of CNOOC's merger and acquisition of Nexen. The fifth part analyzes the corresponding control measures against various financial risks of CNOOC merger and acquisition of Nexen. Finally, through the theoretical study of the financial risk of cross-border M & A and the analysis of Cnooc case, the sixth part summarizes the inspiration brought by the success of the cross-border M & A of CNOOC, and puts forward some suggestions on the financial risk control of cross-border M & A. In order to effectively control the financial risks and maximize the value of enterprises in cross-border mergers and acquisitions in China.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.22;F271;F406.7

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