中国企业海外并购动因与绩效分析

发布时间：2018-09-10 07:39

【摘要】：企业并购活动在西方经济发展中已经存续100多年,截至目前全球共发生六次并购浪潮。在过去的几十年中,有许多国家经历了并购活动的高潮及随之而来的衰落,其中前四次主要发生在受战争影响较小的美国,欧盟紧随其后成为世界第二大并购市场。进入新千年之后,全球化快速推进,第五次并购浪潮在全球市场展开,新兴市场开始参与其中。之后在第六次并购浪潮中,以中国为核心的发展中国家逐渐成为并购主要力量,我国众多企业选择海外投资并购以快速实现赶超。从1984年中资的第一笔海外并购开始,经过三十几年的发展,如今中国企业海外并购呈现出以下特征,从并购区域来看,更多的中国企业选择美国、澳大利亚等发达国家和地区;从并购行业来看,近年来我国企业海外并购重心发生转移,早期主要集中在能源行业,当前已逐步转向TMT1、食品、医疗等行业;从并购主体来看,民营企业替代国有企业成为并购主力。2016年,中国大陆企业海外并购呈爆发式增长,交易额达到2210亿美元,超过前四年中国企业海外并购的交易金额总和。在中国经济步入新常态的背景下,越来越多的企业选择去海外并购优质资产,但是《2016年企业海外财务风险管理报告》公布中国企业并购有效率只有1/3,加权跨境跨文化整合因素,海外并购能够真正成功的低于20%,比国际的一般并购成功率还要低。在我国企业海外并购热情日益上涨的情况下,我们有必要探讨为什么他们如此选择,即分析中国企业海外并购的动因。之后从源头出发分析结果,站在并购动因的视角评估并购绩效,并购动因与并购绩效是并购理论中两大核心问题,二者相辅相成。结合我国具体情况,首先本文从政府动因、战略动因、投资动因和投机动因四个层面出发,总结出具有中国特色的10个不同因素,它们分别是:政府鼓励、并购法律的支持、东道国政策吸引;品牌及渠道寻求、技术寻求、资源寻求;增强市场势力、分散风险;跨境套利、获取壳资源。然后基于不同的中国企业海外并购动因视角,结合评估绩效的非财务指标,设计出一份评估指标表格。之后选取我国汽车行业典型海外并购案例进行具体分析,得出结论。最后从并购之前的评估企业实力合理制定并购目标、聘请专业中介机构开展海外并购、研究东道国法律、注重并购后的整合几个方面,对我国企业海外并购能够有效实施减少风险,并且提高海外并购成功率提出建议。
[Abstract]:M & A activities have existed for more than 100 years in the western economic development. Up to now, there have been six M & A waves in the world. In the past few decades, many countries have experienced the climax of M & A activity and its subsequent decline, the first four of which mainly occurred in the United States, which was less affected by the war, followed by the EU as the second largest M & A market in the world. After entering the new millennium, globalization is advancing rapidly, the fifth wave of M & A is launched in the global market, and emerging markets begin to participate in it. After that, in the sixth wave of M & A, developing countries with China as the core gradually became the main force of M & A, and many Chinese enterprises chose overseas investment to catch up with each other. After more than 30 years' development, the overseas M & A of Chinese enterprises has shown the following characteristics. From the M & A region, more Chinese enterprises choose the United States, Australia and other developed countries and regions. From the point of view of M & A industry, in recent years, the center of gravity of overseas M & A of Chinese enterprises has shifted, mainly concentrated in the energy industry in the early stage, and has gradually turned to the TMT1, food, medical and other industries; from the perspective of the main body of M & A, Private companies have replaced state-owned enterprises as the mainstay of mergers and acquisitions. Overseas mergers and acquisitions by mainland Chinese companies increased explosively in 2016, with turnover of $221 billion, more than the sum of overseas mergers and acquisitions made by Chinese companies in the previous four years. With China's economy entering the new normal, more and more enterprises choose to go overseas to acquire high-quality assets. However, the 2016 report on Enterprise overseas Financial risk Management announced that the effective rate of Chinese enterprise M & A is only 1 / 3, weighted cross-cultural integration factors. Overseas mergers and acquisitions can be truly successful below 20, than the international M & A success rate is lower. With the increasing enthusiasm of overseas M & A of Chinese enterprises, it is necessary to explore why they choose to do so, that is, to analyze the motivation of overseas M & A of Chinese enterprises. From the perspective of M & A motivation, M & A motivation and M & A performance are two core issues in M & A theory, and they complement each other. According to the concrete situation of our country, firstly, from four aspects of government motivation, strategic motivation, investment motivation and speculation motivation, this paper summarizes 10 different factors with Chinese characteristics, which are: government encouragement, merger and acquisition legal support. Host country policy attraction; brand and channel seeking, technology seeking, resource seeking; strengthening market power, dispersing risk; cross-border arbitrage, acquiring shell resources. Then, based on the different perspectives of overseas M & A motivation of Chinese enterprises, combined with the non-financial indicators of performance evaluation, the paper designs an evaluation index table. After that, the typical overseas M & A cases of automobile industry in China are analyzed and the conclusion is drawn. Finally, from the evaluation of the strength of the enterprise before the merger and acquisition, the establishment of the goal of the merger and acquisition, the engagement of professional intermediary organizations to carry out overseas mergers and acquisitions, the study of the laws of the host country, and the emphasis on the integration after the merger, Some suggestions on how to reduce the risk and improve the success rate of overseas M & A are put forward.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F279.2

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