基于核心竞争力的中国石油公司海外并购评价研究

发布时间：2018-03-14 15:15

本文选题：海外并购　切入点：核心竞争力　出处：《中国石油大学（华东）》2013年硕士论文　论文类型：学位论文

【摘要】：随着国际上一次又一次海外并购浪潮的掀起，海外并购作为世界大型石油公司提升竞争力、在全球范围优化资源配置的重要手段之一，已成为经济学领域研究的重点。近些年，以中石油、中石化、中海油为代表的我国石油公司也积极走出去，实施海外并购，以缓解我国石油产量无法满足需求量的缺口，我国石油公司的海外并购数量逐年增长，海外并购金额也频频被刷新。在我国石油公司的海外并购如火如荼的开展的时候，我们也应看到海外并购存在的巨大风险，不断攀升的并购金额是否与并购的效果成正比，，海外并购是否能提升公司的核心竞争力、使公司获得竞争优势，都值得我们去研究。因此，本文将采用三种实证分析方法——TOPSIS法、熵权法以及因子分析法对三大石油公司并购前后核心竞争力是否得到了提升和各年的并购效果如何进行研究，以探寻三大石油公司近些年海外并购核心竞争力的提升状况。本文得出的基本结论如下：首先，在TOPSIS法下对三大石油公司各年份并购效果进行了研究，发现中石油最大程度提升核心竞争力的是2005年，效果最差的是2009年；中石化海外并购对提升核心竞争力作用最大的是2009年，作用最小的是2010年；中海油海外并购最大程度提升核心竞争力的是2010年，作用最小的是2002年。中石油近几年的海外并购效果波动较大且呈下降趋势，中海油的并购效果有所提升，中石化的波动较小，趋势不明显。其次，采用熵权法对三大石油公司的海外并购核心竞争力进行对比评价后，发现中石油的并购效果最好，提升核心竞争力的海外并购数占并购总数的比重为83.3%，中海油次之，中石化最差。最后，在采用因子分析法对三大石油公司的海外并购核心竞争力进行对比评价后，得出中石油的并购效果最好，核心竞争力得到提升的海外并购所占比重达到了100%，中石化次之，中海油最差。
[Abstract]:With the rise of wave of overseas M & A in the world, overseas M & A, as one of the important means to improve the competitiveness of the world's large oil companies and optimize the allocation of resources in the global scope, has become the focus of research in the field of economics in recent years. China's oil companies, represented by PetroChina, Sinopec and CNOOC, have also actively gone out to implement overseas mergers and acquisitions in order to alleviate the gap in China's oil output that cannot meet the demand. The number of overseas mergers and acquisitions of Chinese oil companies has increased year by year. Overseas M & A amount is also frequently refreshed. When the overseas mergers and acquisitions of Chinese oil companies are in full swing, we should also see the huge risks of overseas mergers and acquisitions, and whether the rising amount of mergers and acquisitions is directly proportional to the effect of mergers and acquisitions. Whether the overseas M & A can enhance the core competence of the company and make the company gain the competitive advantage is worth our study. Therefore, this paper will adopt three kinds of empirical analysis method-TOPSIS method. Entropy weight method and factor analysis method are used to study whether the core competence of the three oil companies before and after merger and acquisition and how to improve the effect of mergers and acquisitions in each year, in order to explore the three oil companies in recent years to enhance the core competitiveness of overseas mergers and acquisitions. The basic conclusions of this paper are as follows: firstly, the results of mergers and acquisitions of the three major oil companies in each year are studied under the TOPSIS method. It is found that PetroChina enhanced its core competitiveness to the greatest extent in 2005 and the worst in 2009; Sinopec's overseas mergers and acquisitions have the greatest effect on enhancing the core competitiveness in 2009 and the least in 2010. The largest enhancement of the core competitiveness of CNOOC's overseas mergers and acquisitions is 2010. The least effect was in 2002. CNPC's overseas M & A effect fluctuated greatly and showed a downward trend in recent years, CNOOC's M & A effect improved somewhat, Sinopec's fluctuation was small, and the trend was not obvious. By comparing and evaluating the core competence of overseas M & A of the three major oil companies by using entropy weight method, it is found that PetroChina has the best effect of M & A, and the proportion of overseas M & A to the total M & A is 83.3%, followed by CNOOC. Sinopec is the worst. Finally, after making a comparative evaluation of the core competitiveness of overseas mergers and acquisitions of the three major oil companies by using factor analysis, it is concluded that PetroChina has the best effect on mergers and acquisitions. Overseas mergers and acquisitions with enhanced core competence accounted for 100%, followed by Sinopec and CNOOC.
【学位授予单位】：中国石油大学（华东）
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.22;F271

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