中国工程机械行业跨国并购的动因、模式及整合研究

发布时间：2018-03-22 15:30

本文选题：工程机械　切入点：跨国并购　出处：《苏州大学》2015年硕士论文　论文类型：学位论文

【摘要】：伴随着经济全球化步伐的加快以及“走出去”战略的实施,我国越来越多的企业将跨国并购作为对外直接投资、开拓国际市场、提高企业竞争力的新策略。从上个世纪90年代开始,海外并购就已逐步成为我国企业对外投资的重要方式。2007年金融危机爆发以后,中国工程机械巨头频频发起海外收购,掀起了一场海外并购的热潮,中联重科收购意大利CIFA、柳工收购波兰HSW、三一收购德国普茨迈斯特、徐工收购施维英等一系列并购的完成,不仅提升了我国工程机械的研发水平,更将中国品牌推向了世界。然而,较西方发达国家而言,我国跨国并购起步较晚,尚处于初级阶段,对跨国并购缺乏全面、深刻、系统的认识,尽管我国工程机械行业的跨国并购行为越来越多,但其中不乏许多失败的案例,成功的并购凤毛麟角。因此,深入研究跨国并购理论,并结合我国工程机械企业跨国并购的实践,对中国工程机械企业跨国并购中出现的问题进行深入研究,进而提出可借鉴的经验和教训,具有重要意义。本文首先对跨国并购相关理论做了比较系统的阐述,然后结合现阶段中国工程机械行业的现状和跨国并购的特点,对中联等三家中国工程机械巨头在跨国并购前的动机、并购的模式选择以及并购后的整合等方面的异同做主要分析,分析中国工程机械企业如何走出国门、以小并大的蛇吞象行为,挖掘出其中可以汲取的经验和教训,从而对以后中国工程机械行业的跨国并购提供比较好的借鉴和思路。为了研究的方向性和实用性,本文选择了国内三家工程机械巨头分别并购全球混凝土前三甲的行为作为研究对象,即以中联并购意大利CIFA、三一并购德国普茨迈斯特、徐工并购德国施维英为例,三巨头的并购代表了中国工程机械行业的未来发展方向,是整个行业的风向标,他们的并购行为必定有许多可以值得其他工程机械企业借鉴的地方和可以汲取的经验,所以本文以中联等三家跨国并购行为为主要案例进行分析具有现实和长远意义。
[Abstract]:With the acceleration of the pace of economic globalization and the implementation of the "going out" strategy, more and more enterprises in China regard cross-border mergers and acquisitions as foreign direct investment to open up the international market. Since the 1990s, overseas mergers and acquisitions have gradually become an important way for Chinese enterprises to invest abroad. After the financial crisis broke out in 2007, Chinese construction machinery giants frequently launched overseas acquisitions. There has been a wave of overseas mergers and acquisitions. The completion of a series of mergers and acquisitions, such as the acquisition of CIFA of Italy by Lianglian, HSW of Poland by Liugong, Putzmeister of Germany by Trinity and Shi Weiying by Xugong, has not only improved the level of research and development of construction machinery in China. However, compared with the western developed countries, China's cross-border M & A started late and is still in its infancy, lacking a comprehensive, profound and systematic understanding of cross-border M & A. Although there are more and more cross-border mergers and acquisitions in the construction machinery industry of our country, but there are many failed cases, successful M & A is rare. Therefore, the theory of transnational M & A is deeply studied. Combined with the practice of transnational mergers and acquisitions of construction machinery enterprises in China, the problems in cross-border mergers and acquisitions of construction machinery enterprises in China are studied in depth, and the experiences and lessons that can be used for reference are put forward. It is of great significance. Firstly, this paper makes a systematic exposition on the theory of transnational merger and acquisition, and then combines the present situation of construction machinery industry in China and the characteristics of transnational merger and acquisition. This paper mainly analyzes the motives before cross-border M & A, the mode selection of M & A and the integration after M & A among the three Chinese construction machinery giants, and analyzes how Chinese construction machinery enterprises go abroad. In order to study the direction and practicability of the research, the small and large snake swallowing behavior is used to excavate the experiences and lessons that can be learned from it, thus providing a good reference and train of thought for the future cross-border mergers and acquisitions of the construction machinery industry in China. This paper chooses the behavior of three domestic construction machinery giants to acquire the top three concrete in the world respectively as the research object, that is, taking CIFA of Italy, Putzmeister of Germany, Xugong and Schweying of Germany as examples. The M & A of the three giants represents the future development direction of the construction machinery industry in China and is the vane of the whole industry. Their merger and acquisition behavior must have many places and experiences that can be used for reference by other construction machinery enterprises. Therefore, it is of practical and long-term significance to analyze the three cross-border M & A cases.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F426.4

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