国家电网境外并购分析

发布时间：2018-05-03 13:21

本文选题：国家电网 + 国企　；参考：《西南财经大学》2013年硕士论文

【摘要】：由于全球经济一体化的进程日益加快,开放市场己成为全球大部分国家的首要选择,为了能够在全球范围内实现资源优化配置,世界各国(尤其是发达国家)的大型企业,都积极走出国门,开拓国际市场。近几年来我国企业跨国投资规模呈逐年上升趋势,已经有相当一部分央企和大中型企业在海外开展了大规模的投资,其中不乏超过千万美元的投资。为进一步促进对外经济合作,优化对外投资结构,落实“走出去”战略,商务部牵头会同国家相关部门制定了一系列的鼓励政策,涉及到与投资密切相关的信贷、税收、外汇、保险、国别导向等领域,并积极贯彻落实,同时继续深入改革企业境外投资的管理体系,尤其是使经济保障体系和监管体系的建立与完善和对外合作的实际情况相适应,使我国企业“走出去”的过程更加便利化、人性化。各种措施的具体实施,对推动“走出去”进程的向前发展发挥了重要作用,使进行境外投资经营的企业,在收获颇丰的同时也积累了宝贵的经验,涌现出一批名扬四海的国际知名企业。为积极响应我国提出的“走出去”的发展战略,国家电网公司高瞻远瞩,以实现国家能源资源长远发展和在世界范围内优化资源配置为出发点谋划电网发展,加快特高压电网技术的发展和智能电网的普及应用,坚持自主研发,掌握核心技术,己在国际电网技术中走在前列,在国际电力合作中占据主动,随着“走出去”战略的具体实施,原先设定的“网联天下”、“电力出海”等发展蓝图的整体格局己初现端倪。作为企业发展的对外战略,并购是企业整合社会资源、顺应市场经济发展规律的产物,对企业的发展壮大起着重要作用。研究国网公司的境外并购,更重要的意义是提供持续改革的“催化剂”,促使企业进一步完善公司治理结构,建立健全一整套新的市场激励和约束机制、严格的风险控制和资本约束机制,引入先进的经营理念、完善规章制度和科学的业务流程,经历外部监管由疏漏到完善、内部控制由松到严的进化过程,分析其境外并购过程中的可行性、环境、风险等内容时,能够明确国家电网公司在境外并购中的各种优势和劣势,为国家电网公司在如何扬长避短、规避风险等方面提供了很好的参考意义,同时对于我国其他国企走出国门、处理国际问题的方法选择方面,也提供了一定的参考经验和借鉴意义。本文共分六个部分,每个部分的主要内容如下：第一部分导论。介绍了本文的研究背景及研究意义、研究框架及思路,并介绍了研究的主要方法。第二部分文献综述。本部分主要介绍了国内外针对企业国际化、企业并购所作出的研究结果,并对这些研究成果进行了全面而客观的评价,同时提出作者自己的研究观点。第三部分国家电网境外并购的理论分析。解释了本文涉及较多的几个重要概念,以及和企业并购相关的部分理论基础,包括企业并购的财务整合和其他相关理论。第四部分国网公司以往并购综述以及境外并购的可行性分析。本部分在对国网以往几次较大的境外并购进行综述的基础上,综合分析了国网选择进行境外并购的动因及可行性因素,并利用SWOT分析方法,具体罗列了国网进行境外并购的优势、劣势、机会及威胁。第五部分案例分析-----国家电网公司收购葡萄牙国家能源网公司股份。首先交代了国网公司此时对目标公司进行并购的时代背景、并购成因以及双方的基本情况,然后通过2011年与2012年同时期财务报表的变化,分析了并购后国网公司财务上的变化,并推出相应的借鉴意义。第六部分完善国家电网公司境外并购的建议。根据上一部分的案例分析得出的结论,分别从宏观层面和微观层面对国网或类似的国企境外并购提出了改善建议。本文的主要贡献有两点：第一：站在国企境外并购的独特视角,在对目前国有企业境外投资的大环境进行分析的基础之上,对国家电网公司以往境外并购的成果、此次并购的特殊时代背景、并购过程、并购后的财务变化等作了介绍和分析,为日后更深入地分析我国国有企业境外并购奠定了基础。第二：通过对企业境外并购相关理论的介绍与梳理,结合中国市场和国际市场的实践情况,选取具有特殊意义的案例,通过对比并购前后国网公司在财务上发生的变化,得出对投资者和公司管理层都有实践指导意义的结论,并通过宏观与微观层面改善建议的提出,试图对类似国企在进行境外并购时提供一定的借鉴意义。
[Abstract]:As the process of global economic integration is accelerating, open market has become the primary choice for most countries in the world. In order to realize the optimal allocation of resources around the world, the large enterprises of all countries (especially developed countries) have actively walked out of the country and opened up the international market. In recent years, the scale of transnational investment in China's enterprises has been on the scale. A considerable number of central and medium-sized enterprises have invested heavily abroad, including more than tens of millions of dollars in investment. In order to further promote foreign economic cooperation, optimize the foreign investment structure and implement the "going out" strategy, the Ministry of Commerce has led a series of drums with the relevant state departments. The policy of encouragement is related to the areas of credit, tax, foreign exchange, insurance, country orientation and other fields which are closely related to investment, and actively implement it, and continue to reform the management system of foreign investment in enterprises, especially to make the establishment and improvement of the economic security system and supervision system adapt to the actual situation of foreign cooperation and make our enterprises "go" The process of "going out" is more convenient and humanized. The concrete implementation of various measures has played an important role in promoting the forward development of the "going out" process. In order to realize the long-term development of national energy resources and optimize the allocation of resources in the world, the national Power Grid Corp proposes to plan the development of the power grid, accelerate the development of the technology of the UHV power grid and the popularization and application of the smart grid, adhere to the independent research and development, master the core technology, and have been in the international area. The power grid technology is in the forefront and takes the initiative in international power cooperation. With the implementation of the "going out" strategy, the overall pattern of the blueprint, such as "the net union world" and "the power out of the sea", has begun to emerge.
As a foreign strategy for enterprise development, merger and acquisition is the product of enterprise integration of social resources and the product of the law of market economy, which plays an important role in the development and expansion of enterprises. The whole set of new market incentive and restraint mechanism, strict risk control and capital restraint mechanism, advanced management concept, perfect rules and regulations and scientific business process, experience external supervision from omission to perfection, internal control from loose to strict evolution process, analysis of the feasibility, environment, risk and so on in the process of foreign merger and acquisition. At the same time, we can make clear the advantages and disadvantages of the national Power Grid Corp in foreign mergers and acquisitions. It provides a good reference for the national Power Grid Corp to avoid the risks and avoid the risks. It also provides some reference experience and loan for other state-owned enterprises to go out of the country and to deal with the international problems. Make sense.
This article is divided into six parts. The main contents of each part are as follows:
The first part is introduction. It introduces the background, significance, framework and ideas of the research, and introduces the main research methods.
The second part of the literature review. This part mainly introduces the research results of enterprise internationalization and merger and acquisition at home and abroad, and makes a comprehensive and objective evaluation of these research results, and puts forward the author's own research views.
The third part is the theoretical analysis of the overseas merger and acquisition of the state power grid. It explains several important concepts involved in this paper, and some theoretical bases related to the merger and acquisition of enterprises, including financial integration and other related theories of mergers and acquisitions.
The fourth part of the past merger and acquisition of national network company and the feasibility analysis of foreign mergers and acquisitions. On the basis of the past several large overseas mergers and acquisitions on the national network, this part analyses the reasons and feasibility factors of the national network selection for foreign mergers and acquisitions, and uses the SWOT analysis method to specify the foreign merger and acquisition of the national network. Strengths, weaknesses, opportunities and threats.
The fifth part of the case analysis - ---- the national Power Grid Corp acquisition of the shares of the Portuguese national energy network company. First, it explained the background of the merger and acquisition of Target Corp at this time, the causes of merger and acquisition and the basic situation of the two parties. Then, through the changes in the financial statements of the same period in 2011 and 2012, the company's wealth after the merger and acquisition was analyzed. The change of the affairs and the corresponding reference significance.
The sixth part consummates the proposal of the national Power Grid Corp foreign merger and acquisition. According to the conclusion of the case analysis of the previous part, the suggestions are put forward to improve the foreign merger and acquisition of the state network or similar state-owned enterprises from the macro level and the micro level.
The main contributions of this article are two points:
First, on the basis of the unique perspective of the overseas merger and acquisition of state-owned enterprises, on the basis of the analysis of the large environment of the overseas investment of state-owned enterprises, this paper introduces and analyses the achievements of the past overseas mergers and acquisitions of the national Power Grid Corp, the special era background of the merger and acquisition, the process of merger and acquisition, and the financial changes after the merger and analysis, which will be more in-depth analysis for the future. China's state-owned enterprises have laid the foundation for foreign mergers and acquisitions.
Second: through the introduction and combing of relevant theories of foreign mergers and acquisitions, combining the practice of Chinese market and international market, select cases with special significance. By comparing the financial changes before and after the merger and acquisition, the conclusions are drawn to the investors and the company management. With the proposal of micro level improvement proposals, it tries to provide some reference for similar state-owned enterprises in overseas mergers and acquisitions.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F275;F426.61

【参考文献】