首钢巴西铌铁投资项目风险管理研究

发布时间：2018-07-03 10:35

本文选题：风险管理 + 海外股权收购项目　；参考：《东北大学》2013年硕士论文

【摘要】：随着改革开放的深入,我国国民经济不断的发展,在国内和国际市场的大融合、全球经济一体化的形势下,我国越来越多的企业将将目光投向海外市场,进行海外项目的投资收购,尤其是资源类项目。而涉外投资收购是一项庞大又复杂的过程,存在很多的不确定性因素,各种风险影响着项目收益的各个方面。2011年9月,首钢与中方联合体在香港成立了合资公司对巴西目标公司进行15%股权的收购,即首钢巴西铌铁投资项目。首钢巴西铌铁投资项目是一个跨国项目,相比一般项目,风险因素多且复杂,比如市场问题、政策法规问题、经济形势等问题,为了减少这些风险对境外股权投资项目所造成的损失,需要对这一复杂项目进行系统、科学、全面的风险分析。本文首先从项目风险管理理论入手,通过查阅大量国内外相关文献资料和项目的实际情况,按照风险识别、风险评价及风险应对的管理体系,结合国际项目的特殊性,归纳出首钢巴西铌铁投资项目运营过程中存在的经营风险、市场风险、外汇风险、政策风险、少数股东控制权风险等五种主要风险。论文在综合分析了现行项目风险评价综合方法的基础上,选取层次分析法对首钢巴西铌铁投资项目的各类风险进行了评价,得出各类风险的重要性排序,从而确定了需要重点控制的风险有经营风险、外汇风险和市场风险。最后,针对该项目的各类风险提出了一系列的应对措施,形成了一套较为全面、系统、科学的海外股权投资项目风险管理方法,为今后国际股权投资收购项目实施过程中所面临的风险提供了有效的防范措施。
[Abstract]:With the deepening of reform and opening up, the continuous development of our national economy, the integration of domestic and international markets, and the global economic integration, more and more enterprises in our country will turn their attention to overseas markets. Carry out investment acquisition of overseas projects, especially resource projects. Foreign investment acquisition is a huge and complex process, there are a lot of uncertainties, a variety of risks affect all aspects of the project income. Shougang and the Chinese consortium set up a joint venture in Hong Kong to buy a 15 percent stake in Brazil's target company, Shougang's Brazilian ferroniobium investment. The Brazilian ferroniobium investment project of Shougang is a transnational project. Compared with the general project, the risk factors are more and more complicated, such as market problems, policies and regulations, economic situation and so on. In order to reduce the losses caused by these risks to foreign equity investment projects, it is necessary to carry out systematic, scientific and comprehensive risk analysis for this complex project. This paper begins with the theory of project risk management, through consulting a large number of domestic and foreign literature and the actual situation of the project, according to the risk identification, risk evaluation and risk management system, combined with the particularity of the international project. Five main risks, such as operating risk, market risk, foreign exchange risk, policy risk and minority shareholder control risk, are summarized in the operation process of Brazilian ferroniobium investment project of Shougang. Based on the comprehensive analysis of the existing project risk assessment methods, the paper evaluates the various kinds of risks of Brazilian ferroniobiobium investment project in Shougang Iron and Steel Co., Ltd by selecting the Analytical hierarchy process (AHP), and concludes that the importance of all kinds of risks is ranked. In order to determine the need to control the risk of management, foreign exchange risk and market risk. Finally, a series of countermeasures are put forward to deal with the various risks of the project, and a set of comprehensive, systematic and scientific risk management methods for overseas equity investment projects are formed. It provides effective preventive measures for the risks faced in the implementation of the international equity investment acquisition project in the future.
【学位授予单位】：东北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.31

【相似文献】