三一重工海外投资策略研究

发布时间：2018-04-04 19:16

本文选题：对外直接投资　切入点：海外并购　出处：《天津大学》2014年硕士论文

【摘要】：对外直接投资是现代的资本国际化的主要形式之一。经济危机以来,海外并购已经成为中国制造业海外拓展的主要方式,并购发起方也从原先以大型国有企业占主导扩大到更多的领先民营制造企业的活跃参与。就并购本身而言,大部分中国制造业企业的并购仍然以技术目的为主,这也确实符合当前全球制造业调整的趋势和中国企业自主创新能力发展的阶段。2012年,中国制造业的代表民营企业三一重工股份有限公司与德国普茨迈斯特控股有限公司在德国埃尔西塔正式对外宣布收购完成交割。三一重工出资3.24亿欧元,联合中信基金联合,共同收购普茨迈斯特100%股权,完成了此次“狮吞象”式并购。这一收购在业内引起了巨大轰动,时隔将近两年,收购后的三一重工是否完成了当初收购时的设想,经营业绩是否尽如人意,本文即从三一重工对普茨麦斯特的收购案例入手,结合相关理论,对中国企业境外收购企业的演化历史及现状进行分析,通过理论与实践对比的研究方法,分析中国制造企业海外并购的模式、现状,并提出建设性意见。在海外并购时,企业明确并购目的且慎重选择和评估并购对象,适当引入私募基金的参与,并购完成后重点应转向并购与被并购方的资源整合,并注重无形资产整合,积极履行企业的社会责任。
[Abstract]:Foreign direct investment is one of the main forms of modern capital internationalization.Since the economic crisis, overseas M & A has become the main way for China's manufacturing industry to expand overseas, and the sponsors have expanded from being dominated by large state-owned enterprises to more active participation of leading private manufacturing enterprises.As far as M & A itself is concerned, most of the M & A of Chinese manufacturing enterprises still focus on technical purposes, which is indeed in line with the current trend of global manufacturing adjustment and the stage of the development of independent innovation capability of Chinese enterprises. In 2012,Sany heavy Industry Co., a private company representing the Chinese manufacturing industry, and Putzmeister Holdings Co., Ltd. of Germany officially announced the completion of the takeover delivery in Elsilta, Germany.Sany invested 324 million euros, the United Citic Fund, a joint acquisition of a 100 percent stake in Putzmeister, completed the "lion swallow elephant" type of acquisition.This acquisition caused a great sensation in the industry. After nearly two years, whether Sany heavy Industry after the acquisition completed the original concept of the acquisition and whether its operating results were satisfactory, this article starts with the case of Sany heavy Industries' acquisition of Putzmeister.Combined with relevant theories, this paper analyzes the evolution history and present situation of Chinese enterprises' overseas acquisitions, analyzes the mode and present situation of overseas mergers and acquisitions of Chinese manufacturing enterprises through the research methods of theoretical and practical comparison, and puts forward some constructive suggestions.In overseas M & A, enterprises should make clear the purpose of M & A and carefully select and evaluate the object of M & A, introduce the participation of private equity funds appropriately. After the completion of M & A, the emphasis should be shifted to the integration of the resources of the M & A and the acquired party, and the integration of intangible assets should be emphasized.Actively fulfill corporate social responsibility.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.4;F406.7

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