中国装备制造业跨国并购目标选择策略研究

发布时间：2019-06-14 23:55

【摘要】：装备制造业是国家的战略性产业,是国民经济发展的基础,具有强大的装备制造业是实现国家工业化的根本保证。随着中国经济的快速发展,企业对高端装备制造业技术的需求骤增,同时也面临消化装备制造业过剩产能的问题。跨国并购是解决上述问题的有效途径。目前,中国装备制造业企业已经展开了大规模的海外并购,一方面满足国内对高端技术的需求,另一方面积极拓展中国装备制造业的海外市场,重塑我国企业在国际分工中的角色和地位。选择合适的并购目标将有助于企业跨国并购的成功实施。基于上述背景,本文首先总结了国内外关于目标企业选择问题的研究成果,然后从对外直接投资理论和企业并购理论两个方面综述了企业跨国并购的理论基础。通过对图表和数据分析,从中国装备制造业跨国并购的规模、区位分布以及行业分布三方面研究了中国装备制造业跨国并购的现状,发现中国装备制造业企业的并购目标多集中在欧美国家和地区。在此基础上,分四个阶段对中国装备制造企业跨国并购的特点进行了阐述,并从目标企业和收购企业两个角度分析了影响企业目标选择的因素。重点是将这些影响因素与层次分析法结合在一起,构建了中国装备制造业跨国并购的目标选择模型,通过选择模型判断各种影响因素在企业选择目标企业时的重要性,并举例进行了实证检验,得出的结论是中国装备制造业企业在选择并购目标时对其先进技术和品牌的诉求较高。最后针对中国装备制造业在跨国并购中存在的问题和研究的结果,从政府和企业两个角度给出了建议。
[Abstract]:Equipment manufacturing industry is the strategic industry of the country, the foundation of national economic development, and the strong equipment manufacturing industry is the fundamental guarantee to realize the industrialization of the country. With the rapid development of Chinese economy, the demand for high-end equipment manufacturing technology has increased sharply, and it is also faced with the problem of digesting excess capacity in equipment manufacturing industry. Cross-border M & A is an effective way to solve the above problems. At present, Chinese equipment manufacturing enterprises have launched large-scale overseas mergers and acquisitions, on the one hand, to meet the domestic demand for high-end technology, on the other hand, to actively expand the overseas market of China's equipment manufacturing industry, and reshape the role and position of Chinese enterprises in the international division of labor. The choice of appropriate M & A objectives will contribute to the successful implementation of cross-border mergers and acquisitions. Based on the above background, this paper first summarizes the research results on the choice of target enterprises at home and abroad, and then summarizes the theoretical basis of cross-border mergers and acquisitions from two aspects: foreign direct investment theory and enterprise merger and acquisition theory. Based on the analysis of charts and data, this paper studies the present situation of cross-border mergers and acquisitions in China's equipment manufacturing industry from three aspects: the scale, location distribution and industry distribution of cross-border mergers and acquisitions in China's equipment manufacturing industry. It is found that the M & A objectives of Chinese equipment manufacturing enterprises are mostly concentrated in European and American countries and regions. On this basis, this paper expounds the characteristics of cross-border M & A of Chinese equipment manufacturing enterprises in four stages, and analyzes the factors that affect the target selection of Chinese equipment manufacturing enterprises from two angles of target enterprise and acquisition enterprise. The emphasis is to combine these influencing factors with AHP, to construct the target selection model of cross-border M & A in China's equipment manufacturing industry, to judge the importance of various influencing factors in the selection of target enterprises by selecting the model, and to carry out empirical tests with examples. The conclusion is that Chinese equipment manufacturing enterprises have a high demand for their advanced technology and brand when choosing M & A objectives. Finally, in view of the problems existing in the cross-border M & A of China's equipment manufacturing industry and the results of the research, some suggestions are given from the point of view of the government and the enterprise.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F426.4

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