A企业跨国并购目标与并购时机研究

发布时间：2018-10-23 12:19

【摘要】：近年来,我国经济增长进入“新常态”,经济增长速度从原有的高速增长向中高速增长转变,同时,由于在国家实施“引进来”和“走出去”的战略部署,统筹产业升级和产业转移,做强制造业和提升服务业,中国企业凭借自身实力的提升,在全球范围内掀起了一轮跨国并购浪潮。统计表明,近年来,中国企业跨国并购数目增加、规模增大,上升趋势明显,地区也趋于多样化,一方面寻求技术支持突破发展瓶颈,另一方面借助目标企业高效率海外扩张。但有近三分之二的交易都以失败告终,整合后处于盈利或持平状态的仅占30%。并购目标选择与并购时机决策,作为并购活动的第一步,是并购能否创造价值,产生协同效应的初步判断,具有重要的理论意义与现实意义。本文基于并购动因理论和动态能力理论,选取我国发展成熟、国际化程度较高、并购发生较为频繁家电行业A企业的跨国并购典型案例,探究企业应如何科学的进行目标企业选择以及并购时机选择等并购前期决策。针对上述问题,本文首先运用了文献研究法,对相关领域的研究现状和研究成果进行梳理;其次,运用单案例研究法,选择跨国并购经验丰富的A企业近期选择目标企业的案例进行剖析,结合企业自身战略与资源的差距、目标企业所具有的特质进行并购匹配,确定并购的目标企业,并结合经济环境、行业背景、以及并购双方的契机,对并购时机展开分析。最后,结合A企业的实际情况,提出跨国并购目标企业选择的模型和并购时机影响因素分析,提出前期决策理论框架的构建,以期为解决并购前期决策的问题上提供新的角度,做出一定贡献。本文研究结论提供两点启示,第一,企业在进行跨国并购时候要注重对自身战略和资源的了解,明确自身资源需求后确定包括行业、地域、盈利能力、规模的并购方向,并查找匹配的企业作为备选目标,分别测算潜在协同效应,选择最为匹配的企业作为目标企业。第二,跨国并购是渴望实现双赢的并购,是双向选择,因此并购时机的把握不只是并购方的决策,在并购时机来临之前,并购方需要根据目标企业的产业生命周期制定长远的并购战略计划,为资金、管理、经验的需要做好充足的准备,以把握并购时机。第三,合法性作为跨国并购面临的重要难题,需要并购方密切关注经济与相关制度变化,制定合法性获取策略,降低风险。
[Abstract]:In recent years, China's economic growth has entered the "new normal", and the economic growth rate has changed from the original high speed growth to the middle high speed growth. At the same time, due to the implementation of the strategic arrangements of "bringing in" and "going out" in the country, In order to coordinate industrial upgrading and industrial transfer, strengthen manufacturing industry and enhance service industry, Chinese enterprises, with their own strength, have set off a wave of cross-border mergers and acquisitions around the world. Statistics show that in recent years, the number and scale of cross-border mergers and acquisitions of Chinese enterprises are increasing, the rising trend is obvious, and the regions tend to be diversified. But nearly 2/3 of all transactions ended in failure, and only 30 percent were profitable or flat after consolidation. As the first step of M & A, the choice of M & A target and the decision of M & A timing are the preliminary judgment of whether M & A can create value and produce synergy effect, which has important theoretical and practical significance. Based on M & A motivation theory and dynamic capability theory, this paper selects a typical case of cross-border M & A of A enterprise in household appliances industry, which has mature development, high degree of internationalization and frequent M & A. This paper explores how to scientifically choose the target enterprises and the timing of M & A. In order to solve the above problems, this paper first uses the literature research method to sort out the current research situation and the research results in related fields; secondly, the single case study method is used. Choosing the case of A enterprise with rich experience in transnational M & A to analyze the target enterprise in the near future, combining the gap between the strategy and resources of the enterprise itself, the characteristics of the target enterprise to match the M & A, and to determine the target enterprise of M & A. Combined with the economic environment, industry background, as well as the opportunity of M & A, the opportunity of M & A is analyzed. Finally, according to the actual situation of A enterprise, this paper puts forward the model of the choice of the target enterprise of cross-border M & A and the analysis of the influencing factors of the opportunity of M & A, and puts forward the construction of the theoretical framework of the pre-decision in order to provide a new angle for solving the problem of the pre-decision of M & A. Make a contribution. The conclusions of this paper provide two enlightenments. First, enterprises should pay attention to the understanding of their own strategy and resources when undertaking cross-border mergers and acquisitions, and determine the direction of M & A, including industry, region, profitability and scale, after defining their own resource needs. The matching enterprise is chosen as the alternative target, the potential synergy effect is calculated separately, and the most matched enterprise is chosen as the target enterprise. Second, Cross-border M & A is a two-way choice, eager to achieve a win-win situation. Therefore, the timing of M & A is not only the decision-making of the M & A parties, but also the timing of M & A. M & A parties need to formulate long-term M & A strategic plan according to the industry life cycle of the target enterprise, and make sufficient preparations for the needs of capital, management and experience in order to grasp the opportunity of M & A. Third, legitimacy, as an important problem in cross-border M & A, requires M & A parties to pay close attention to economic and related institutional changes, formulate legitimacy acquisition strategies and reduce risks.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271

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