中国企业海外并购存在的风险及其控制研究

发布时间：2018-04-08 23:07

本文选题：海外并购　切入点：并购风险　出处：《西南财经大学》2014年硕士论文

【摘要】：迈入二十世纪90年代以来,中国经济蓬勃发展。尤其是在加入WTO以后,我国的经济体系越来越开放,与多国的贸易往来积累了大量的外汇储备。同时,我国的GDP增长率连续多年保持在8%以上,这对于国内外的投资者而言相当具有吸引力,国际资本顺势纷纷涌入国内。这些经济现象导致国内资本过剩、人民币升值、通货膨胀严重。为了缓解这些经济问题,国家发展与改革委员会提出了“走出去”的发展战略。这项战略的目的在于鼓励有能力进行海外投资的企业踏出国门进行海外投资。在连续多年的海外投资实践中,国内企业的表现不尽人意。麦肯锡的统计数据显示,在过去的20年中,全球大型的企业并购案例取得成功的不到50%,而具体就中国企业海外投资情况而言,失败率高达67%,商务部的统计更显示,中国企业海外并购整合后,处于盈利和持平状态的仅占约30%。面对这种情况,我们不禁开始思考：是什么原因导致海外并购的失败率如此高?海外并购究竟面临哪些风险?如何控制这些风险、提高海外并购的成功率? 本文正是基于对这些问题的思考,从以下几个方面着手进行研究：第一部分导论主要阐述了本文的研究背景和研究意义,并说明了本文的创新之处和研究不足的方面。第二部分文献综述,探讨了国外和国内对于海外并购理论的研究。具体从海外并购的动因、海外并购失败的原因、海外并购风险的识别和分类、海外并购风险的控制措施几个方面展开了讨论。第三部分为海外并购的概述。首先,阐述了并购、海外并购、并购风险的基本概念。其次,梳理了海外并购的理论基础：规模经济理论、交易费用理论、效率理论、代理理论、风险管理理论。再次,对海外并购的动因进行了分析,由于并购的动因会影响并购的风险,因此本文对该部分内容进行了探讨。最后,通过国内外的统计数据,对我国海外并购的发展历程和现状进行了评价。第四部分为文章的主体,采用了过程分析的方法,分析了海外并购从筹备到并购实施直至并购整合三个阶段所面临的并购风险。第五部分为案例分析,本文选取了中国金融史上典型的海外并购失败的案例——中国平安集团并购比利时富通集团的案例进行过程分析,分析平安在并购富通的各个阶段所面临的并购风险。第六部分为总结,通过前面几个章节的理论探讨与案例分析,总结中国企业在进行海外并购的过程中控制并购风险的具体措施。本文在参考了前人的研究成果的基础上,加上自己的分析总结,主要贡献如下：文章采用过程分析的方法,分析了海外并购从并购筹备到并购实施、整合三个阶段的并购风险,同时采用案例分析法分析了中国金融史上最大的一次海外投资巨亏案即平安集团投资比利时富通集团的案例进行研究。得出了以如下结论：企业进行海外并购所面临的并购风险主要包括：并购前的决策风险、并购过程中的财务风险以及并购完成以后进行整合过程中所面临的整合风险。所谓决策风险,主要指的是并购目标的选择产生的风险。企业在进行并购目标选择的时候,首先要符合企业的长远发展目标,分析并购对象的经营模式、发展趋势是否与企业的长远目标一致。并购中的财务风险所包括的内容比较复杂,主要包括并购的估值风险、支付风险与融资风险。并购后的整合风险主要包括文化整合、人力整合、运营整合。为了控制这些风险,主要应该从目标企业的选择、融资支付方式的选择、文化人力等几个方面的整合入手。由于本人的知识水平和研究能力有限,本文还存在以下不足：本文在对海外并购风险进行分析的时候,只是从定性的角度对可能存在的风险进行了理论分析。实证方面研究不够,没有采用大量的样本数据来支撑所陈述的观点,没有建立创新的模型对海外并购风险进行定量分析,这是文章的一大不足。在以后的海外并购风险的分析中,如果能从建立一个风险评价体系着手对海外并购风险进行量化,将是一个重要的研究方向。
[Abstract]:Since the 1990s , China ' s economy has been booming . Especially after China ' s accession to the WTO , our country ' s economic system has become more and more open , and China ' s GDP growth rate has accumulated a lot of foreign exchange reserves . At the same time , China ' s GDP growth rate has been more than 8 % for many years . At the same time , China ' s GDP growth rate has been pouring into the country for many years . In order to alleviate these economic problems , the National Development and Reform Commission has put forward the development strategy of " Going Global " . The purpose of this strategy is to encourage enterprises capable of overseas investment to invest in overseas investment .

In the practice of overseas investment for many years , domestic enterprises are underperforming . In the past 20 years , there are less than 50 % of global M & A cases , and in the case of overseas investment in Chinese enterprises , the failure rate is as high as 67 % , and the Ministry of Commerce ' s statistics show that after the integration of the overseas acquisitions of Chinese enterprises , only about 30 % of the profits and flat states are in the state .

In the face of this , we can ' t help start thinking : what causes the failure rate of overseas acquisitions to be so high ? What risks are overseas acquisitions ? How to control these risks and increase the success rate of overseas acquisitions ?

This article is based on the consideration of these questions , starting from the following aspects :

The first part introduces the research background and the research significance of this paper , and explains the innovation and lack of research in this paper .

According to the second part of literature review , the foreign and domestic research on overseas M & A theory is discussed . The reasons of overseas M & A , the reasons of overseas M & A failure , the recognition and classification of overseas M & A risks , and the control measures of overseas M & A risk are discussed .

The third part is an overview of overseas M & A . Firstly , the basic concepts of M & A , M & A and M & A are discussed . Secondly , the theoretical basis of overseas M & A is described . Secondly , the theories of M & A are analyzed .

The fourth part is divided into the main body of the article , the process analysis method is adopted , and the risk of M & A from preparation to merger and acquisition is analyzed .

The fifth part is the case analysis , this paper selects the case of the typical overseas M & A failure in China ' s financial history . The case of Ping An Group ' s merger and acquisition of Belgian Futong Group is analyzed , and the risk of M & A in the various stages of M & A is analyzed .

The sixth part is divided into the summary , through the theoretical discussion and case analysis of the previous chapters , summarizes the concrete measures to control the risk of M & A in the process of overseas M & A .

Based on the previous research results , combined with its own analysis and summary , this paper analyzes the risk of merger and acquisition from the preparation of M & A to the implementation of M & A and integrates the three phases . At the same time , the case analysis method is used to analyze the case study of the biggest one in the history of China ' s financial history , namely , Ping An Group ' s investment in Belgium Futong Group .

In order to control these risks , the risk of M & A is more complex , mainly including the valuation risk of M & A , the risk of payment and the risk of financing . In order to control these risks , the integration risk of M & A mainly includes the integration of cultural integration , human resources integration and operation integration . In order to control these risks , it is necessary to start with the integration of the choice of target enterprise , choice of financing payment method and culture human resources .

Because of the limited knowledge level and the research ability , this paper also has the following disadvantages : this paper analyzes the risk of overseas M & A in theory . The empirical research is not enough . There is not a lot of sample data to support the stated viewpoint . There is no innovation model to quantify the risk of overseas M & A . In the future , it is an important research direction to quantify the overseas M & A risk from the establishment of a risk evaluation system .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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