中海油跨国并购Nexen风险分析

发布时间：2018-03-04 23:30

本文选题：跨国并购　切入点：风险　出处：《财政部财政科学研究所》2014年硕士论文　论文类型：学位论文

【摘要】：20世纪90年代以来,以跨国并购为主题的第五次并购浪潮席卷全球,我国企业也持着积极态度参与到海外并购的大潮中,目前已成为仅次于美国的全球第二大海外并购国家,跨国并购规模仍在持续扩大。然而根据统计数据,中国企业海外并购失败比例达到50%以上,这说明跨国并购在满足战略发展要求的同时也伴随着高度风险。作为一项流程复杂的交易活动,并购从交易审批、目标企业价值评估、寻找融资渠道、决定支付方式,到交易后的各项整合,其中每个过程都会产生相应风险,跨国并购更是如此,因此,风险防范是企业跨国并购过程中不容忽视的问题。本文首先对我国企业跨国并购的发展现状、主要特点作了介绍,并从跨国并购中最经常涉及到的政治风险、价值评估风险、融资风险和整合风险四个方面进行深入分析。然后采用定性分析、估值模型和财务指标三种研究方法,对中海油并购Nexen这一案例中的政治风险、评估风险、融资风险和整合风险进行了详细分析。最后,本文从宏观和微观两个层面提出了关于加强跨国并购风险防范的对策建议,政府应从改善投资环境、趋同会计准则、拓宽融资渠道三方面从宏观整体上控制政治风险、价值评估风险和融资风险；企业应通过提高信息对称性、灵活使用金融工具和一体化有机整合来合理规避价值评估风险、融资风险和整合风险。
[Abstract]:Since 1990s, with the theme of cross-border M & A, 5th waves of M & A have swept the world, and Chinese enterprises have also taken a positive attitude to participate in the tide of overseas M & A, which has become the second largest overseas M & A country in the world after the United States. The scale of cross-border mergers and acquisitions continues to grow. However, according to statistics, the percentage of overseas mergers and acquisitions failed in China has reached more than 50%. This shows that cross-border M & A meets the requirements of strategic development and is accompanied by a high degree of risk. As a complicated transaction activity, M & A includes transaction approval, target enterprise value evaluation, seeking financing channels, and determining payment methods. After the transaction of the integration, each process will produce the corresponding risks, especially cross-border M & A, so risk prevention is a problem that can not be ignored in the process of cross-border mergers and acquisitions. This paper first introduces the current situation and main characteristics of transnational M & A in China, and discusses the political risk and value assessment risk which are often involved in cross-border M & A. Four aspects of financing risk and integration risk are analyzed in depth. Then, using qualitative analysis, valuation model and financial index three research methods are used to evaluate the political risk in the case of CNOOC's merger and acquisition of Nexen. Finally, this paper puts forward the countermeasures and suggestions on strengthening the risk prevention of cross-border M & A from the macro and micro aspects. The government should improve the investment environment and converge with the accounting standards. In order to control the political risk, the value assessment risk and the financing risk, the enterprise should avoid the value assessment risk reasonably by improving the information symmetry, using the financial instruments flexibly and integrating organic integration. Financing risk and integration risk.
【学位授予单位】：财政部财政科学研究所
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F406.7;F426.22

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