中国资源型企业跨国并购定价问题研究

发布时间：2018-06-05 18:35

本文选题：并购定价 + 资源型企业　；参考：《天津财经大学》2015年硕士论文

【摘要】：资源和能源安全是国家战略的重要组成部分,我国虽是资源大国,但人均资源储量水平却非常低,而且我国还存在着资源消耗速度过快资源利用率过低的问题,我国的能源资源可持续发展形势不容乐观。对外的资源型收购是我国拓展海外能源资源市场保障国家资源供应稳定的重要方式,近年来我国企业掀起了对外并购的浪潮这其中资源型企业的跨国并购占据了相当大的比例,但是本文研究发现我国资源型企业在进行跨国并购时普遍存在并购定价过高的问题。并购定价是企业进行并购时重要的环节,它直接关系到并购的成败,及并购后企业的经营业绩。本文关注中国资源型企业的跨国并购定价问题,资源型企业是我国近年来进行跨国并购的主体,其所进行的并购往往规模较大。而我国资源型企业大多是国有企业或国务院直属企业,其进行并购时确定的并购定价往往关乎国计民生,对这类并购的并购价格的确定,应做到精确合理既保证并购交易的顺利进行又保证企业的并购能达到预期效果。目前对于并购定价的研究大多聚焦在具体定价方法及具体方法中参数选择的讨论上,而从整体上把握并购过程来讨论企业并购过程定价的研究不多。本文认为企业并购定价应该是一个有机的过程,并购各环节的相互作用同时影响着最终定价的高低。因而本文着重梳理了企业并购的整体过程,将并购定价的过程融入其中试图找出科学合理的并购定价方法。在基本的定价方法归纳的基础上,本文还研究了并购中实物期权方法的运用,在最后双方讨价还价的环节本文引入并总结了博弈理论在讨价还价中的相关应用。结合中国资源型企业及资源型行业具体特点,及中国资源型企业跨国并购定价影响因素的分析,本文还做了相关的案例讨论融入了理论分析中介绍的方法,结合理论分析及实际案例分析的结果本文提出了改进我国资源型企业跨国并购定价方法的几点合理性建议。
[Abstract]:Resource and energy security is an important part of the national strategy. Although our country is a large country of resources, the level of per capita resource reserves is very low, and our country still has the problem of too fast consumption of resources and too low utilization of resources. The situation of sustainable development of energy resources in China is not optimistic. Resource-based acquisition is an important way for our country to expand the overseas energy and resources market to ensure the stability of national resource supply. In recent years, Chinese enterprises have set off a wave of foreign mergers and acquisitions, in which transnational mergers and acquisitions of resource-based enterprises occupy a considerable proportion. However, this paper finds that the problem of overpricing of M & A is common in Chinese resource-based enterprises. M & A pricing is an important link in M & A, which is directly related to the success or failure of M & A and the business performance after M A. This paper focuses on the pricing of cross-border mergers and acquisitions of resource-based enterprises in China. Resource-based enterprises are the main body of cross-border mergers and acquisitions in China in recent years. However, most of the resource-based enterprises in China are state-owned enterprises or enterprises directly under the State Council. The pricing of mergers and acquisitions determined by them is often related to the national economy and the people's livelihood, so the M & A price of such mergers and acquisitions is determined. It should be accurate and reasonable not only to ensure the smooth progress of M & A transactions, but also to ensure that the M & A of enterprises can achieve the desired results. At present, most of the research on M & A pricing focuses on the discussion of the specific pricing methods and the parameter selection in the specific methods, but there is not much research on how to grasp the M & A process as a whole to discuss the pricing of the M & A process. This paper holds that M & A pricing should be an organic process, and the interaction of each link of M & A affects the final pricing at the same time. Therefore, this paper focuses on combing the whole process of M & A, and tries to find out a scientific and reasonable method of M & A pricing by incorporating the process of M & A pricing. On the basis of the induction of the basic pricing methods, this paper also studies the application of the real option method in M & A, and introduces and summarizes the relevant application of the game theory in the bargaining in the last part of the bargain. Combined with the specific characteristics of China's resource-based enterprises and resource-based industries, and the analysis of the factors affecting the pricing of cross-border mergers and acquisitions of resource-based enterprises in China, this paper also makes a relevant case discussion and introduces the methods introduced in the theoretical analysis. Based on the results of theoretical analysis and practical case analysis, this paper puts forward some reasonable suggestions for improving the pricing method of cross-border mergers and acquisitions of resource-based enterprises in China.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F279.2;F271

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