CWI集团并购印尼环保项目的风险分析

发布时间：2018-06-22 22:36

本文选题：环保项目 + 跨国并购　；参考：《深圳大学》2017年硕士论文

【摘要】：企业并购的风险,有的来自于市场,有的则源于被并购企业,跨国并购更是由于其存在文化、地理、制度上的差异,会面临着在本国经营时不曾面临的风险,企业只有具备较强的风险意识,并且能够控制和管理并购风险才能用最低的成本获得最大的收益。利用垃圾填埋气发电属于再生能源,国内外政府均鼓励其开发利用,因此该行业吸引众多投资者,其中不乏民营企业,然而,中国企业走出去不仅面临着政治、文化、整合风险,还面临着鲜为人知的渗滤液处理方式、支付回扣,宗教信仰以及上市公司社会责任等风险。据美国著名企业管理机构科尔尼公司统计,在全球范围内,只有20%的跨国并购能够实现最初的设想,80%的并购都会以失败告终。所以,跨国并购要全盘考虑,量力而行。本文以印尼真实案例为基础,运用通用的并购理论、风险管理理论以及SWOT分析、敏感性分析等方法,对跨国并购中遇到的风险进行分析。第一章介绍了研究问题及框架,相关理论及文件综述,并购双方动因,为后面的研究打下基础。第二章介绍了垃圾填埋气发电的现状与趋势,让读者了解环保-固废行业,对本文研究的环保项目特殊风险有一定认知。第三章主要挑选了几个典型的跨国并购案列进行分析与总结,目的是从中获得对本次并购的启示,避免损失。第四章针对印尼的投资环境进行SWOT分析,从而找到投资NOEI公司的机遇与挑战。第五章是本文的重点,首先对并购项目现状进行整体描述,然后通过尽职调查团队考察结果对项目本身存在的问题从技术运营、机器设备、法律、财务四个方面进行分析,找到风险点并给出相应的解决方案。最终通过由点到面、由表及里挖掘出该项目隐藏的巨大风险。第六章对研究问题进行总结,提出论文结论和建议。
[Abstract]:Some of the risks of M & A come from the market, and some of them are from the acquired enterprises. Transnational M & A is faced with risks that have not been faced when they operate in their own countries because of their cultural, geographical and institutional differences. Only if enterprises have strong risk awareness and be able to control and manage M & A risks can they obtain the maximum profit at the lowest cost. The use of landfill gas for power generation is a renewable energy source, and the government at home and abroad encourages its development and utilization. Therefore, the industry attracts many investors, including private enterprises. However, Chinese enterprises not only face politics, culture, but also go abroad. Integration risks also face little-known leachate treatments, payment rebates, religious beliefs and social responsibility of listed companies. According to Colney Company, a famous American enterprise management organization, only 20% of cross-border M & A can realize the original idea and 80% of M & A will fail in the world. Therefore, cross-border M & A should be considered in an all-round way, within the limits of its capacity. Based on the real case of Indonesia, this paper analyzes the risks encountered in cross-border M & A by using general M & A theory, risk management theory, SWOT analysis, sensitivity analysis and so on. The first chapter introduces the research issues and framework, related theories and documents review, M & A motivation, lay a foundation for the following research. The second chapter introduces the current situation and trend of landfill gas power generation, which makes readers understand the environmental protection and solid waste industry, and has a certain understanding of the special risks of environmental protection projects studied in this paper. The third chapter mainly selects several typical transnational merger cases to analyze and summarize, in order to obtain inspiration to this merger and avoid loss. Chapter four analyzes the investment environment of Indonesia by SWOT, and finds the opportunity and challenge to invest in NOEI. The fifth chapter is the focus of this paper. Firstly, the status quo of M & A project is described as a whole, and then the problems of the project itself are analyzed from four aspects: technical operation, machinery and equipment, law and finance through the results of due diligence team inspection. Identify risk points and provide solutions. Finally, through point-to-face, from surface to inside mining the project hidden huge risks. The sixth chapter summarizes the research problems and puts forward the conclusions and suggestions.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F299.24

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