A民营企业海外并购案例研究

发布时间：2017-12-26 21:48

本文关键词：A民营企业海外并购案例研究　出处：《中国财政科学研究院》2016年硕士论文　论文类型：学位论文

【摘要】：在中国快速发展的经济背景之下,我国企业进行海外并购已经是寻求自我发展的有效方式之一,全球金融危机也为我国企业海外并购创造了各种条件和机遇。随着我国海外并购相关政策相继出台,我国民营企业也依靠其特点在海外并购的浪潮中渐渐崭露头角。我国民营企业目前不仅在海外并购活动中数量上占绝对优势,并购涉及的总金额也十分可观,单笔金额高的并购项目也不断增多,民企海外并购在标的选择上更加宽泛和多元化。对民营企业海外并购案例的研究不仅将有利于民营企业更好的借鉴相关海外并购经验,更好地享受到由海外并购带来的企业规模变大、销售渠道变广、技术水平提升等诸多好处,也有助于我国民营企业更好的对海外并购中可能遇到的各种问题而进行有效识别和防范。A企业作为我国优秀的民营企业之一,此次A企业的海外并购是我国民营企业海外并购活动中比较成功的案例,在A企业海外并购的过程中也出现的一些问题也具有比较明显的民营企业特征。本文通过对A企业此次海外并购的准备阶段、实施阶段以及完成阶段进行全面了解,结合A企业在并购之后的相关表现,了解A企业并购的背景、动因、策略、并购后的整合等具体情况,分析A企业海外并购的案例过程,对A企业此次海外并购的相关经验和问题进行研究。在此次并购后A企业在关键指标改善、技术融合以及品牌打造上都取得了比较好的效果,A企业在海外并购后,实现了主营业务收入的提升、海外市场的拓宽、成本控制的加强、技术水平和品牌价值的提升等多项成果,为我国民营企业海外并购提供了海外并购战略规划、目标公司选择和海外并购前的相关准备等各方面的非常重要的经验。与此同时,在分析整个海外并购过程之后,本文分析了A企业在海外并购中遇到了财务、法律、人才、整合等方面的问题。财务方面,A企业此次海外并购融资过程中充分运用了内部融资和外部融资,在巧妙运用了各方利益联盟的力量顺利完成融资过程的同时也带来了后续项目建设的资金压力,大额的现金支付也给企业带来了相应的偿债压力;法律方面,A企业遇到了监管审批、知识产权、劳动保护等方面的问题;人才方面,A企业遇到了海外并购人才储备不足的问题;在整合方面,A企业遇到了经营整合、技术整合、文化整合等问题。本文就以上出现的问题结合我国民营企业海外并购现状提出了相应的对策和建议。在财务方面,我国相关立法部门应尽快修订和完善现有并购融资的法律法规,放松对民营企业并购融资的管制,不断完善资本市场建设;我国民营企业应该充分利用企业内部资金以缓解其并购融资压力,对融资模式进行创新型设计并充分运用战略联盟的力量,谨慎选择海外并购支付方式。法律方面,我国政府还应继续积极发展相关中介机构的涉外业务,在立法、司法和行政等方面支持保护知识产权;我国民营企业在应该做好目标企业的尽职调查,了解目标企业所在国的劳工文化和劳工法律法规,对所涉及到的相关知识产权进行有效评估。人才方面,民营企业应积极地引进和培养高素质人才,要建立良好的人才激励机制,吸引高层次复合型人才的加入。整合方面,我国民营企业应确保海外并购后目标企业所有企业成员接受和认可企业的短期目标和长期目标,在充分考虑目标企业特点的基础上,结合自身的发展战略制定合理的技术整合战略,并循序渐进地进行文化的整合。虽然此次A企业海外并购的成功有其独特的并购背景,其他企业可能难以进行复制,但是我国民营企业还是可以从这次成功并购中得到以下启示和借鉴:应充分准备,长远规划;应善借外力,防范风险;应循序渐进,取长补短,以成功完成海外并购整个过程。本文以A企业的案例为例,结合民营企业的特点分析A企业在海外并购中的相关成果与问题,具有一定的针对性,可以为我国民营企业在海外并购提供相应的经验。但是本文还有很多片面和不足之处,A企业所在的行业、发展状况、公司规模等各方面都具有其独特性,在研究相关问题的时候无法完全将其特点完全剥离出来进行分析。未来还需要结合民营企业所处相关行业背景、所处的发展阶段、企业自身特点等各方面的因素来对民营企业海外并购中的问题进行更有针对性的研究来指导具体民营企业的海外并购活动。
[Abstract]:Under the background of China's rapid economic development, Chinese enterprises' overseas mergers and acquisitions have been one of the effective ways to seek self development. The global financial crisis has also created various conditions and opportunities for Chinese enterprises to acquire overseas. As China's foreign mergers and acquisitions related policies have been introduced, private enterprises in China have also come to the fore by their characteristics in the wave of overseas mergers and acquisitions. China's private enterprises not only take an absolute advantage in the overseas M & A activities, but also the total amount of M & A involved is also very considerable. The number of M & A projects with high single sum is increasing. The overseas mergers and acquisitions of private enterprises are more extensive and diversified in the choice of targets. Study on private enterprises overseas mergers and acquisitions cases will not only benefit private enterprises better reference to overseas experience in mergers and acquisitions, to enjoy better brought by overseas mergers and acquisitions of larger scale enterprises, sales channels become wide, enhance the level of technology and many other benefits, but also help our national enterprises better on a variety of problems that may be encountered overseas M & A and effective identification and prevention. A enterprises as one of the outstanding private enterprises in China, the overseas acquisitions of A enterprises is a relatively successful case of Chinese private enterprises in overseas M & A activities. Some problems also appeared in the process of A overseas mergers and acquisitions, which also have obvious characteristics of private enterprises. In this paper, through a comprehensive understanding of the preparation stage, the A enterprises overseas mergers and acquisitions implementation phase and completion phase, combined with the performance of A after the acquisition of companies, understand the background, motivation, strategy, mergers and acquisitions A merger integration after the specific circumstances, the case analysis process of overseas mergers and acquisitions of A enterprises, analyzing the related experience A enterprises in the overseas mergers and acquisitions and problems. After the acquisition, A enterprises to improve the key indicator of technology integration and brand building have achieved relatively good results, A enterprises in overseas mergers and acquisitions, to achieve the main business income, improve overseas market to expand, cost control and technical level and strengthen the brand value promotion and many other achievements, provide all aspects of overseas mergers and acquisitions, strategic planning, Target Corp selection and overseas mergers and acquisitions before the preparation of a very important experience for overseas mergers and acquisitions of private enterprises in china. At the same time, after analyzing the whole process of overseas M & A, this paper analyzes the problems of A in overseas mergers and acquisitions, such as finance, law, talent and integration. Financially, the A enterprises overseas mergers and acquisitions in the process of financing to make full use of the internal and external financing, in the clever use of the interests of all parties coalition forces successfully completed the process of financing has also brought the follow-up project construction funding pressures, large sums of cash also brings the corresponding debt pressure; legal aspects, enterprise A encountered problems of regulatory approval, intellectual property rights and labor protection; talent, A enterprises have encountered a shortage of overseas mergers and acquisitions of talent reserve; in terms of integration, A enterprise has encountered operating integration, technology integration, cultural integration and other issues. This paper puts forward the corresponding countermeasures and suggestions on the current situation of the overseas merger and acquisition of private enterprises in China. In the aspect of finance, the relevant legislation department of our country should revise and improve the existing financing laws and regulations as soon as possible, to relax the restrictions on financing of private enterprises, and constantly improve the construction of capital market; China's private enterprises should make full use of internal resources to alleviate the financing pressure on mergers and acquisitions, financing mode of innovative design and make full use of the power of strategic alliance, careful selection of overseas MampA payment. The legal aspects, our government should continue to actively develop intermediary business affairs, support the protection of intellectual property rights in the legislative, judicial and administrative aspects; private enterprises in China should do due diligence of target enterprise, understand the goal of the country where the enterprise labor culture and labor laws and regulations related to intellectual property rights involved the effective evaluation. In terms of talent, private enterprises should actively introduce and cultivate high-quality talents, establish a good talent incentive mechanism and attract high level compound talents to join. The integration of China's private enterprises, all enterprises should ensure that members of overseas mergers and acquisitions after the target enterprise acceptance and approval of enterprise short-term goals and long-term goals, based on the full consideration of the characteristics of the target enterprise, strategic technology integration with its own development strategy to develop a reasonable, and progressive cultural integration. Although the A of overseas mergers and acquisitions business success has its unique background of mergers and acquisitions, other companies may be difficult to replicate, but China's private enterprises still can get the following revelation and reference from the successful merger should be fully prepared, long-term planning should be good by the external force; risk prevention; step by step, learn from each other, to complete successfully the whole process of overseas mergers and acquisitions. Taking A enterprises as an example, combined with the characteristics of private enterprises, this paper analyzes the related achievements and problems of A enterprises in overseas mergers and acquisitions, which has certain pertinence, and can provide some experience for Chinese private enterprises in overseas mergers and acquisitions. But there are still many sidedness and shortcomings in this paper. The industry, development status and company size of A enterprises have their own characteristics. When they are studying related problems, they cannot completely divestiture their features and analyze them. In the future, it is necessary to conduct more targeted research on private enterprises' overseas mergers and acquisitions in order to guide specific overseas mergers and acquisitions activities of private enterprises based on the related industry background, stage of development and characteristics of enterprises.
【学位授予单位】：中国财政科学研究院
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F426.471

【参考文献】