东道国政治风险对中国资源型企业跨国并购影响
发布时间：2018-07-14 15:06
【摘要】：随着全球化的不断推进,国际资本流动和企业之间的跨境合作越来越多,跨境并购也有了较快增长。自20世纪90年代以来,随着企业自身规模和国际合作的不断增加,跨国企业也越来越多,在融资成本较低、企业盈利增速放缓的环境下,未来全球并购有望快速增长。根据联合国贸易和发展会议历年发布的《世界投资报告》,1987年全球跨国并购金额为973.1亿美元,2012年则达到了1.1万亿美元,增长了约10.3倍。中国跨境并购也出现快速增长趋势,近十年来中国跨境并购交易数量达到3066宗,累计披露的并购规模达到6665亿美元。其中,2014年的涉数金额最高,几乎是自08年以来发展最好的一年,全球关于并购活动的数据也显示涉数金额整整比13年高了近半成比例。随着各国新政策以及法律法规等的不断完善,未来全球化的并购浪潮也必将达到一个新的发展阶段。在中国经济持续快速发展、工业化与城镇化推进不断加快背景下,我国对各种能源资源的需求将不断增加。根据BP公司发布的((2030世界能源展望》,中国和印度最为世界两个人口大国,在即将到来的2030年,其各自对资源的需求程度将会比其他国家都更为迫切。其中2012年中国一次性能源消费量为27.35亿,2014年则达到38.9亿吨,增长约为42.23%,而同期中国GDP增长率为19.170%,在未来能源供应段的不足将会限制中国经济发展。中国能源资源储藏相对短缺,但是能源生产能力相对过剩,拉美等国家能源资源储藏相对丰富,但由于投资缺乏、技术不够而生产能力相对不足。产业发展状况的互补性差异以及能源资源禀赋的不同促进了中国与国外企业跨境合作的热潮。自2003年以来,我国的对外资本大多集中在与资源相关的领域,这与我国近些年来的经济政策有很大的关系。在多重有利因素的影响下,我国在全球范围内的投资活动也越来越频繁。这其中,又以资源投资领域最为活跃。据有关数据显示,直至2013年年底,我国海外资本中就有将近五分之一的数额流向了资源投资领域。但是,这背后也隐藏着种种危机。资源投资领域的变数很大,资源的价格常常和各国的政治息息相关,很多细微且不确定的因素都会大大影响到最后资源的交易价格。正是由于诸多环境的影响,资源投资领域需要中国投资者面对更多的挑战。最近10年,资源型行业的海外并购也出现了很多失败案例,如2005年中海油在美国议会干扰下未能完成对优尼科的收购,2009年中铝以195亿美元收购力拓告吹,2011年中国神华竞购蒙古国煤田一波三折,中海油和中铝等公司在这些并购案中也损失惨重,因此在这样的背景下,研究中国资源型企业海外并购成功率与东道国的政治环境之间的联系是必不可少的,同时也是跨国企业在新的海外投资活动中需要十分注意的地方。该文由五个部分组成,其中绪论是对该文的一个整体大概的介绍和简单总结,方便了解全文的脉络和中心,第二部分是该文涉及到的理论介绍,帮助理解后面的内容。理论部分梳理了发达和发展中国家有关跨国并购的理论,文献综述部分则从国内外视角详细描述当前对于跨国并购的研究现状。第三部分首先介绍了资源型企业海外并购政治风险概念,然后详细叙述了当前我国资源型企业跨国并购呈现的特点,最后介绍了跨国并购中政治风险的影响机理。第四部分是本文的实证部分,本文在实证方面选取了资源较为丰富国家以及代表性案例进行研究,并且选取了对外开放度与自然资源丰裕程度两个控制性变量,更加符合资源型企业海外并购特点,让实证研究更加全面和具有研究价值。本文通过在控制变量基础上,分析一系列与政治风险相关的指标从而识别出这些指标对中国资源型企业海外并购成功率的影响。通过实证和深入的研究,可以发现东道国的政治环境稳定与否对海外投资活动的影响十分明显,越不稳定的政治环境反而越便于企业海外并购的成功。与此同时,东道国对外来文化的接受能力也直接影响到了企业在海外业务的发展速度,甚至如果该国对外来文化较为排斥,收购活动都会受到影响。最后经过对一系列海外并购的因素的探讨,深入分析海外并购中面临的问题和风险,并为我国企业的海外投资活动提供相关建设性建议。第五部分为政策建议,希望能够对中国资源型企业跨国并购中政治风险分析与策略制定提供一些具有价值的建议,为更多的中国资源型企业走出去提供理论及经验支持。
[Abstract]:With the continuous progress of globalization, more and more international capital flows and cross-border cooperation between enterprises and cross-border mergers and acquisitions have also increased rapidly. Since 1990s, with the increase of enterprises' own scale and international cooperation, more and more transnational enterprises are also under the environment that the cost of financing is low and the growth rate of enterprises is slowing down. Global mergers and acquisitions are expected to grow rapidly. According to the world investment report published over the years of the United Nations Conference on Trade and development, global cross-border M & A is $97 billion 310 million in 1987 and 1 trillion and 100 billion dollars in 2012, up about 10.3 times. China's cross-border M & A also has a rapid growth trend, and the number of cross-border M & A transactions in China in the last ten years 3066, the cumulative amount of mergers and acquisitions reached $666 billion 500 million. Of which, the 2014 was the highest, almost the best year of development in 08 years. The global data on M & A activities also showed that the amount involved was nearly half as high as 13 years. With the continuous improvement of new policies and laws and regulations, the future whole In the context of the continuous rapid development of China's economy and the rapid development of industrialization and urbanization, China's demand for all kinds of energy resources will continue to increase. According to BP (2030 world energy outlook >, China and India are the two most populous countries in the world, at the moment. " In 2030, the demand for resources will be more urgent than other countries. In 2012, China's one-time energy consumption in 2012 is 2 billion 735 million, and in 2014 it will reach 38.9 billion tons, up to 42.23%, while China's GDP growth rate is 19.170% in the same period. China's economic development will be limited in the future. The storage of energy resources is relatively short, but the energy production capacity is relatively surplus, and the energy resources in Latin America are relatively rich, but the lack of investment and lack of technology and relatively inadequate production capacity. The differences in the complementary nature of the industrial development and the difference of energy resources have promoted the cross-border cooperation between China and foreign enterprises. Since 2003, China's foreign capital is mostly concentrated in the areas related to resources, which has a great relationship with China's economic policy in recent years. Under the influence of multiple favorable factors, our country's investment activities around the world are becoming more and more frequent. Until the end of 2013, nearly 1/5 of China's overseas capital flows into the field of resource investment. However, there are various crises behind it. There are many variables in the field of resource investment, the price of resources is often closely related to the politics of countries, and many subtle and uncertain factors will greatly affect the final resources. Trading prices. It is the impact of a number of environments that require Chinese investors to face more challenges. In the last 10 years, there have been many failures in overseas mergers and acquisitions in the resource-based industries, such as the failure to complete the acquisition of Unocal by CNOOC in 2005 and the acquisition of Rio by 19 billion 500 million US dollars in 2009. In 2011, China Shenhua bid for the Mongolia coal field, and CNOOC and CNOOC and other companies have suffered heavy losses. Therefore, in this context, it is essential to study the relationship between the success rate of Chinese resource enterprises and the host country's political environment. This article consists of five parts. The article is composed of five parts. The introduction is a general introduction and a brief summary of the article. It is convenient to understand the context and center of the full text. The second part is the theoretical introduction involved in this article to help understand the content behind it. The theoretical part combed the developed and developing China. In the third part, the author first introduces the concept of the political risk of overseas merger and acquisition in resource based enterprises, and then describes the characteristics of the present transnational mergers and acquisitions in China's resource-based enterprises, and finally introduces the transnational merger and acquisition. The fourth part is the empirical part of this article. In this paper, we choose the more abundant countries and representative cases in the empirical study, and select two control variables of the degree of openness and the abundance of natural resources, which are more consistent with the characteristics of the overseas merger and acquisition of the resource-based enterprises, and make the empirical research more On the basis of control variables, this paper analyzes a series of indicators related to political risks to identify the impact of these indicators on the success rate of overseas mergers and acquisitions in China's resource-based enterprises. Through empirical and in-depth research, it can be found that the political environment of the host country is stable or not for overseas investment activities. It is obvious that the more unstable political environment is more convenient for the enterprise to succeed overseas. At the same time, the host country's ability to accept foreign culture has a direct impact on the development speed of the business in the overseas business. Even if the country is more alien to the foreign culture, the acquisition activity will be affected. The study of the factors of overseas mergers and acquisitions, in-depth analysis of the problems and risks faced by overseas mergers and acquisitions, and provide constructive suggestions for the overseas investment activities of Chinese enterprises. The fifth part is the policy proposal, hoping to provide some valuable suggestions for the political risk analysis and strategy formulation in the transnational merger and acquisition of Chinese resource enterprises. To provide theoretical and empirical support for more Chinese resource-based enterprises to go out.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F279.2;D0
[Abstract]:With the continuous progress of globalization, more and more international capital flows and cross-border cooperation between enterprises and cross-border mergers and acquisitions have also increased rapidly. Since 1990s, with the increase of enterprises' own scale and international cooperation, more and more transnational enterprises are also under the environment that the cost of financing is low and the growth rate of enterprises is slowing down. Global mergers and acquisitions are expected to grow rapidly. According to the world investment report published over the years of the United Nations Conference on Trade and development, global cross-border M & A is $97 billion 310 million in 1987 and 1 trillion and 100 billion dollars in 2012, up about 10.3 times. China's cross-border M & A also has a rapid growth trend, and the number of cross-border M & A transactions in China in the last ten years 3066, the cumulative amount of mergers and acquisitions reached $666 billion 500 million. Of which, the 2014 was the highest, almost the best year of development in 08 years. The global data on M & A activities also showed that the amount involved was nearly half as high as 13 years. With the continuous improvement of new policies and laws and regulations, the future whole In the context of the continuous rapid development of China's economy and the rapid development of industrialization and urbanization, China's demand for all kinds of energy resources will continue to increase. According to BP (2030 world energy outlook >, China and India are the two most populous countries in the world, at the moment. " In 2030, the demand for resources will be more urgent than other countries. In 2012, China's one-time energy consumption in 2012 is 2 billion 735 million, and in 2014 it will reach 38.9 billion tons, up to 42.23%, while China's GDP growth rate is 19.170% in the same period. China's economic development will be limited in the future. The storage of energy resources is relatively short, but the energy production capacity is relatively surplus, and the energy resources in Latin America are relatively rich, but the lack of investment and lack of technology and relatively inadequate production capacity. The differences in the complementary nature of the industrial development and the difference of energy resources have promoted the cross-border cooperation between China and foreign enterprises. Since 2003, China's foreign capital is mostly concentrated in the areas related to resources, which has a great relationship with China's economic policy in recent years. Under the influence of multiple favorable factors, our country's investment activities around the world are becoming more and more frequent. Until the end of 2013, nearly 1/5 of China's overseas capital flows into the field of resource investment. However, there are various crises behind it. There are many variables in the field of resource investment, the price of resources is often closely related to the politics of countries, and many subtle and uncertain factors will greatly affect the final resources. Trading prices. It is the impact of a number of environments that require Chinese investors to face more challenges. In the last 10 years, there have been many failures in overseas mergers and acquisitions in the resource-based industries, such as the failure to complete the acquisition of Unocal by CNOOC in 2005 and the acquisition of Rio by 19 billion 500 million US dollars in 2009. In 2011, China Shenhua bid for the Mongolia coal field, and CNOOC and CNOOC and other companies have suffered heavy losses. Therefore, in this context, it is essential to study the relationship between the success rate of Chinese resource enterprises and the host country's political environment. This article consists of five parts. The article is composed of five parts. The introduction is a general introduction and a brief summary of the article. It is convenient to understand the context and center of the full text. The second part is the theoretical introduction involved in this article to help understand the content behind it. The theoretical part combed the developed and developing China. In the third part, the author first introduces the concept of the political risk of overseas merger and acquisition in resource based enterprises, and then describes the characteristics of the present transnational mergers and acquisitions in China's resource-based enterprises, and finally introduces the transnational merger and acquisition. The fourth part is the empirical part of this article. In this paper, we choose the more abundant countries and representative cases in the empirical study, and select two control variables of the degree of openness and the abundance of natural resources, which are more consistent with the characteristics of the overseas merger and acquisition of the resource-based enterprises, and make the empirical research more On the basis of control variables, this paper analyzes a series of indicators related to political risks to identify the impact of these indicators on the success rate of overseas mergers and acquisitions in China's resource-based enterprises. Through empirical and in-depth research, it can be found that the political environment of the host country is stable or not for overseas investment activities. It is obvious that the more unstable political environment is more convenient for the enterprise to succeed overseas. At the same time, the host country's ability to accept foreign culture has a direct impact on the development speed of the business in the overseas business. Even if the country is more alien to the foreign culture, the acquisition activity will be affected. The study of the factors of overseas mergers and acquisitions, in-depth analysis of the problems and risks faced by overseas mergers and acquisitions, and provide constructive suggestions for the overseas investment activities of Chinese enterprises. The fifth part is the policy proposal, hoping to provide some valuable suggestions for the political risk analysis and strategy formulation in the transnational merger and acquisition of Chinese resource enterprises. To provide theoretical and empirical support for more Chinese resource-based enterprises to go out.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F279.2;D0
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