论外国资本对中国企业的并购

【作者】 刘尧；

【导师】 熊小奇；

【作者基本信息】 安徽大学 ， 国际贸易， 2003， 硕士

【摘要】 自改革开放以来，我国一直将引进外资作为发展中国企业的一条重要途经。但作为国际对外直接投资的最重要部分，外国并购资本在中国还远未得到充分利用。 本文通篇以外资对中国企业的并购为主线，详尽地分析了外国并购资本进入的可能、方式和途径等，并通过辩证地分析外国资本并购中国企业的利与弊，推出本文的结论——积极营造中国的外资并购市场，借助外资并购的力量，促进中国企业迅猛发展。 本文共分三个部分。 第一部分主要是对外资并购的背景和动因进行分析。其中以美国的并购史为例，阐述了全球并购态势及发展，并结合对当代跨国并购的理论分析和对中国企业引进外国并购资本现状及动因的探讨，为中国企业利用外国并购资本谋求发展提供理论上的支持和实践中的借鉴与指导。 第二部分在第一部分理论的基础上，详细地区分了外资并购方并购的动因，对不同动因的外资并购者进入中国市场的方式和模式进行分析，从而有利于中国企业根据自身的需要，对潜在和现实的外资并购者加以区分和利用。 第三部分采用了严密的逻辑分析方法，从现阶段中国企业利用外国并购资本的必要性入手，针对进入中国的并购资本对中国经济、社会的影响，重点讨论了中国企业利用外资并购谋求快速发展的可行性，及利用外资并购所需注意的现实问题，从而推出了本文的结论篇第十节，积极营造中国企业利用外资并购谋求发展的有利环境。更多还原

【Abstract】 Since China’s reforming and opening to other countries, introducing foreign capital is always an important way of developing our enterprises. However, as a significant part of FDI, the capital of M&A is not completely utilized by Chinese.This thesis concentrates on the main idea that foreign capital merges and acquires Chinese enterprises. It analyzes the probability, the pattern and the channel of inflow of foreign capital for M&A, and through dialectically analyzing advantages and disadvantages of M&A, conies to the conclusion that we should actively cultivate the market of M&A in China, and draw support from foreign capital for M&A to motivate the rapid development of Chinese enterprises.The framework of this thesis is following:Part one: analyzing the main motive and the backgrounds of international M&A, expounding the trends of it through taking the American history of M&A as an example, and the explorations of international M&A theories provide the basis for utilizations of foreign M&A capital to develop the Chinese.Part two: differentiating in details the various motives and patterns of which foreign capitals of M&A enters Chinese market, and pointing out it is necessary for Chinese enterprise to differentiate potential and present foreign capital of M&A according to its own needs.Part three: assuming logical analysis methods, starting with the necessity for Chinese enterprises to utilize foreign capital of M&A, considering the effects of M&A capital to economy and society of China, putting emphasis on the flexibility for Chinese enterprises to develop impetuously with using foreign capital of M&A, and some present problems in utilizing M&A capital. Then coming to the conclusion of this essay: chapter ten, which discussing how to construct advantageous environment for Chinese enterprises to develop with using foreign capital of M&A.更多还原