【作者】 蔡卫东；

【导师】 赵进；

【作者基本信息】 江苏大学 ， 管理科学与工程， 2005， 硕士

【摘要】 随着国际生产的扩展和日益深化,外国直接投资(FDI)作为生产国际化的载体日益受到人们的关注和研究。根据投资方式的不同,FDI又可以分为新建投资(Greenfield Investment)和跨国并购(Cross-Border Merger & Acquisition)。在早期的FDI流动中,新建投资是主要的流动方式,但是随着世界经济一体化的深入发展,跨国并购作为一种FDI流动方式,变得越来越重要。 这种变化趋势同样体现在企业的国际化进程中。企业的国际化经营经历了一条从产品出口、原材料进口、技术和许可证贸易到外国直接投资和跨国并购的渐进发展道路。这一进程往往要历经很长时间,已经大大不能适应当前的形势了。随着国际生产的日益深化,本地市场国际化和国际市场本地化的趋势越来越明显。这给跨国并购创造了良好的条件。通过跨国并购,企业能在较短的时间内迅速进入国际市场,获得新的客户、资源、技术以及市场势力。 在总结FDI和企业并购理论的基础上,结合对西方企业及中国企业跨国并购历史的总结和分析,本文探讨了企业进行跨国并购的动因;针对跨国并购中的高风险问题,本文就并购的决策、估价及接管等流程提出了跨国并购的过程控制概念;并就跨国并购中的具体风险、并购后的管理整合以及并购失败后的退出战略进行了详细地分析和讨论。希望本文能对通过跨国并购实施国际化经营的中国企业有所裨益。更多还原

【Abstract】 With the enlargement and deepening of international production, FDI has been paid more and more attention as the way leads to production internationalization. According to the defference of investment mode, FDI can be classified as green field investment and cross-border Merger & Acquisition. In the early FDI flows, green field investment is the dominating way. But with the development of globalization, cross-border Merger & Acquisition has been one of the most importment ways.This trend is also found in the internationalization of Trans-National Corporations (TNCs) . The internationalization of TNCs leads a way from product export, material import, and technology & license trade to FDI and cross-border Merger & Acquisition. This internationalization process requires as much as tens of years or more, so it can not follow with the current situation. With the development of globalization, the internationalization of local market and the localization of international market have been more and more evident. These make a good condition for the development of cross-border Merger & Acquisition. With the cross-border Merger & Acquisition, TNCs can tap into international market; obtain more resources, new customer and new technology; and win market power within a limited time.In summarizing the FDI theory and Merger & Acquisition theory, along with the analyzing of both western and Chinese companies’ Merger & Acquisition history, this dissertation talks over the motivation of cross-border Merger & Acquisition, and, thinks about the high risks of Cross-border Merger & Acquisition, this dissertation also develops a process control concept of cross-border Merger & Acquisition, including decision making, valuation, take over process and so on. This dissertation also dicusses the actual hazards of cross-border Merger & Acquisition, along with the post-merger intergretation and the quit strategy if the Merger & Acquisition is failed. The author hopes that this dissertation can benefit the Chinese enterprises who wish to go internationally with cross-border Merger & Acquisition.更多还原