【作者】 江雪晶；

【导师】 范学俊；

【作者基本信息】 华东师范大学 ， 金融学， 2007， 硕士

【摘要】 近年来全球化日益加深,世界经济一体化迅猛发展,科学技术突飞猛进,跨国公司为加强其国际竞争地位和实行全球经营战略,在国际上掀起了一场规模宏大、影响深远的收购与兼并浪潮。各国经济不断相互渗透、相互依存,使得跨国并购浪潮得以形成和发展,进而成为当前世界经济的一个显著特征。作为WTO成员国的中国,对外开放程度日益加深,这意味着中国企业将参与更加激烈的国际竞争。从现在的实际情况来看,中国相对于发达国家,跨国经营尚处初级阶段,投资规模与国外跨国公司相比还不可同日而语。但我国的跨国企业已越来越多,规模也呈扩大之势。目前,中国人民币升值的现实情况已经受到了全世界的关注。随着人民币的升值,以人民币计价的海外资产价格将下降,也就是提高了中国企业的购买力,这可使中国的企业能以更少的代价获得国外企业的资产。人民币汇率上升无疑将促使我国企业对外投资步伐的加快。这种现阶段的热点情况与上世纪80年代的日本有一些相似之处,当时日元的升值大大刺激了日本海外投资的热情,当然也带来一些相应的问题。对我国企业来说,面对目前人民币不断升值的机会,应很好地把握住对外投资的良好机遇,同时也应理性地选择合适的对外投资。与此同时,虽然世界经济逐渐趋于一体化,很多国家为了保护当地的企业往往会设置较多的贸易壁垒和其他屏障,企业通过跨国经营来绕过这些障碍是较好的选择。一般来说,企业可以运用两种基本方式进行海外投资以实现跨国经营,即新建投资和并购投资。然而相比新建企业,并购效率往往较高。如何运用跨国并购理论,并结合我国企业开展对外经营的实际来探讨我国企业的跨国经营,就成为值得我们研究的一个论题。以往的研究多侧重于国外跨国公司对中国企业的兼并与收购,而以中国企业为立足点来分析其对外实施并购活动的还相对比较缺乏。另外,有些论文对中国企业“走出去”的现实基础有较多论述,而结合经济学原理和中国在并购动因上的盲目性问题论述的不多。有鉴于此,本文从处于跨国并购起步阶段的中国企业开展跨国经营的理论和现实依据出发,分析了跨国并购的动因和我国企业的问题,阐释了中国企业应采取的一系列战略选择,并提出了把握机遇,迎接挑战的对策性思考。总体来说,本论文旨在阐述以下几个问题:(1)通过对国内外的背景分析说明目前中国企业跨国经营的时机性和必要性,而跨国并购是实现跨国经营的良好手段。(2)通过对跨国并购动机的经济学原理分析和目前中国企业所遇到问题的阐述说明进行跨国并购的真正动因以及避免盲目性并购的实际问题。(3)分析为实现中国企业海外并购的真正目标在战略上的选择,包括区位与行业的方向选择。(4)通过对中国企业跨国并购的现状分析指出目前两大主体,即企业和政府存在的问题,并提出相关的政策建议。从文章的布局来看,全文共五章,可以分成三大部分。第一部分即第一章绪论,阐述本论文研究背景和现实意义,说明研究思路和论文结构安排,总结本论文的创新和不足。第二部分为一般的背景分析,即论文的第二章,总结和归纳了西方有关跨国购并理论和以及目前国内外代表性研究观点,并对目前国内国外投资环境和背景进行了概括,说明了跨国并购作为对外直接投资主要方式的高效性。第三部分为主要的研究部分,包括了论文的第三章、第四章、第五章,从动因分析、中国企业并购存在的盲目性问题、具体的战略选择问题,从宏观政治微观企业等各个层次,详细分析和研究了中国企业跨国购并的现状和问题,并提出了一定的建议。全文三大部分体现出从一般理论到中国企业跨国购并具体实践,从企业实践中归纳找出可能发挥中国企业相对优势的跨国并购战略选择。更多还原

【Abstract】 With the progress of economic globalization and the rapid advancement of scientific technology, the multi-national companies have been keeping launching large-scale and significant global mergers and acquisitions in recent years in order to strengthen their competence and implement world-wide operational strategies. This trend of global M&A is the consequence of countries’ increasing economic dependency on each other and has already become an obvious feature of current world economy.Since the entry of WTO, China has kept its continuous opening up process in economy, which means Chinese enterprises have to take part in even more fierce market competition internationally. Compared with advanced countries, China’s cross-nation business is still at its infant stage in terms of investment volumes. However, multi-national companies in china are growing in both size and number.Nowadays, the fact of RMB’s rise in value has caught great attention in the world. With the increasing appreciation of RMB, the overseas asset price will decrease for Chinese enterprises, which enables Chinese companies to acquire foreign assets at a lower cost. Undoubtedly, increasing exchange rate of Chinese Yuan will boost overseas investment for Chinese enterprises. The current situation in China is quite similar to that in Japan in 1980’s, when Yen’s appreciation greatly stimulated Japanese investor’s passion and consequently brought corresponding problems as well. Facing good overseas investment opportunities generated by continuous RMB’s rise in value, Chinese companies should grasp at these chances and make rational overseas investment decisions.Despite the trend of economic globalization, many countries have set up trade barriers and other obstacles in order to protect local companies’ interests. It will be wise to skip these barriers by operating cross-nation business. Generally speaking, there are two methods of overseas investment to make cross-border business, namely Greenfield investment and M&A. Compared with Greenfield investment, the efficiency of M&A is usually higher. Obviously, how to apply cross-border M&A theory to discussing the cross-border business based on Chinese companies’ circumstances is a worthwhile topic. Most of the research that has been made focuses on the M&A of Chinese enterprises by foreign MNEs, while limited efforts have been done to analyze Chinese enterprises’ overseas M&A activities. Besides, some papers ponder much on the reality basis of Chinese companies’ overseas actions, while little has been elaborated on their blind motivation of M&A with economics principles. Considering that, the paper starts from cross-nation business theory and the reality basis for Chinese enterprises who are at the initial stage of cross-border M&A, analyzes M&A motivations and current problems with Chinese companies, explains a few strategic options, and provides corresponding thinking on how to grasp at the chances and face up to the challenges.Generally, the paper is aimed to illustrate the following points: (1) explains it is necessary and a good timing for Chinese enterprises to achieve cross-nation operation by cross-border M&A through the background analysis; (2) explains the correct motivation of cross-border M&A by economics principle analysis and gives advice on avoiding blind M&A after introducing problems that Chinese companies come across; (3) gives an analysis of strategic options, including regional and industrial options, in the purpose of achieving successful overseas M&A for Chinese enterprises; (4) points out problems with Chinese enterprises and the government by analyzing current circumstances of overseas M&A, and gives fair suggestions on policies.The paper consists of five chapters, which can be divided into three parts.The first part is the first chapter of overview, which explains the paper’s research background and significance, introduces paper structure, and concludes the innovative arguments and shortcomings.The second part is also the second chapter providing a general background analysis. This chapter introduces the western cross-border M&A theory and world-wide representative points of view, summarizes domestic and overseas investment environment, and explains the high efficiency of cross-border M&A as an important type of foreign direct investment (FDI).The last part is composed of the third, fourth and fifth chapter. It makes detailed analysis and research on current situation and problems with Chinese enterprises’ cross-border M&A in terms of different perspectives ranging from motivation analysis, blindness in M&A for Chinese companies, to specific strategic options, macro politics and micro enterprises. Valuable suggestions are also provided here.The whole three parts not only cover general theories but Chinese enterprises’ actual practice of cross-border M&A as well, from which discloses strategic options of cross-border M&A which are likely to unleash Chinese companies’ comparative advantage.更多还原