【作者】 张彦；

【导师】 魏成龙；

【作者基本信息】 河南大学 ， 企业管理， 2007， 硕士

【摘要】 近年来,随着我国经济快速而稳定地发展,我国市场蕴藏的巨大潜力开始显现出来,国际上许多跨国公司纷纷把目光投向我国,跨国公司并购我国企业的速度明显加快,它们的目光更是瞄准了我国国有企业,特别是国有企业中的龙头企业。为此,我国政府有关部门陆续发布了一系列关于外资并购国有企业方面的政策和规定,这些规章制度标志着比较完善的外资并购法律框架基本形成,理顺了外资并购国有企业的渠道。在这样的情况下,对外资并购国有企业的有关问题进行深入地研究就具有了积极的现实意义。本文以外资并购国有企业为研究对象,概括了国内外有关外资并购的研究现状,在借鉴西方有关企业并购动因与效应理论的基础上,对外资并购我国国有企业的动因与经济效应做了详细的分析与研究:从经济、管理、战略三个维度分析了外资方在并购过程中的动因,同时也对国有企业寻找外资并购的动因做了透彻的分析;从宏观和微观两个层面分析了外资并购对我国国有企业产生的正负经济效应,外资并购可以加速国有企业的制度创新、技术创新和市场创新,推进公司治理机制的建立,实现国有企业经营机制的转变,解决国企的资金缺乏问题,同时也减轻了政府的财政负担、盘活资产存量,优化和提升产业结构等,但同时也可能会导致民族品牌消失、国有资产流失、甚至危机国家经济安全等负面影响,必须加以防范。在研究方法上,本文采取了规范分析与实证分析相结合的研究方法,选取了三个典型案例——三星康宁并购赛格三星、德国博西华并购扬子冰箱、凯雷并购徐工。通过对这些案例的实证分析,笔者认为国有企业通过外资并购改善经营状况、引入先进的管理经验和技术是一种很好的途径,但是在外资并购国有企业过程中存在着许多问题,针对这些问题,笔者从宏观和微观两个层面提出了相应的对策和建议。更多还原

【Abstract】 In recent years, with the rapid and stable development of economy, the huge potential that contains in the market of our country has begun to appear.Many international MNC focus their attention on our country, and the speed at which the MNC merge and acquire corporations in our country is obviously faster than before.Their sights concentrate on the State-owned Enterprises, especially cock companies in the State-owned Enterprises .So our government issues a series of policies and provisions about how foreign capitals merge and acquire the State-owned Enterprises in succession. These bylaws indicate that the consummate law frame that foreign capitals merging and acquiring the State-owned Enterprises basically formed, and made its trench orderly. Under this complexion, it has an active and realistic significance that we do research into the issue that foreign capitals merge and acquire the state corporations.This article treats the foreign capital purchasing the State-owned Enterprises as its research aim, gathers up the research actuality of Foreign Capitals’ M&A in native country or abroad .Based on the domino effect theory and the purchase cause using for reference of western companies.This article does detailed analysis and research about the cause and economic domino effect that foreign capital purchases the state corporations:It deeply analyzes foreign capital cause during the period that foreign capital purchases State-owned Enterprises from the point of economy, management and company development stratagem, and at the same time analyzes the cause that the State-owned Enterprises search for foreign capital purchase; It analyzes the positive and negative economic domino effect that foreign capital purchasing the state corporations of our country causes from the macrostructure and microstructure point of view. Foreign Capitals’ M&A can speed up the system innovation, technique innovation, market innovation, improve the foundation of company’s fathering mechanism, achieve the management mechanism’s transformation of the State-owned Enterprises, solve the problems of capital shortage of the State-owned Enterprises, and lighten the finance burden of the government, and optimize and advance industry frame, but at the same time it may lead to the disappearance of nationality breed、the loss of state assets、even lead to the national economic safety crisis ,and must keep them away. In research method this article adopts the methods that combines criterion analysis with demonstration analysis ,and chooses three typical cases, through the demonstration analysis of these cases ,I think it is a good way that the State-owned Enterprises improve the management condition through the Foreign Capitals’ M&A and import the advanced management experience and technology, but there are many problems during the period that Foreign Capitals merge and acquire the State-owned Enterprises.This chapter put forwards some pertinence countermeasure aiming at the problems from the macrostructure and microstructure point of view.更多还原