【作者】 吴婷；

【导师】 康灿华；

【作者基本信息】 武汉理工大学 ， 国际贸易学， 2006， 硕士

【摘要】 在世界经济全球化、区域经济一体化的趋势下，跨国公司为加强其国际竞争地位和推行全球经营战略，在全球范围掀起了一场规模宏大、影响深远的并购浪潮，跨国并购作为世界各国对外直接投资的方式之一，逐渐替代了跨国创建而成为了跨国投资的主导方式。受其影响，中国也掀起了一股海外并购浪潮，且并购规模也屡破纪录。然而，目前中国企业对跨国并购的理解、参与程度还远远不够，企业对国际化战略的选择也缺乏充分的准备。中国企业面临的各种宏、微观因素都从某种程度上制约了企业跨国并购的发展。因此，深入研究企业跨国并购理论，以及国内外企业跨国并购的现状与成因，对指导中国企业的国际化经营、全面与世界经济接轨、参与世界竞争，以及中国的经济持续健康发展具有重要作用和现实意义。研究这种新现象，对于正确判断世界经济新动向和未来趋势，对于正在崛起的中国和中国企业来说，籍以合理制定战略和政策具有特殊意义。 这篇文章，在前人研究的FDI和并购理论基础上，运用组合集成研究方法，将理论与实证相结合、宏观与微观相结合，比较分析了国内外企业跨国并购的发展和差异，并结合中国企业的并购案例，分析出中国企业跨国并购中存在的问题，并以此为基础提出了一定的建议。本文共分为五章。第一章，主要说明对中国企业跨国并购行为进行研究的目的和意义，以及国内外对本课题的相关研究情况。第二章，主要内容包括跨国并购的含义，跨国并购的类型。紧接着对跨国并购的理论进行了叙述。第三章，主要分析了跨国并购的实施步骤，以及在并购实施过程中存在的风险，并利用其相关性对几个关键并购风险进行了解释。第四章，分析了世界跨国并购浪潮的历史发展、动因及特点，并在此基础上比较分析了中国企业跨国并购浪潮的特殊动因和特点。第五章，从中国企业跨国并购的成败案例的比较中，来分析中国企业跨国并购行为，以此得出一定的结论和启示，并在此基础上对中国企业实施跨国并购行为提出了宏观和微观两个层面的建议。 总之，论文的主要目的是提醒那些以积极的姿态参与跨国并购的企业，不仅仅要看到它可能会给我们带来的好处，更要冷静的认识到这把“双刃剑”所带来的风险，趋利避害、防患未然。对于实施跨国并购，要加强全系统、全过程规划和管理，掌握和遵守国际规则，注重复合型跨国经营人才的培养，实施多元化跨国并购战略，尽可能地分散和降低投资风险，提高跨国并购成功率。更多还原

【Abstract】 Under the trend of world’s economic globalization, in order to strengthen its international competition position and promote the world management strategy, the multinational company brought about a great Merger & Acquisition wave in the global scope. As one of direct investments towards the other countries, Gross-border Mergers & Acquisitions is becoming a predominant investment instead of Greenfield Inverstment. At the same time, it also brought about an overseas Mergers & Acquisitions wave among the Chinese enterprises. The total amount of the Gross-border Mergers & Acquisitions is increasing continuously and always breaks the records. However, the comprehension and participation of Chinese enterprises in Gross-border Mergers & Acquisitions is not enough currently. The enterprises lack a sufficiency preparation to the choice of international strategic. The micro and macro factors, such as 1) the lower open degree on capital market, 2) the control system of exchange rate, 3) incomplete law system on related aspects, 4) the development stage of Chinese enterprises, have restrict the development of Chinese enterprises’ Gross-border Mergers & Acquisitions. Therefore, a certain degree’s study on Gross-border Mergers & Acquisitions refers to related theories, development, reasons and status in quo is necessary to the guidance of internationalized management of Chinese enterprises, participating the world’s competition and also the healthy and sequential development of China’s economy. And the study on the phenomenon of Gross-border Mergers & Acquisitions has particular meanings to judge new trend of world’s economy for Chinese enterprises.This paper had adopted combinatorial methods to analyze phenomenon of Gross-border Mergers & Acquisitions in home and abroad on the basic of FDI and M&A theories, such as the combination of theory and demonstration, the combination of micro and macro phenomenon. The paper is divided into five parts. The main content in Chapter 1 is the purpose and meanings of this study and the related research circumstances in home and abroad. Chapter 2 is in order to make a foreshadowing for the following parts. The contents conclude the definitions, category and related theories of Gross-border Mergers & Acquisitions. Chapter 3 had mainly analyzed the process of Gross-border Mergers & Acquisitions and the key risks in the process. In Chapter 4, the main content is about the historical development of Gross-border Mergers & Acquisitions in China and the whole world and its special reasons and更多还原