【作者】 刘畅；

【导师】 范黎波；

【作者基本信息】 对外经济贸易大学 ， 企业管理（专业学位）， 2015， 硕士

【摘要】 当前,经济全球化日新月异,为了寻求更为广阔的市场、更为优化的资源配置,企业纷纷走出国门,积极向海外开拓。为进一步完善资源结构,加强与国际市场的交流与合作,落实“走出去”国际化战略,海外并购已经变成中国企业获取优势资源的渠道之一。在后金融危机时代下,持续攀升的人民币汇率、疲态的经济发展环境,以及经济全球化下产业结构的大规模调整,均为我国企业的海外并购提供了良好契机。国家电网积极跟随“走出去”的发展浪潮,以实现国家能源长远发展和在世界范围内谋划电网发展为出发点,坚持自主创新,在智能电网、特高压技术和输配电网络等方面攻下了一系列的技术难题,为开拓国际市场夯实了坚实基础。此外,国家电网在海外并购的过程中,丰富而有效的电网运行管理经验得到了充分发挥,提高了当地供电的可靠水平,进一步提升了“国家电网”的品牌知名度,使其“网联天下”发展蓝图的整体格局初现端倪。当海外并购活动风起云涌时,我们在为取得骄人成绩欢欣鼓舞时,也要冷静分析和思考中国企业如何能够在海外并购之路上长远发展。因此,本文对国家电网公司并购葡萄牙国家能源网公司(REN)股份的案例进行分析,从盈利能力、成长能力、营运能力、现金能力和偿债能力等五个角度,尝试构建了具有较强应用价值的财务绩效综合评价体系,用来有效评估该项并购成果。通过研究结果可知,国家电网并购葡萄牙能源网公司股份的行为使其2012年的财务绩效有了明显的增幅,是一次成功的海外并购案例。最后,根据对国家电网海外并购业务的分析与思考,从政府和企业两个层面提出了海外并购战略的优化建议,这一行为不仅能够为完善企业并购理论提供一定的理论参考依据,同时还可以为海外并购业务的更好开展提供实践指导。更多还原

【Abstract】 In the word of accelerated economic globalization, the enterprisesin china are starting to go abroadand actively explore the international market in order to seek more optimized resources. For further optimizing the resource structure, strengthening foreign economic cooperation, implementing the "going out" international strategy,overseas M & A has become a trend for the enterprisesin china to obtain better resources. In the post financial crisis era, the continued appreciation of the RMB exchange rate, the weakness of the world economy and theadjustment of industrial structure has generated unprecedentedopportunitiesfor the Chinese enterprises to start the overseas M & A business.China State Grid Corp has also been evolved in the "going out" tread actively.From a broad view, State Grid takesthe long-term development of national energy and power grid planning, and self-innovationas the primary interest andsolved a series of major technical problems in UHV, smart grid and manufacturing equipment, becoming the leader in the electric power transmission market.All these factors provide strong support for its expansion in the international market. At the same time, the State Grid gives full play to the advanced experience of operation of large power grid management in the "going out" process and improves the local power grid operation level,safe and reliable power supply ability, and the national grid brand visibility,making China State Grid Corp be a "network of the world" blueprint for the development of the overall pattern emerging.We are in the great joys for the achievements when we face the rapid development of the overseas M & A industry, however, we also should keep calm to think and analysis how the enterprises could develop more constantly in the overseas M & A market. Therefore, this paper takes the China State Grid Corp’sacquisition of the Portuguese national energy network shares as an example, and buildsits evaluation of this acquisition on a financial performance evaluation system, which is based on five aspects of profitability, growth ability, operation ability, cash ability and debt paying ability. The evaluation result shows that the acquisition is a successful and makes a great improvement for the State Grid’s financial result in 2012. As a final conclusion, this paper gives advice on the overseas M&A strategy from the government and enterpriseperspective, which provides some certain theory basis as well as some practical guidance for Chinese enterprises to develop in the overseas M& A market.更多还原