【作者】 王磊；

【导师】 李晓；

【作者基本信息】 吉林大学 ， 国际商务硕士（专业学位）， 2018， 硕士

【摘要】 经济全球化背景下,中国企业“走出去”意愿高涨。海外并购作为“走出去”的重要方式之一,近年来我国企业海外并购的数目或是金额都呈现明显上涨态势。然而在这一片欣欣向荣的背景下,中国企业海外并购中“中国溢价”现象却频频出现。“中国溢价”即是我国企业在海外并购中所付出的并购价格远高出被并购企业的市场价格,超出市场价格的部分即为“中国溢价”。“中国溢价”现象在我国资源类企业海外并购中体现的尤为明显,本文即是通过对中国资源类企业海外并购中的“中国溢价”现象进行研究,希望能够发现导致“中国溢价”出现的因素,并尝试给出相关的政策与企业建议。本文通过对中国资源类企业海外并购历程加以总结归纳,整理出资源类企业海外并购的特点,并在此基础上理解“中国溢价”现象。通过对“中海油并购尼克森”和“中铝并购力拓”两个典型资源类企业并购中的“中国溢价”案例加以分析,深刻剖析“中国溢价”对并购的影响。通过以上研究,我们给出导致资源类企业海外并购中“中国溢价”现象频发的可能的几点原因:1)资源类企业由于本身多为国企或央企且并购标的多为能源、矿产资源等不可再生的敏感资源,故资源类企业海外并购易受到政治因素的影响;2)并购企业在发出并购要约前对被并购企业了解不足;3)并购双方意识形态不同导致信任度不足、互相提防也是导致“中国溢价”现象频发的重要因素。在了解导致“中国溢价”现象出现的原因之后,我们也尝试着给出了相应的有助于企业降低溢价率的建议:1)通过合适方式尽量避免政府因素对并购的干扰;2)通过市场调研等方式,采取合适的模型准确的对被并购企业做出估值,设立合理的竞价区间,并在竞价过程严格执行,防止过度溢价;3)资源类企业需丰富海外并购经验、提升相关能力。更多还原

【Abstract】 Under the background of economic globalization,Chinese companies’ willingness to “go global” has skyrocketed.Overseas mergers and acquisitions are one of the important ways to “go global”.In recent years,the number and amount of overseas mergers and acquisitions by Chinese companies has apparently risen.However,under the background of prosperity,the "Chinese premium" phenomenon of Chinese companies’ overseas mergers and acquisitions has frequently appeared."China premium" means that the price of mergers and acquisitions made by Chinese companies in overseas mergers and acquisitions is far higher than the market price of the merged companies.The part that exceeds the market price is "China premium." The phenomenon of “China premium” is particularly evident in the overseas mergers and acquisitions of resource companies in China.This article examines the phenomenon of “Chinese premium” in overseas mergers and acquisitions of Chinese resource companies and hopes to find out the factors that lead to the emergence of “China premium”,and try to give relevant policy recommendations.This article summarizes the overseas merger and acquisition process of Chinese resource companies and summarizes the characteristics of overseas mergers and acquisitions of resource companies,and on this basis,understands the phenomenon of “China premium”.Through the analysis of the case of “CNPC acquired Nexen” and “CHALCO acquired Rio Tinto”,the effect of “China Premium” on mergers and acquisitions was deeply analyzed.Through the above research,we have given the following reasons for the frequent occurrence of “Chinese premium” phenomenon in overseas mergers and acquisitions of resource companies: 1)Due to resource companies are mostly state-owned enterprises,and targets are mostly Non-renewable sensitive resources like energy,mineral resources,so overseas mergers and acquisitions of resource companies are always affected by political factors;2)Resource companies have insufficient knowledge of acquired companies before issuing merger and acquisition offers;3)Differences in ideology between both parties resulting in insufficient trust and mutual caution are also important factors leading to the frequent occurrence of “China premium” phenomenon.After understanding the causes of the “China Premium” phenomenon,we have also tried to give corresponding recommendations which could help companies to reduce the premium rate : 1)Try to avoid the interference of government factors on mergers and acquisitions;2)Adopt appropriate model to accurately estimate the value of the acquired company,establish a reasonable bidding range,and strictly enforce the bidding range to prevent excessive premium;3)To increase the overseas M&A experience and related capabilities of resource companies.更多还原