【作者】 王颖；

【导师】 陈矜；

【作者基本信息】 安徽财经大学 ， 审计硕士（专业学位）， 2018， 硕士

【副题名】以海航为例

【摘要】 随着“十三五”计划的提出,我国经济发展也一直保持着活力,这时企业间的竞争不仅仅是规模,更是创新。企业想要进步,最主要的就是保持创新的活力,这样才能使企业在市场竞争中不被抛弃。企业内部创新需要较高的科研投入,大大增加了企业的成本,因此许多企业选择通过强强联手达到规模效应来增加自身的竞争力。但是随着国内竞争日益激烈,国内企业间的强强联手已经不能满足企业发展的需要,因此,我国企业积极寻求其他高效的发展途径。跨国并购作为一种投资方式,可以使企业迅速获取优质资源,扩大市场占有率,打开国际市场。成功的并购可以扩大企业规模,帮助企业分散经营风险,突破国际贸易壁垒,迅速进入目标企业所在国市场,是一种高效的资本运作方式。在进行跨国并购时,企业会根据自身发展需求选择合适的并购目标,大部分企业为了迅速打入国际市场会优先选择知名企业,也就是位于发达国家的企业,但是在这些国家进行跨国并购时会因为法律风险、文化整合风险等方面的因素而导致并购失败;在优先考虑资源问题时,企业可能更倾向于资源丰富的国家,这些国家处于经济迅速发展的时期,跨国并购可以给他们带来新的经济活力,但是在这些国家并购意味着可能面临政治风险,发展中的资源丰富的国家时常伴随着政局动荡,法律法规不健全等问题。近几年,我国企业跨国并购交易数量持续增长,通过可查询的公告可知,2015年我国企业跨国并购数量达363笔,交易金额为870亿美元,而2016年的跨国并购数量达438笔,同比增长了21%1,交易金额同比增长148%。而在2017年,我国跨国并购数量有了一定幅度的下降,2017年共有400宗跨国并购交易,其中312宗披露了金额2,相对于2016年来说,2017年我国跨国并购交易数量呈理性回归状态,即便如此,与2015年相比,2017年中国企业的跨国并购交易数量仍然处于上升趋势。本文基于对我国企业的跨国并购发展情况,综合在“一带一路”政策提出后我国企业的并购现状,通过对中国企业跨国并购前期准备阶段、并购中的交易期以及并购后的整合期的研究,提出我国企业在跨国并购时可能遇到的风险因素,列出风险清单。在进一步描述我国航空企业并购的现状以及跨国并购中可能出现的风险后,引出海航这个集团,利用海航旗下渤海金控这一公司并购Avolon的案例,分析其在并购过程中可能出现的风险因素,提出风险的应对办法,最后就海航在应对并购过程中产生的风险进行探讨。本文总结了企业在进行跨国并购时可能出现的风险因素,针对航空企业的跨国并购案例,简述其在处理并购风险的经验,并总结出我国企业在跨国并购中应注意的风险点,分析风险管理的对策,希望为以后中国企业的跨国并购提供借鉴意义和作用。更多还原

【Abstract】 With the proposal of the "Thirteenth Five-Year Plan",China’s economic development has also been maintaining its vitality.At this time,the competition among enterprises is not only a scale but also an innovation.The most important thing for enterprises to improve is to maintain the vitality of innovation so that they will not be abandoned in the market competition.Internal innovation in enterprises requires high investment in scientific research,which greatly increases the cost of the enterprise.Therefore,many companies choose to increase their competitiveness through the combination of strength and strength to achieve economies of scale.However,with the increasingly fierce domestic competition,the combination of strengths and strengths among domestic enterprises can no longer meet the needs of the development of enterprises.Therefore,Chinese enterprises actively seek other highly efficient development approaches.Cross-border mergers and acquisitions as a form of investment can enable companies to quickly obtain quality resources,expand market share,and open the international market.Successful mergers and acquisitions can expand the scale of the company,help companies to diversify their business risks,break through barriers to international trade,and quickly enter the markets where the target companies are located.This is an efficient way of capital operation.In cross-border mergers and acquisitions,companies will choose the right M&A target according to their own development needs.Most companies will give priority to well-known companies in order to quickly enter the international market,that is,enterprises in developed countries,but when these countries conduct cross-border mergers and acquisitions Because mergers and acquisitions have failed due to legal risks,cultural integration risks,etc.,enterprises may be more inclined to resource-rich countries when giving priority to resource issues.These countries are in a period of rapid economic development and cross-border mergers and acquisitions can bring them new opportunities.The economic dynamism of the country,but mergers and acquisitions in these countries mean that they may face political risks.Developing resource-rich countries are often accompanied by political turmoil and incomplete laws and regulations.In recent years,the number of cross-border mergers and acquisitions by Chinese companies has continued to grow,and through inquiring public announcements,we can see that the number of cross-border mergers and acquisitions by Chinese companies reached 363 in 2015,and the transaction amount was 87 billion US dollars,while the number of cross-border mergers and acquisitions in 2016 reached 438,a year-on-year increase.It increased by 21% and the transaction amount increased by 148% from the previous year.In 2017,the number of cross-border mergers and acquisitions in China decreased by a certain extent.In 2017,there were 400 cross-border M&A transactions,312 of which disclosed amounts.Compared to 2016,the number of cross-border M&A deals in China returned to a rational state in 2017.Even so,compared to 2015,the number of cross-border M&A transactions by Chinese companies in 2017 is still on the rise.Based on the development of cross-border mergers and acquisitions by Chinese companies,this paper comprehensively summarizes the current status of mergers and acquisitions of Chinese companies after the “One Belt and One Road” policy is put forward,and proposes that China through the preparatory phase of cross-border mergers and acquisitions by Chinese companies,the transaction period in mergers and acquisitions,and the integration period after mergers and acquisitions.The risk factors that companies may encounter when transnational mergers and acquisitions list risks.After further describing the status quo of mergers and acquisitions in China’s aviation industry and possible risks in cross-border mergers and acquisitions,Hainan Airlines Group was used to use Hainan Airlines’ Bohai Group to control the company’s acquisition of Avolon and analyze the risk factors that may arise during the acquisition process.The countermeasures for risk are put forward,and finally the HNA risks in dealing with mergers and acquisitions are discussed.This article summarizes the possible risk factors for cross-border mergers and acquisitions by companies.Based on the successful mergers and acquisitions of aviation companies,this paper briefly describes their experiences in successfully avoiding M&A risks,and summarizes the risk points that Chinese companies should pay attention to in cross-border mergers and acquisitions,and analyzes risks.Management’s countermeasures hope to provide reference for China’s cross-border mergers and acquisitions in the future.更多还原