论文标题:跨国并购战略研究
The Civil Ability of Market Corner in Futures Trade
论文作者 徐刚
论文导师 刘崇仪,论文学位 硕士,论文专业 国际贸易学
论文单位 西南财经大学,点击次数 153,论文页数 84页File Size760k
2005-04-01论文网 http://www.lw23.com/lunwen_5603582/ 跨国并购动因;风险及效应;“走出去”战略
cross-border Mergers & Acquisitions(M&A) Motive;risk;effect; the“going-out”strategy
一、研究目的及意义 21 世纪经济全球化迅猛发展,跨国并购日趋活跃,各国政府对经济管制日益放宽,市场经济体制在国别领域进一步拓展,全球投资自由化进程进一步深化。以强化市场地位、降低成本、提高效率、优化资源配置为目的的跨国并购已成为全球竞争激烈化的高度体现。跨国并购已取代绿地投资,成为对外直接投资的主要方式。在 20 世纪90 年代后期形成的第五次并购浪潮中,发达国家在并购上形成明显的跨国特征。如今,跨国并购已成为跨国直接投资的主要运作方式,2000 年全球跨国投资超过 1 万亿美元,其中通过并购形式实现的在80%以上。此外,亚洲并购交易额迅速增长。 经济全球化的积极推动,政府政策和法规的变化对企业跨国并购起到了推波助澜的作用。企业出于自身发展的战略思考,以及出于研发费用、税收、利率政策、贸易壁垒等方面的考虑,也热衷于跨国并购。因此,越来越多的跨国公司把并购方式作为进入全球其他市场、扩大竞争优势的一种主要战略。 跨国并购活动,不但改变了传统的国际经济格局,也引起企业经营管理范畴从理论、战略到方法的创新和发展,并被迅速地付诸实践。对跨国并购的研究,成为各国经济学家和企业界关注的焦点。 中国企业的对外跨国并购虽然取得了不少实质性的进展,但尚属初期阶段,面对新形势下的跨国并购浪潮,我国企业显然缺乏必要的理论准备,因此对跨国并购进行深入的研究,对于我国企业正确制定战略和对策,灵活运用跨国并购理论,通过跨国并购方式走出国际化经营之路,具有重要的意义。二、框架结构和主要内容 跨国并购现象是跨国直接投资现象和企业并购现象的结合,其真正成为世界经济中的重要经济现象的时间并不长。在跨国并购中企业本身作为交易标的,因此对跨国并购进行研究时包括了跨国并购的动因,目标企业的价值评估,跨国并购中的风险管理,跨国并购的效应。2本文旨在研究跨国并购的动因,目标企业的价值评估,跨国并购的风险管理,跨国并购的效应,以及面对汹涌的跨国并购浪潮我国企业如何应对并成功进行海外跨国并购。第 1 章跨国并购的含义、发展及特征,首先介绍跨国并购的含义及其与国内并购的关系,接着分析了跨国并购的发展及特征。着重介绍了跨国并购相对于国内并购所不同的特征,并分析了跨国并购的最新的情况。第 2 章跨国并购的动因分析,对目前流行的跨国直接投资理论进行综述,主要包括垄断优势论与市场不完全、内部化理论、国际生产折衷理论、产品生命周期理论、寡占反应理论。在对各种对外直接理论进行综述的基础上,对对外直接投资动因理论进行了思考并获得启示。接着分析了发展中国家跨国直接投资的动因和优势。第 2 节进一步研究了选择跨国并购而不选择绿地投资的原因,主要包括目标公司价值低估、获取财务协同效应、适应国际环境变迁、获得市场势力、取得规模经济性、传递或获取厂商优势、获取速度的经济性。第 3 章探讨了跨国并购中目标公司的价值评估。目标公司的价值评估是跨国并购的重要环节。首先对目标企业的价值评估进行了综述,第 2 节深入研究了目标企业的价值评估的几种主要的方法,包括贴现现金流量法,资产价值基础法,市盈率法以及各种方法中各种参数的确定。第 4 章跨国并购中的风险管理,本章首先分析了跨国并购中的风险,有政治法律风险、产业和产品市场风险、决策风险、金融财务风险、被动并购风险、技术风险、整合风险、信息风险。在第 1 节对跨国并购中的各种主要风险进行分析的基础上,第 2 节对如何降低跨国并购的风险提出了应对之策。第 5 章跨国并购的效应分析,对跨国并购的效应进行了深入的研究。跨国并购具有许多与国内并购不同的效应,对国际经济和其他有关方面产生重要的影响。本章第一节深入研究了跨国并购的效应,包括其正面效应、负面效应及对社会就业所产生的短期和长期效应。第2 节重点从法律制度方面研究了跨国并购与反垄断的问题。3第 6 章我国企业进行跨国并购若干问题的思考,探讨了中国企业进行跨国并购的制约因素;分析了中国企业进行跨国并购实施“走出去”战略的可行性,实施走出去战略是中国发展外向型经济的一个重要的组成部分,是中国企业适应全球化发展的必然要求,进而提出了我国企业进行跨国并购的对策及建议。本文的研究方法体现以下几个特点:(1)纵向考察与横向比较相结合。通过对国际上跨国并购发展历史的考察,认识跨国并购的动因和特征;通过对全球跨国并购浪潮和中国跨国并购的横向比较,总结我国跨国并购的特征与不足。(2)规范研究与实证研究相结合。用跨国并购的一般规律,阐释中国企业跨国并购应遵循的基本规范及国际惯例;从我国实际现状出发,运用实证研究方法探索中国企业跨国并购的特点和发展道路。(3)定性分析和定量分析相结合。除了必要的定性分析,本文充分运用数量经济模型和数据资料来描述有关经济变量间的关系,进一步阐释跨国并购这一经济现象的内在规律。(4)理论研究与对策研究相结合。本文不仅努力对跨国并购基本理论加以阐述和思考,更希望在理论分析基础上,探索可供中国企业跨国并购借鉴与选择的战略对策。
A. Purpose and Significance of Research 21 century, The economic globalization develops fast, transnationalcorporations (TNCs) gradually are active, many countries looseincreasingly controls to the economy, the market economy system furtherexpands, the liberalism progress of world investment turns further anddeeply. In order to enhance the market position, decline low cost, liftefficiency and use excellently the resources, cross-border M&A hasbecome the symbol of competition. It brings about the fifth cross-borderM&A tide within the scope of global, cross-border M&A also has alreadybecome main way of FDI. After 90"s in 20th century, cross-border M&Ahas become the main operation method of foreign directly invest. The cross-border M&A rises because the economicinternationalization and the adjustment of the policies and regulations.Furthermore, in view of the development strategy, consideration of theR&D, taxes, the exchange rate policy, the trade barriers and so on, thecompanies are keen on the cross-border M&A. At present, more and moreTNCs choose the cross-border M&A as the main strategy to enter theworld market and enlarge theirs competitive advantage. The cross-border M&A, not only changes the traditionalinternational economic structure, but also causes innovation anddevelopment of business enterprise management from theories, strategyto method, which is paid the fulfillment quickly. The research ofcross-border M&A becomes the focus of many economists and thebusiness enterprise. The cross-border M&A of chinese business enterprise belongs to theearly stage still. Facing the new situation under of cross-border M&A tide,the preparation on theory is not ready, so the research of cross-borderM&A, for the our country business enterprise to establish strategy andcounter plans, has the important meaning.B. Frame and main contents of research The phenomenon of the cross-border M&A is a combination of FDIand M&A, it is not long since it becomes important economyphenomenon of the world economy .The cross-border M&A regardscompany as object, the research on the cross-border M&A shouldincluded the motives of cross-border M&A, choice and valuation of thetarget company, the risk and the effect of The cross-border M&A. The article includes six chapters. Its frame construction is asfollows: Chapter one of this article studies the definition, the relation ofcross-border M&A and domestic M&A, summarizes the process ofdevelopment and characteristics of the cross-border M&A. Thecross-border M&A has many different characteristics and effects withdomestic M&A. Chapter two introduces the latest theories of the motives of FDI. Itevaluates advantages and limitation of these theories. Then the 2ndsection makes a deep research on the motives of cross-border M&A. Chapter three, following, studies the choice and valuation of targetcompany. The choice and valuation of the target company is importantpart of cross-border M&A. Immediately after, Chapter four of the article analyzes the risk ofcross-border M&A, and how to reduce the risk. Having analyzed thefeatures and risks of the cross-border M&A, this chapter points out thatwe should enhance its management and avoid the possible risks causedby it. Chapter five makes a research about the effect of the cross-borderM&A, including its positive effect, negative effect and short-term andlong-term effect to the employment. The cross-border M&A brings aboutimportant influence on international economic and other partiesconcerned. Then the 2nd section of the chapter discusses the problem ofcross-border M&A and anti-monopolization. Chapter six discusses the limitative factors that the Chinese businessenterprise carries out cross-border M&A; and Analyzes the strategicpossibility of the Chinese business enterprise carries out cross-borderM&A to join the international competition. At last the 3rd section putsforwards some suggestion about chinese enterprise’s cross-border M&A.
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