中国企业跨国并购的策略与风险研究.doc

PAGE 1 中国企业跨国并购的策略与风险研究 摘 要 本文的主要目的是分析中国企业的跨国并购策略和如何控制跨国并购风险，具体研究了中国企业对外直接投资和跨国并购的现状、跨国并购理论的演变，以及在此基础上研究了中国企业在跨国并购中如何进行战略决策、如何将跨国并购理论具体运用于实践（即如何进行跨国并购的策划）及其在跨国并购中会遇到的两个非常重要的问题：跨国并购的资本运作和风险管理。本文主要采用图表对比分析法、例证法、定量和定性相结合等研究方法，其创新之处主要体现在站在中国企业的角度来研究跨国并购问题，构造了引入G1法的模糊风险决策模型，并初步将跨国并购理论运用于中国企业跨国并购的实践，总结分析了中国企业在跨国并购方面存在的各种现实问题，并探索了这些问题的初步解决方法。 关键词：中国企业 跨国并购 策略 风险 ABSTRACT The main objective of this essay is to analyze the cross-border Mergers and Acquisitions strategies of China’s corporations and how they can control the risks existing in the process of their M As. In detail, this essay analyzes the profile of China’s outward FDI and M As, the evolution of cross-border Mergers and Acquisitions theories, on the basis of which this essay analyze how China’s corporations can find a proper cross-border M A strategy, how they can put the theories into effect by a well-designed cross-border M A plan and also two fatal issues encountered during carrying out the plan: making a well-arranged capital plan and controlling the risks. The research methods employed in this essay are comparative analysis of graphs and figures, case-study and the compounding of quantitative and qualitative analysis. The main contribution of this essay includes researching into cross-border Mergers and Acquisitions from the point of view of China’s corporations, establishing the vague risk decision model embodying G1, applying cross-border M As theories to China’s corporations’ M As initially, and trying to find the problems arising from the process of China’s corporations’ M As and then the preliminary solutions to them. Key words: China’s corporations cross-border M As strategy risk 第一章 导论——问题的提出 1.1中国对外直接投资的意义和现状 1.1.1对外直接投资的界定和意义 对外直接投资，或称外国直接投资和国际直接投资，英文可翻译为foreign direct investment，不同的经济组织和经济学家对这个概念的定义有所不同，但基本内涵是相同的，而且大多数统计资料和报告中采用的定义来自于国际货币基金组织（IMF -- International Monetary Fund ）、经济合作与发展组织（OECD--Organization for Economic Co-operation and Development）、欧盟统计署（Eurostat--the S