中国国企跨国并购所面临的挑战和对策研究.pdf

Challenges and Countermeasures in SOE transnational MA -- Study on” Sino Steel MA Australian Midwest Steel” Abstract This paper attempts to proceed with an analysis of the motives of Chinas state-owned enterprises’ overseas transnational MA, the successful overseas acquisition process. Through the introduction of specific cases Sino-Steel Group merge Australia MIDWEST analysis ,author attempts to study complex acquisition situation, challenges Chinese enterprises encountered in overseas acquisitions, and how to react them flexibly. Here, the author gives her thoughts and suggestion. Research Background: Chinas MA market is booming while the global MA market come into downturn, which has become one of the bright spots in the world layout. Chinas domestic enterprises have stepped out of the nation, such as CNOOC, CNPC, Baosteel, CITIC, Huaneng, and many enterprises under the central-owned enterprises such as Huawei, ZTE, Geely, All these enterprise called on and stressed the importance of going out, which seemingly accelerated the internationalization of Chinese enterprises pace. But Transnational mergers is an extremely complex and complicated process. Chinese companies overseas acquisitions is a relatively new expansion strategy, they lack of relevant experiences. Frequent failure become a must result. Research Methods: This paper focus on the case Sino-Steel MA MIDWEST, analysis of merger situation, causes, valuation, problems met by Chinas SOEs and also in-depth analysis of how to deal with Japan and South Korea ‘s the pincer attack from a hostile takeover and how to tackle complex international situation and strive for the biggest advantage in the acquisition deals. KEY WORDS: SOE, Transnational MA, Sino－Steel, MIDWEST, C