中国企业海外并购投资和策略研究.pdf

Abstract Abstract This paper is centered on Chinese enterprises’ overseas MA mergers and acquisitions and strategies. It includes seven chapters as follows: 1 introduction 2 theories of overseas MA 3 the development, advantages and disadvantages of overseas MA in China 4 the specific strategies for Chinese enterprises to undertake overseas MA 5 policy suggestions 6 case study 7 conclusion. With the rapid development of world economy globalization and the interdependence of different countries since 1990s, overseas MA has been of great importance and become the dynamo of international investment. And China’s entry into WTO means deeper open-up and fiercer competition. However, companies in China lag far behind their European and American counterparts as to overseas operation experiences and investment scales. Therefore, it is highly worthwhile to make research on overseas MA for companies in China and strategies according to overseas MA theories and their overseas MA situation. Because of the scarce research on overseas MA for companies in China, this paper focuses on Chinese enterprises and makes thorough analysis of their overseas MA including the development, advantages and disadvantages, strategies and policy suggestions. Key Words : Overseas MA, Motivations, Strategies and Policy Suggestions - VI - 第一章 绪论 第一章 绪论 第一节 研究中国企业海外并购的背景与重点 一 研究的背景 随着经济全球化的发展和中国加入WTO 中国经济与世界经济联系日益紧 密 中国海外投资发展得如火如荼 据商务部统计 1996 年 我国企业海外投 资不足1 亿美元 2001 年却猛增至7.85 亿美元 发展速度可谓惊人 而并购作 为一种重要的海外投资方式 也越来越受世人瞩目 许多企业已纷纷投入到海外 1 并购 的浪潮之中 如浙江万向集团 TCL 集团 京东方 中国网通 华立集团 中海油等 他们成为我国 走出去 战略中一支重要力量 中国加入WTO 是一个契机 更是实现中华民族复兴的伟大转折点 它使中 国登上一个新平台 在WTO 背景下 如果中国企业不通过并购尽快发展自己 就难免 人为刀俎 我为鱼肉 然而 中国企业海外并购相对于西方国家已经 发展了百余年的并购活动而言 起步较晚 许多理论和实践问题亟待解决 如中 国企业能否进行海外并购 并购过程中具有什么优势和什么劣势 在海外并购过 程中 应采用什么策略 以发挥自身优势 扬长避短 政府应该如何进行扶持等 目前国内外学者主要侧重于研究全球并购的