中国民企海外并购风险的分析与防范.docVIP

中国民企海外并购风险的分析与防范 中 文 摘 要在国际金融危机的冲击下，许多国外企业的资产价值被低估，越来越多的企业包括实力雄厚大型国企和一些野心勃勃的民企都开始了自己的海外并购之旅。本文旨在研究民企海外并购的风险，为其提供建设性意见，力图降低并购过程的风险。文章开头首先提出了民营企业海外并购的研究背景和研究的意义，总结国内外已有的理论综述。通过总结近几年民企海外并购现状，发现民企海外并购特点及存在的问题。以吉利并购沃尔沃这一具有代表性案例进行分析民企海外并购容易出现的主要风险，如财务风险，文化风险及法律风险等。综合民企海外并购特点，并购阶段出现的可能风险提出风险防范建议给企业参考，力图将风险降至最低，使民营企业在海外并购的道路上越走越广。10013 关键词民企 海外并购 并购风险 风险防范 外 文 摘 要 Titleresearch on the risk of transnational Mamp;A risk of Private enterprise Abstract As the international financial crisis happened, many foreign enterprise asset value has been underestimated, so more and more enterprises include the large state-owned enterprises and private ambitious enterprisesbegan his overseas trip. This paper aims to study the risks of the private enterprises overseas duringM amp; A process so that we can provide constructive advice to reduce the risk of M amp; A process . The article first proposed research background and the study significance of the private enterprises overseas and then summed up the theory of domestic and foreign studies. By summarizing the current situation of private enterprises overseas mergers and acquisitions in recent years,we found thatcharacteristics and existing problems during the private enterprises overseas mergers and acquisitions. We put an example of private enterprisesto find the possible risks easily and clearly,such as financial risk, cultural risk and political risk,and so on. Integrated private enterprises overseas mergers and acquisitions M amp; A stage characteristics, and possible risks ,we can make some risk prevention to minimize the risk, so that private enterprises more walk more widely in the overseas M amp; A road . 然而对于海外并购，我国目前处于并购市场发展的初级阶段，对于刚刚起步，既受缺乏经验，又受资金匮乏，并购风险多样，整合困难等因素困扰的民企，其海外并购成功率比较低，海内外一些媒体称近年来我国企业的海外并购行为是ldquo;豪赌rdquo;。并购全过程是一个动态、渐进的过程，而风险就存在于企业从事并购活动的每一步，尤其是对于从事海外并购的企业来说，一个环节稍有不慎就有可能使整个并购活动功败垂成。而民营企业生产规模小，组织结构简单(多以家庭式为主)、法律意识淡薄，管理经验不足等，海外并购风险分析与防范研究往往在战略制订、目标企业选择、市场环境变化、并购法律问题以及并购整合问题中忽略某一方面。任何一方面疏忽都将成为阻碍民企并购成功的绊脚石。因