海外并购——中国企业飞跃发展.docVIP

海外并购——中国企业飞跃发展 　　摘要：本文主要介绍了现状和趋势中国海外并购的现状和趋势。根据宏观经济数据，我们可以找到一个成功的中国海外并购的规律。接着，我们对中国并购进行分类，通过分析海尔和TCL的案例，说明潜在的失败和成功的原因。最后，给出一些建议。 　　关键词：收购兼并 海尔集团 TCL 国际化 　　Abstract： This paper mainly introduces current situation and trend of Chinese overseas MA.According to macroeconomic data ，we can find a law of successful Chinese overseas MA and classify Chinese MAs.Then one successful and failing cases，Haier and TCL，are analysed to illustrate underlying reasons for failure and success.At last，some suggestions for successful MA are given . 　　Key words： Merger and Acquisition Haier Group TCL Internationalization 　　1.Empirical Analysis 　　1.1 Era of Merger and Acquisition for Chinese Business 　　There are mainly three reasons for Chinese Businesses MA.The first is Chinese businesses have accumulated a lot of capitals during the thirty-year reforming and opening development. 　　The second reason is that today global economy situation.Chinese corporations can learn advanced techniques and management from matured corporations 　　The last one is the support of Chinese government policy and the extremely rich Chinese foreign exchange reserves，effectively easing enterprises financing and reducing the risk of enterprises overseas MA. 　　1.2 Classification and Trend of Chinese Overseas MA 　　I define four kinds of Chinese MAs，including Resource MA， Brand MA，Manufacturing MA ，and Service and Finance MA. 　　The Resource MA which enjoys a high rate of success primarily aims at secure access to supplies of critical raw materials. 　　Many manufacturing companies have acquired foreign businesses to gain new markets， to lower the cost and to consolidate large-scale manufacturing， benefiting from its lower capital and operating costs. 　　Nevertheless，the emerging third industry and service industry have no foundation and capability to expand globally by the way of acquisition . 　　1.3 Law of Successful Chinese Overseas MA and Prediction 　　The probability of successful merger and acquisition depends on the