民营企业跨国并购中的风险及其防范——以复星国际海外并购为例.docVIP

PAGE PAGE 26 民营企业跨国并购中的风险及其防范 ——以复星国际海外并购为例 摘要：随着“一带一路”战略和“走出去”战略的推广和实施以及各地自贸区的设立，我国跨国并购的数量和规模不断扩大，而由于市场灵活度高、成本控制力强，民营企业逐渐在跨国并购中占据半壁江山。根据清科集团旗下私募通统计，2015年前11个月中国并购市场共完成交易2,526起，较上年同期提高57.0%，其中海外并购210起，同比上升62.3%，占并购总交易量的8.3%，涉及交易金额280.62亿美元。同时在欧洲经济复苏缓慢的背景下，欧洲各国积极推进经济改革，本文案例中，复星国际收购葡萄牙保险集团正是在葡萄牙国有企业改革背景下进行的。 然而，由于企业在并购前常常没有正确认识到所在国与目标国法律、管理、文化、经济市场等方面的差异，对自身的财务状况和经营状况的认识不全，导致对企业在并购时对风险的认识和估计不足。因此据统计，我国企业跨国并购的成功率仅三成，有些企业甚至在失败的并购后陷入经营危机。对于民营企业来说，由于产业政策性约束，资金能力较弱等因素更突出，并购的风险进一步加大。希望通过对民营企业跨国并购风险的分析研究，可以帮助我国民营企业提高跨国并购的质量和成功率。 本文在分析国内外专家学者对跨国并购风险类型及防范措施等研究的基础上，归纳分析我国民营企业在跨国并购过程中可能面临的风险，以及这些风险的应对措施。然后通过分析复星国际海外保险板块的并购案例，分析民营企业在跨国并购各个阶段所可能面临的风险。最后根据案例分析的结论结合我国民营企业的现状，提出相应的防范措施。 关键词：跨国并购并购风险风险防范 Private Enterprises Cross-border MA Risk and Prevention Measure in the case of Fosun International Ltd. Acquire Overseas Insurance Sector Abstract: As the promotion and implementation of Along the way strategy and Going out strategy and the establishment of FTA, the number and scale of cross-border M A continues to expand. Due to the high market flexibility and strong cost control, private enterprises have gradually occupied half of the country in the cross-border mergers and acquisitions. According to Qingke’s statistics: in the first 11 months of 2015, China M A market has completed a total of 2,526 transactions, representing a 57% increase over the same period last year, of which 210 from overseas mergers and acquisitions, an increase of 62.3%, accounting for 8.3% of the total transaction volume, involving the transaction amount $ 28,062 million. Meanwhile in the context of the slow recovery of the European economy, European countries actively promote economic reform. In the case of this paper, Fosun International Ltd. acquired Portugal Insurance Group is in the background of the reform of state-owned enterprises in Portugal. However, since companies often not properly recognize the legal, regulatory, cultural, economic differences between the host country and the target coun