我国上市公司跨国并购动因及风险问题研究.docVIP

PAGE PAGE 20 我国上市公司跨国并购动因及风险问题研究 摘要：随着中国经济的快速发展，越来越多的上市公司通过实施跨国并购以拓宽国际市场。通过分析跨国并购迅猛发展的动因，合理地管理与降低相关风险，对提高企业跨国并购的成功率具有重大意义。该问题引起了国内外学者的极度重视，在此背景下，本文首先介绍了文章中需要探讨的理论和现实意义，然后对技术追赶、资源利用和获取、制度匹配与产业升级、市场化进程与地区开发程度和管理者过度自信等引发我国上市公司跨国并购的动因进行整合分析，最后研究我国上市公司跨国并购过程中发现的文化风险、财务风险和违约风险，并进一步提出培养与聘用专门人才、企业评估和谨慎决策、处理文化差异和财务问题等对策建议。 关键词：跨国并购动因风险 The Research on the Motives and Risk Problems in Cross-border Merger and Acquisition for China’s Listed Companies Abstract: With the rapid development of China’s economy, a growing number of listed companies have participated in cross-border merger and acquisition(ma) to expand their international market. It is of great significance to promote the success rate of cross-border ma to analyse motives in rapid development of cross-border ma and manage the related risks rationally. Scholars at home and abroad have laid emphasis on this issue. With this background, first of all, this thesis elaborates its theoretical and practical significance. Then, it analyses motives of cross-border ma, including technology catching, resource utilization and acquisition, institution matching and industries upgradation, commercialization and degree of region opening and excessive confidence of managers. Finally, it discusses cultural, financial, and default risks of cross-border ma, and then proposes relevant solutions, including employment and training of professional staff, enterprise evaluation and decision with prudence, handling culture differences and financial problems. Keywords: Cross-border Merger and Acquisition; Motives; Risks 一、引言 在国际经济合作日益深化的背景下，跨国并购作为企业常见的一种资本输出的方式，在经济全球化的过程中也占据着日益重要的地位。随着我国经济的迅猛发展和“走出去”对外战略的实践下，越来越多的上市公司将跨国并购活动作为提升企业竞争力的一种重要途径，对企业在开拓国际市场、增强自身实力方面都起到了一定的推动作用。 我国上市公司的跨国并购是促进企业自身整体发展和长远规划的重要途径，主要表现在：第一，跨国并购可以使得一国企业以其现有最快的速度进入他国市场，并且依靠当地已经具备的丰富资源优势，较为轻松地扩大市场份额；第二，能用较低的价格得到被并购企业的资产或股权，从而有效降低了企业发展的成本；第三，充分利用经验曲线效应，进一步减少进入新行业的壁垒和竞争压力，实现双赢。 跨国并购在为企业带来优势和机会的同时，也带来了新的风险挑战。随着选择跨国并购的企业数量激增，并购地和并购时间的选择、文化差异的处理、管理人才的选拔、法律问题的解决等都会引起一定程度的风险，都为跨