中国企业海外并购绩效研究----基于吉利收购沃尔沃轿车公司全部股权案例.docVIP

PAGE PAGE 31 中国企业海外并购绩效研究基于吉利收购沃尔沃轿车公司全部股权案例 摘要： 随着经济全球化和中国经济的崛起，中国企业海外并购案例越来越多，但是中国企业海外并购的效果却不尽人意，基于具体案例的并购绩效的研究能够有效的分析并购的绩效效果并找到原因。本文主要对海外并购的基本概念以及并购动因理论和并购绩效方面的研究进行归纳。本文将以浙江吉利控股集团收购福特旗下沃尔沃轿车公司案例为分析对象，采用事件研究法和会计指标法等方式研究其收购效果,希望为中国企业进行海外并购时，提供理论支持、实践参考和经验借鉴。 关键词：海外并购；并购绩效；案例分析；吉利；沃尔沃 The performance study of Chinese enterprises’ overseas mergers and acquisitions based on the equity case about Geely purchasing Volvo Car Corporation Abstract: With the development of economic globalization and rise of Chinas economy, the case of Chinese enterprises’ overseas mergers and acquisitions become more and more. But the effect of Chinese enterprises’ overseas mergers and acquisitions does not make people satisfied. Based on the performance research of Specific case of mergers and acquisitions can effectively analyze performance effect and find out the reason. At the same time, Chinas auto market has reached the level of monthly product millions of cars and it becomes the worlds largest auto market. However, the market share of domestic brands is very low. Most of the profits are earned by Volkswagen, Generic, Toyota and other international companies. This article will take Zhejiang Geely holding group purchases fords Volvo car company case as the analysis object. I adopt event study method and the way of accounting index method etc to research its acquisition effect. By the research, I hope it can provide theoretical support; practical reference and experience for reference when Chinese enterprises overseas mergers and acquisitions. Keywords: Overseas mergers and acquisitions；Mergers and acquisitions performance；Case analysis；Geely；Volvo 一、引言 （一）研究背景 随着改革开放的深入，中国的经济实力越来越强，中国的企业也逐渐在国际舞台上崭露头角。中国企业在开始进入国际市场的同时，也在不断收购海外的企业。在经济全球化的背景下，企业国际化的浪潮席卷全球，中国企业也积极参与全球化，加速拓展国外市场。跨国并购是拓展国外市场的方法之一，收购现有的国外企业，能够迅速利用其市场渠道，获取其专利技术等资源，让母公司迅速了解海外市场并制定相应策略。2013年度整个中国的并购市场共完成了1,232起并购项目的交易，其中已经披露金额的并购案例有1,145起共涉及金额932.03亿美元。从图一中我们可以看出中国企业从2007年到2013年海外并购项目总数是震荡上升的，07到10年还在30到50这个数量级，到了11年开始骤然增加到