多元化战略下企业跨国并购动因及风险研究——以万科并购普洛斯为例.docxVIP

A study on the causes and risks of cross-border M A of enterprises under the diversification strategy Abstract：In 2000, the proposal of going out strategy made the wave of cross-border M A of Chinese enterprises go through a climax, and then entered a period of adjustment. However, it is undeniable that cross-border M A is still the main way for enterprises to bypass the investment restrictions and trade barriers of host countries to obtain technical resources, improve competitiveness and quickly enter and occupy other markets. Therefore, there are not a few enterprises in China that take cross-border M A as a strategy to open up new international markets. Since the one belt, one road initiative was put forward in 2013, the pace of internationalization of Chinese enterprises has been accelerating, and the scale of cross-border mergers and acquisitions is expanding rapidly, and the field of mergers and acquisitions is also developing towards diversification. According to the statistics of the Ministry of Commerce of China, the failure rate of cross-border M A is as high as 70%, and the risk is huge. In this case, in order to better avoid risks, Chinese enterprises have taken the consideration of cross-border diversified M A based on the diversified strategic operation of the current market environment. Diversified cross-border M a not only avoids some risks of the common cross-border M A, but also brings some new risks. In order to improve the success rate of M A, enterprises should be more clear about themselves and understand each other. To be clear about oneself means that an enterprise knows why it wants to carry out cross-border diversified M A and what the motivation is; to be clear about the other party means what obstacles and risks the enterprise faces in entering the host country. This paper will focus on the analysis of the driving factors and the risks faced by Chinese enterprises in the process of cross-border diversified M A, taking Vankes