發(fā)布時間：2018-05-30 14:41

  本文選題：跨國并購 + 績效分析��； 參考：《山東師范大學(xué)》2017年碩士論文

【摘要】：在全球企業(yè)都積極參與市場競爭的大環(huán)境下,以跨國并購的投資方式來獲取全球性的競爭優(yōu)勢,已經(jīng)成為了企業(yè)進(jìn)行海外投資有效措施。在經(jīng)濟(jì)全球化以及經(jīng)濟(jì)一體化的不斷深化的大環(huán)境下,跨國公司對外直接投資的模式選擇有了很大的變化,如今跨國并購已經(jīng)成為推動對外投資的主要方式。對于一個企業(yè)來說,想要獲得長遠(yuǎn)的發(fā)展,長期戰(zhàn)略目標(biāo)是一個非常重要的基礎(chǔ),企業(yè)應(yīng)該學(xué)會充分應(yīng)用現(xiàn)有的資源,同時結(jié)合企業(yè)自身的發(fā)展戰(zhàn)略目標(biāo),結(jié)合企業(yè)自身的行業(yè)背景和行業(yè)趨勢。但是由于國際市場競爭格局的復(fù)雜性以及商務(wù)環(huán)境的差異性,這都提高了企業(yè)進(jìn)行跨國并購的難度。企業(yè)一旦踏上跨國并購的征途,就必然會面臨著各種的困難和挫折。近年來,在中國制造2015戰(zhàn)略和一帶一路的背景下,我國境內(nèi)制造業(yè)企業(yè)憑借豐富的資本正在不斷向國外進(jìn)行擴(kuò)展。中國企業(yè)海外并購的浪潮越來越強(qiáng)烈。中國的境內(nèi)企業(yè)尤其民營企業(yè)越來越多的開始加入到了海外并購的浪潮中。數(shù)據(jù)表明,2016年我國境內(nèi)資本海外并購井噴,在2016年前三季度,我國境內(nèi)企業(yè)海外并購金額總數(shù)達(dá)到了近1600億美元。市場普遍認(rèn)為,在“中國制造2025”和一帶一路戰(zhàn)略實施的新形勢下,中國第四次企業(yè)的并購浪潮有望提速,并在廣度和深度上超越前三次。在此背景之下對我國制造業(yè)企業(yè)的跨國并購的績效進(jìn)行研究有利于中國企業(yè)海外并購的不斷發(fā)展,具有重要的理論與現(xiàn)實意義。本文首先界定了跨國并購績效的相關(guān)概念以及對我國制造業(yè)企業(yè)跨國并購的現(xiàn)狀進(jìn)行了詳細(xì)的分析,得出了我國制造業(yè)企業(yè)跨國并購的特征和存在的問題。其次,本文分析了影響跨國并購績效的原因,并在此基礎(chǔ)之上構(gòu)建了跨國并購績效事前評估模型。然后以濰柴動力跨國并購為例,利用了事件研究法以及財務(wù)分析法分別從短期長期兩個角度出發(fā),選用最新的數(shù)據(jù),實證研究了跨國并購事后的績效的變化。最后并結(jié)合我國企業(yè)跨國并購的動因,從企業(yè)的角度以及政府的角度分別對參與跨國并購提出了相應(yīng)對策及建議。
[Abstract]:Under the circumstance that the global enterprises are actively participating in the market competition, it has become an effective measure for enterprises to make overseas investment to obtain the global competitive advantage by the way of transnational M & A investment. Under the environment of economic globalization and deepening economic integration, the mode choice of multinational corporations' foreign direct investment has changed greatly. Nowadays, transnational merger and acquisition has become the main way to promote foreign investment. For an enterprise, in order to achieve long-term development, long-term strategic goal is a very important foundation, enterprises should learn to fully utilize existing resources, and at the same time, combined with their own development strategic objectives. Combined with the enterprise's own industry background and industry trends. However, due to the complexity of international market competition and the difference of business environment, it is more difficult for enterprises to conduct cross-border mergers and acquisitions. Once the enterprise embarks on the journey of cross-border merger and acquisition, it will inevitably face all kinds of difficulties and setbacks. In recent years, under the background of China's 2015 strategy and Belt and Road, domestic manufacturing enterprises are expanding abroad with abundant capital. The wave of overseas mergers and acquisitions of Chinese enterprises is becoming more and more intense. China's domestic enterprises, especially private enterprises, began to join the wave of overseas mergers and acquisitions. China's domestic capital oversea mergers and acquisitions bounced out in 2016, with the total value of overseas mergers and acquisitions reaching nearly $160 billion in the first three quarters of 2016, according to data. The market generally believes that under the new situation of "made in China 2025" and the implementation of Belt and Road strategy, the fourth wave of mergers and acquisitions of Chinese enterprises is expected to accelerate, and surpass the first three times in scope and depth. Under this background, it is beneficial to the development of overseas M & A of Chinese manufacturing enterprises to study the performance of transnational M & A of manufacturing enterprises in China, which has important theoretical and practical significance. This paper first defines the related concepts of the performance of cross-border M & A and analyzes the current situation of cross-border M & A of manufacturing enterprises in China in detail. The characteristics and existing problems of cross-border M & A of manufacturing enterprises in China are obtained. Secondly, this paper analyzes the reasons that affect the performance of cross-border M & A, and builds a pre-evaluation model of the performance of cross-border M & A. Then, taking Weichai Power Cross-border M & A as an example, using the event study method and the financial analysis method respectively from the short-term and long-term perspective, select the latest data, empirical study of the performance changes of cross-border M & A after the event. Finally, combined with the motivation of transnational M & A of Chinese enterprises, the corresponding countermeasures and suggestions are put forward from the angle of enterprise and government respectively.
【學(xué)位授予單位】：山東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F426.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 朱勤;劉W，

本文編號：1955663