我國企業(yè)跨國并購的問題及對策研究

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【摘要】跨國并購是對外直接投資的一種主要形式，已經(jīng)成為跨國企業(yè)實施全球經(jīng)營戰(zhàn)略的一種重要方式。隨著跨國并購浪潮在世界范圍內(nèi)一浪又一浪地掀起，它的重要性也在日益增強(qiáng)，它不僅改變了一些舊的經(jīng)濟(jì)規(guī)則，同時也對21世紀(jì)的世界經(jīng)濟(jì)格局和國際經(jīng)濟(jì)秩序產(chǎn)生著重大影響。因此，深入研究理解跨國并購理論，結(jié)合我國企業(yè)跨國并購的實踐，對并購中存在的問題進(jìn)行認(rèn)真研究，進(jìn)而提出解決問題的對策，具有重要的現(xiàn)實意義。本文分為五個章節(jié)進(jìn)行闡述。首先闡述了跨國并購的基本理論，接著分析了中國企業(yè)跨國并購的歷史背景和發(fā)展現(xiàn)狀，中國企業(yè)海外并購的特點。在闡述中國企業(yè)跨國并購面臨的問題和挑戰(zhàn)時，本文重點從政策法規(guī)欠缺、企業(yè)自身條件的限制、企業(yè)制定目標(biāo)時缺乏的長遠(yuǎn)考慮和企業(yè)跨國并購融資困難這四個方面進(jìn)行了分析。在第四部分，采用了實證來分析跨國并購的問題。最后對中國企業(yè)跨國并購提出了切實可行的建議，以期為中國企業(yè)實行跨國并購提供參考依據(jù)。
【關(guān)鍵詞】跨國并購 現(xiàn)狀 問題 對策


The Problems and Countermeasures in Transnational Merger and Acquisition of Our Country’s Enterprise

[ABSTRACT] As a means of direct investment in foreign countries, cross-border mergers and acquisitions has become an important means for transnational enterprises to realize their global strategy. With the cross-border mergers and acquisitions surge world-widely, its importance becomes obvious. It not only changed some old economic regulations, but greatly influenced the world economic pattern of the 21st century and international economic order. Therefore, the further study of the theory of transnational M&A, the deep analysis of reasons and existing problems combining Chinese practice, and putting forward the counter measures to solve the problems, have very important practical significance.
This article is divided into five chapters. Firstly expounds the basic theory of transnational merger and acquisition, and then analyzes the historical background and current development of Chinese enterprises transnational mergers and acquisitions. Next, the article analyses the characteristics of Chinese enterprises overseas mergers and acquisitions. When expound the problems and challenges facing Chinese enterprises transnational merger and acquisition, this paper mainly from the lack of policies and regulations, limitation of their own conditions, lack of long-term consider when setting goals and enterprise cross-border M&A financing difficulties these four aspects are analyzed. In the fourth part, the article gives tow examples to analysis the problem of cross-border M&A. Finally, the practical and feasible suggestions were put forward for the Chinese enterprises transnational mergers and acquisitions, In order to provide reference for Chinese enterprises to implement transnational mergers and acquisitions.
[Keywords] Transnational mergers and acquisitions Status quo Problems countermeasures

目 錄
引言 1
一、跨國并購的基本理論 1
（一）企業(yè)并購的一般理論 1
（二）國際直接投資理論 1
（三）跨國并購理論 3
二、我國企業(yè)跨國并購發(fā)展的歷史背景、現(xiàn)狀及特點 3
（一）我國企業(yè)實施跨國并購的歷史背景 3
（二）我國企業(yè)跨國并購的發(fā)展現(xiàn)狀 4
（三）我國企業(yè)跨國并購的特點 6
三、 我國企業(yè)跨國并購面臨的問題 8
（一）政策法規(guī)欠缺，宏觀指導(dǎo)不力 8
（二）企業(yè)自身缺乏文化整合能力 8
(三)企業(yè)在制定跨國并購目標(biāo)時，缺乏長遠(yuǎn)考慮 8
（四）企業(yè)跨國并購融資困難 9
四、實證研究及結(jié)果分析 9
（一）TCL跨國并購 9
（二）阿里巴巴并購雅虎中國 11
五、對我國企業(yè)跨國并購問題的對策 13
（一）完善宏觀管理體制 13
（二）制定明確的跨國并購戰(zhàn)略及收購計劃 13
（三）重視并購中的文化整合 14
（四）防范并購后融資、經(jīng)營風(fēng)險 14
參考文獻(xiàn) 15