企業(yè)跨國(guó)并購(gòu)的財(cái)務(wù)風(fēng)險(xiǎn)管理

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摘要
近年來(lái)，中國(guó)對(duì)外投資一直快速增長(zhǎng)，2013的對(duì)于外國(guó)投資達(dá)到901.7億美元，與1175.86億美元的外商直接投資相比，差異正在縮小。根據(jù)市場(chǎng)預(yù)測(cè)，到2015年，中國(guó)對(duì)外直接投資將達(dá)到1500億美元，對(duì)外直接投資將超過(guò)外國(guó)直接投資金額，跨國(guó)并購(gòu)是對(duì)外投資的一種重要方式，雖然越來(lái)越多的國(guó)內(nèi)企業(yè)通過(guò)跨國(guó)并購(gòu)實(shí)踐“走出去”的口號(hào)，但當(dāng)他們?cè)诮灰淄瓿傻哪且豢碳?dòng)不已的時(shí)候，很少會(huì)料想到未來(lái)企業(yè)可能會(huì)在財(cái)務(wù)壓力下喘不過(guò)氣來(lái)。資料顯示，2010年中國(guó)企業(yè)跨境收購(gòu)失敗率達(dá)到11%，而美國(guó)和英國(guó)的失敗率僅為2%和1%。因此對(duì)于跨國(guó)并購(gòu)，財(cái)務(wù)風(fēng)險(xiǎn)的管理和控制是至關(guān)重要的。
本文從并購(gòu)的過(guò)程進(jìn)行出發(fā)，結(jié)合聯(lián)想并購(gòu)IBM的過(guò)程，總結(jié)在并購(gòu)過(guò)程中對(duì)于并購(gòu)前的準(zhǔn)備，并購(gòu)的支付融資風(fēng)險(xiǎn)和匯率風(fēng)險(xiǎn)，核心競(jìng)爭(zhēng)力的關(guān)注以及并購(gòu)后期的整合等等的管理來(lái)減輕財(cái)務(wù)風(fēng)險(xiǎn)。

關(guān)鍵字:跨國(guó)并購(gòu) 財(cái)務(wù)風(fēng)險(xiǎn)管理


Abstract
In recent years, China foreign investment has been growing rapidly, data display, foreign investment in 2013 reached $90170000000, the FDI of the same period is $117586000000, the difference between the two is shrinking. According to the market forecast, to 2015, China foreign direct investment will reach $150000000000. Transnational M & A is an important way of foreign investment, although more and more domestic enterprises by means of cross-border mergers and acquisitions practice of "going out" slogan, but when they are in the completion of the transaction in a moment of excitement when, few would have thought the future businesses may be under financial pressures breathless. Data shows, 2010 Chinese enterprise cross-border acquisition failure rate reached 11%, and American and England's failure rate is only 2% and 1%. So for the transnational merger and acquisition, management and financial risk control is vital.
This paper embarks from the merger and acquisition process, with Lenovo's acquisition of IBM process, summarized in the M & a process for the preparation before the merger, merger and acquisition payment financing risk and exchange rate risk, the core competitiveness of the attention and the post acquisition integration and management to mitigate financial risks.
Keywords: transnational merger financial risk management



目錄
引言 1
1 跨國(guó)并購(gòu)及財(cái)務(wù)風(fēng)險(xiǎn)概述 1
1.1跨國(guó)并購(gòu)理論概述 1
1.1.1跨國(guó)并購(gòu)的含義 1
1.1.2跨國(guó)并購(gòu)的發(fā)展 2
1.1.3跨國(guó)并購(gòu)的動(dòng)因 2
1.2財(cái)務(wù)風(fēng)險(xiǎn)概述 5
1.2.1財(cái)務(wù)風(fēng)險(xiǎn)的含義 5
1.2.2財(cái)務(wù)風(fēng)險(xiǎn)的種類 5
2我國(guó)跨國(guó)并購(gòu)的現(xiàn)狀分析 6
2.1跨國(guó)并購(gòu)“頻發(fā)重力” 6
4.2投資的多元化 7
3.3融資渠道狹窄 7
4.4缺乏并購(gòu)后整合能力 7
3跨國(guó)并購(gòu)中的財(cái)務(wù)風(fēng)險(xiǎn)探析 8
3.1目標(biāo)企業(yè)的估價(jià)風(fēng)險(xiǎn) 8
3.2融資風(fēng)險(xiǎn) 8
3.3支付風(fēng)險(xiǎn) 9
3.4利率風(fēng)險(xiǎn)和匯率風(fēng)險(xiǎn) 9
3.5反收購(gòu)風(fēng)險(xiǎn) 10
4 聯(lián)想公司跨國(guó)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)案例分析 10
4.1 跨國(guó)并購(gòu)的過(guò)程 10
4.2 聯(lián)想跨國(guó)并購(gòu)中財(cái)務(wù)風(fēng)險(xiǎn)控制經(jīng)驗(yàn)總結(jié) 12
4.2.2支付方式的多重組合 12
4.2.3對(duì)于核心競(jìng)爭(zhēng)力 12
4.2.4融資風(fēng)險(xiǎn)的控制 12
4.2.5后期的整合 13
5跨國(guó)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的防范 13
5.1明確目標(biāo)，做出科學(xué)的并購(gòu)戰(zhàn)略 13
5.2充分獲取企業(yè)信息，正確估值目標(biāo)企業(yè) 13
5.3支付方式的多重組合 14
5.4 注重并購(gòu)對(duì)核心競(jìng)爭(zhēng)力的影響 15
5.4.1資金、技術(shù)、管理方法提升核心競(jìng)爭(zhēng)力 15
5.4.2自主創(chuàng)新提升核心競(jìng)爭(zhēng)力 15
5.5融資風(fēng)險(xiǎn)的控制 15
5.5.1自身方面的努力 15
5.5.2投資銀行的作用 16
5.5.3匯率風(fēng)險(xiǎn)的規(guī)避 16
5.5.4政府的支持 16
5.6并購(gòu)的后期整合 17
6.結(jié)論 18