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论文编号：	10040
作者编号：	2120152585
上传时间：	2018/6/7 10:01:07
中文题目：	我国企业海外并购风险及应对措施研究——以海航集团海外并购为例
英文题目：	Further study on risk of overseas M & A
指导老师：	薛有志
中文关键字：	海外并购；并购风险；风险管理
英文关键字：	Overseas mergers and acquisitions；Merger risk；Risk management
中文摘要：	摘要 随着经济全球化、信息化的不断发展，海外并购已成为当今企业发展中的一种重要资金转化形式，对扩大企业规模，优化企业资源配置具有非常深远的影响。中国很多的企业意识到了海外并购对于企业是千载难逢的机会，并且积极寻求海外市场投资并购机会。最近几年，中国资本参与海外投资并购的交易笔数、交易金额已经呈现出跨越式增长，到海外去并购、收购优质资产也成为了中国企业家们十分关心的话题。 在实际企业的发展中，并购或者兼并其他企业一般要比重新建立一家新的企业快得多，一般不需要经过很多年的发展才能实现预期收益，相对来讲对于企业高效进行扩张或转型，是可采取的战略。与此同时，被并购企业所在国家的相关律法、招商引资的政策等也会对新建公司产生一定影响。随着海外并购市场的火热，我国境内企业和资本金大量输出，我国企业越来越成为资本市场上一股不可小觑的力量，并且有逐渐取代其他国家企业成为全球企业海外并购舞台上的主角的趋势。 企业的并购行为是对目标企业的融合和兼并，如果我国企业和被并购的目标企业能够产生相互互补的融合，那么这笔并购交易非常有可能产生“1+1>2”的效果。简单讲，比如资金雄厚的企业和具有优秀管理团队的企业合并，再或者有产品竞争力的企业和具有成熟销售体系和经营思路的企业合并，这样的融合一般会产生协同的效果。 但是，我国企业在海外并购交易实际发展过程中仍然存在诸多问题，并且在一定程度上制约着我国企业通过海外并购谋求企业自身的优化发展。本文对我国企业走出去参与海外并购中存在的风险问题进行分析与阐述，探寻能规避风险的途径和渠道，希望能为我国企业海外并购及寻求优化发展提供些许帮助。 我国进行海外并购的既有国有企业也有民营企业，由于跨海外并购需要跨越国家实施并购，必然涉及到国家之间的的政治环境差异，甚至有一些海外政客或者企业家歪曲我国企业并购目的，以此来攻击我国企业，有的甚至直接设置障碍阻止我国企业在海外并购。 并购和被并购企业的企业文化难以融合，是造成并购案失败的最直接的因素。并不是签署了并购协议，就能意味着企业的顺利融合和发展，倘若能够通过并购，使得并购和被并购企业都能更上一个台阶，更好的发挥市场竞争能力，突破当前的业务水平，这才是真正成功的并购。由于机构及人员众多而复杂，整合的过程注定充满艰辛，如何能使两国或多国的企业文化进行融合和交互，如何能更全面的进行资源配置等等，必须成为企业管理者深思熟虑的问题。 另外，西方国家的法律维权意识比较强，我国企业在进行海外并购之前，对当地法律环境了解不够，也会增加企业海外并购的风险。 并购企业很难完全利用自有资金来完成并购过程，几乎每一项并购活动背后都有巨额资金支持。资金的运作对于我国企业海外并购是非常重要的，发生企业海外并购的前提是企业是否有足够的现金流做支撑，用以偿还诸如银行借款，或者用以满足企业并购后需要进行一系列的整合工作。 对于我国企业海外并购，首先要考虑的是针对选中的目标企业，制定科学的并购战略。首先明确企业未来发展方向，这是企业的长期战略目标，规划企业如何逐步实现自身的战略目标，一方面要着眼大局，要审时度势，根据全球政治形势、经济环境、行业发展趋势等等，结合自身的实际情况，拟定全面、切实可持续发展的目标。其次是以企业长期战略发展目标为导向，根据短时间内的发展要求，确定短期内可实施的海外并购战略，海外并购战略是企业战略的一部分，也是实现企业全球化发展目标的方法之一。 其次，我国企业在进行海外并购之前，必须要有一个非常明确的并购及经营规划，并购的目的是为了寻求技术优势、原材料优势、还是市场优势等等。 再次，我国企业在海外并购之前，需要与被并购企业的所在国政府进行多方面的沟通，尽可能争取对方政府的支持，同时争取与被并购企业进行友好的合作关系，适当的为当地政府解决一些人员就业、提升生产力等等问题，以希冀能为我国海外并购企业争取到宽松的政治环境。 最后，在企业在海外并购的过程中，涉及到对于被并购企业的估值、计量方法、募集资金、资金支付和使用等很多财务环节，稍有疏忽就可能引发的企业财务危机，各种潜在海外并购风险在财务价值上的综合体现，是判断企业并购成功与否的重要标志。 还需要补充的是，我国的海外投资并购可能会涉及到被并购国家的政策及法律问题，必须得到企业管理层的高度重视，如《反垄断法》、《社会保障法》、《跨国并购审查法》等等。我国企业要重视海外被并购企业的知识产权和商标的保护，重视和工会、员工的沟通交流，避免产生法律层面的冲突。 不进行整合，战略并购就没有意义，海外并购整合的重要性，特别是在遭遇竞争对手的战略并购交易上，或者企业需要针对产业链上下游的延伸，如果没有进行系统的整合和对接，没有完整的管理方案落地和实施，即使签约了收购的一纸协议，也会造成并购双方各持己政的混乱局面，加上文化差异和管理方式的差异，很容易出现并购后企业发展停滞，甚至还会拖累了我国企业的正常盈利和发展。 本文通过对海航集团进行深入研究，分析其海外并购的发展历程，在发展过程中潜在的风险点和针对风险的应对措施。纵观海航历经十余年的并购发展史，举高负债率经营，其历经过发展不明确、盲目并购的阶段，也经历过并购整合不佳，被迫关闭200余家海外公司的现实情况，最终找准整体的发展思路，对于企业的发展来讲也实属不易。本文针对海航提出相应的解决措施： 首先融合海内外企业文化，以其现有的东方儒家思想为主的企业文化，是否真的适合被并购的海外企业的发展，是否真的适应海外的市场环境，这是海航有必要进行思考的，从海外并购是为了企业的长期发展而非短期持有的角度来讲，势必要审时度势，针对不同文化的国家和地区，要适当调整企业文化布局。 其次，找准企业并购发展定位不盲目跟风，其核心以航空旅游、现代物流为主线，以金融和租赁业务为杠杆，以地产和零售等实业为保值和资产抵押、升值的手段。 再次，并购整合很关键，在海外并购之后如何经营、整合，才是企业在海外并购过程中要注意的关键。如果单纯从收益上来看，海航的整体表现还算不错，2016年，占比海南航空总资产30%的海外并购所得资产，为海南航空贡献了超过一半的营业收入。 最后，海航需要降低整体高负债率，海航集团整体的经营策略和并购策略，导致了其一直是以极高的负债撬动资本杠杆在维持经营，其在国内的业务和经营还是其主要核心业务和创造利润的所在。尤其在2015年以后，国内的经济市场环境持续低迷，各家银行都在观望整个市场的发展，很多企业面临市场环境不济、产业调整、银行抽贷等问题，海航也不例外。 希望本文对于企业的实际经营和海外并购能够有所帮助！
英文摘要：	Abstract With the continuous development of economic globalization and information, overseas mergers and acquisitions have become an important form of capital transformation in the development of enterprises. It has a profound impact on expanding the scale of enterprises and optimizing the allocation of enterprises' resources. Many Chinese enterprises realize that overseas M & A is a golden opportunity for enterprises, and actively seek overseas investment and acquisition opportunities. In recent years, the number and amount of Chinese capital involved in foreign investment and acquisition have shown great leap forward growth. To overseas merger and acquisition and acquisition of high quality assets have also become a topic of great concern for Chinese entrepreneurs. In the development of actual enterprises, mergers and acquisitions or mergers of other enterprises is generally much faster than to reestablish a new enterprise. In general, it does not require many years of development to achieve the expected income. It is a strategy to expand or transform the enterprise efficiently. At the same time, the relevant laws and investment policies of the countries where the merged enterprises are located will also have a certain impact on the newly established companies. With the heat of the overseas M & A market, our domestic enterprises and capital have been outexported. Our enterprises have become more and more powerful in the capital market, and have gradually replaced the trend of other national enterprises to become the leading role on the stage of overseas mergers and acquisitions. The merger and acquisition of the enterprise is the integration and merger of the target enterprises. If the enterprises and the target enterprises in the merger and acquisition can produce mutual complementarity, then the merger and acquisition transaction is very likely to produce the effect of "1+1>2". In a word, for example, a strong capital enterprise and an enterprise with excellent management team, or a competitive enterprise with a mature sales system and business thinking of the merger of enterprises, such a convergence will generally produce synergy. However, there are still many problems in the process of foreign mergers and acquisitions in China, and to a certain extent, it restricts China's enterprises to seek the optimal development of their own enterprises through overseas mergers and acquisitions. This paper analyzes and expounds the risk problems of Chinese enterprises taking part in overseas mergers and acquisitions, explores ways and channels to avoid risks, and hopes to provide some help for Chinese enterprises to acquire and optimize the development of overseas mergers and acquisitions. There are both state-owned enterprises and private enterprises in China's overseas mergers and acquisitions. Because cross-border M & A requires cross-border mergers and acquisitions across countries, it is bound to involve political and environmental differences between countries. Even some overseas politicians or entrepreneurs distort the purpose of mergers and acquisitions in China, in order to attack Chinese enterprises, some even direct. Set obstacles to prevent Chinese enterprises from overseas mergers and acquisitions. Mergers and acquisitions and mergers and acquisitions of corporate culture is difficult to integrate, is the most direct cause of the failure of mergers and acquisitions. It is not the signing of the merger agreement, which means the smooth integration and development of the enterprise. If it can pass the merger and acquisition, it can make the merger and acquisition enterprises more advanced, better play the competitive ability of the market, break through the current business level, this is the real success of the merger. Because of the complexity of institutions and personnel, the process of integration is doomed to be full of difficulties. How to make the two countries or multi country enterprise culture be integrated and interactive, how to make a more comprehensive allocation of resources, and so on, must be considered by the enterprise managers. In addition, the western countries have a strong sense of legal rights, and the enterprises in our country do not know the local legal environment before they do overseas mergers and acquisitions, and will also increase the risk of enterprises' overseas mergers and acquisitions. M & A enterprises can hardly make full use of their own funds to complete the M & a process. Almost every merger and acquisition activity has huge financial support behind them. The operation of funds is very important for the overseas merger and acquisition of Chinese enterprises. The premise of the overseas merger and acquisition is whether the enterprise has enough cash flow to support, to repay the bank loans, or to meet the merger and acquisition of a series of integration work. For overseas mergers and acquisitions of Chinese enterprises, the first consideration is to establish a scientific M & A strategy for the selected target enterprises. First of all, clear the future direction of the enterprise, this is the long-term strategic goal of the enterprise, how to plan the enterprise to achieve its own strategic objectives gradually. On the one hand, we should focus on the overall situation, examine the situation, and according to the global political situation, the economic environment, the industry development trend and so on, combined with its own actual situation, to draw up a comprehensive and practical work. The goal of sustainable development. Secondly, based on the long-term strategic development target of the enterprise, according to the short time development requirements, the overseas M & A strategy can be implemented in the short term. The strategy of overseas merger and acquisition is part of the enterprise strategy, and is also one of the methods to achieve the goal of the development of the enterprise globalization. Second, Chinese enterprises must have a very clear merger and management plan before overseas mergers and acquisitions. The purpose of mergers and acquisitions is to seek technical advantages, raw material advantages, market advantages, and so on. Thirdly, before the overseas merger and acquisition, Chinese enterprises need to communicate with the government of the merged enterprises in many aspects, strive for the support of the other government as far as possible, and strive for a friendly cooperative relationship with the merged enterprises, so as to solve the problems of the local government to solve the problems of employment, productivity and so on. We hope to strive for a relaxed political environment for our overseas M & A enterprises. Finally, in the process of M & A overseas, it involves a lot of financial links, such as valuation, measurement, fund raising, payment and use of the merged enterprises. There is a slight negligence in the financial crisis which may lead to the financial value of a variety of potential overseas mergers and acquisitions, which is to judge the enterprise. An important sign of the success of the merger and acquisition. It is also necessary to add that the foreign investment and acquisition in China may involve the policy and legal issues of the M & A countries, and must be highly valued by the management of the enterprises, such as the anti-monopoly law, the social security law, the review of transnational mergers and acquisitions, and so on. Chinese enterprises should attach importance to the protection of intellectual property rights and trademarks of overseas merged enterprises, pay more attention to the communication and exchange of trade unions and employees, and avoid the conflict in the legal level. No integration, strategic mergers and acquisitions is meaningless, the importance of integration of overseas mergers and acquisitions, especially in the face of competitors' strategic mergers and acquisitions, or enterprises need to extend the upstream and downstream of the industrial chain. If there is no systematic integration and docking, there is no complete management plan landing and Implementation, even signed. The purchase of a paper will also cause the confusion of both sides of the merger and acquisition, with the difference of cultural differences and management methods, it is easy to stagnate after the merger and acquisition, and even drag on the normal profit and development of Chinese enterprises. Through in-depth study of HNA group, this paper analyzes the development course of the overseas merger and acquisition, the potential risk points and the countermeasures against the risk in the process of development. In the past ten years of the history of M & A development and high debt rate, it has experienced undefined development and blind merger and merger. It has also experienced a poor integration of mergers and acquisitions, forced to close the reality of more than 200 overseas companies, and finally find the overall development idea, which is not easy for the development of enterprises. In this paper, the corresponding countermeasures are put forward. First of all, it is necessary to think about whether the enterprise culture, which combines the enterprise culture at home and abroad, and the existing Oriental Confucianism, is really suitable for the development of the acquired overseas enterprises and whether it is really suitable for the overseas market environment. In terms of degree, it is necessary to assess the situation and adjust the layout of corporate culture in different cultures and countries. Secondly, the development orientation of enterprise merger and acquisition is not blindly followed, the core of its core is aviation tourism, modern logistics as the main line, financial and leasing business as a lever, real estate and retail and other industries as the preservation and asset mortgage, appreciation means. Thirdly, merger and consolidation is very important. How to operate and integrate after overseas M & A is the key for enterprises to pay attention to in the process of overseas mergers and acquisitions. If only from the income point of view, Hal's overall performance is good, in 2016, accounting for 30% of the total assets of Hainan Airlines total assets overseas mergers and acquisitions, for the Hainan Airlines contributed more than half of the operating income. At last, HNA needs to reduce the overall high debt rate. The overall management strategy and M & A strategy of HNA group has led to its high leverage in the maintenance of capital leverage, its domestic business and operation, its main core business and the creation of profits. Especially after 2015, the domestic economic market environment continues to be depressed, and all the banks are watching the development of the whole market. Many enterprises are facing problems such as poor market environment, industrial adjustment, bank pumping and so on, and HNA is no exception. I hope this article can be helpful for the actual operation of enterprises and overseas mergers and acquisitions.
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