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论文编号：	1617
作者编号：	2220090897
上传时间：	2010/6/10 11:00:07
中文题目：	我国发电企业基于跨国并购的引进外资策略研究
英文题目：	The Strategy Research Of Attracting Foreign Investment For China''s Power Station: Based on the view of Cross-border M&A
指导老师：	李莉
中文关键字：	关键词：发电企业 跨国并购 引进外资
英文关键字：	Key Words: Power Station, Cross-border M&A, Attract Foreign Investment
中文摘要：	电力行业作为国民经济的基础产业，一直受到国家政府的高度重视，在整个国民经济的发展进程中，起着非常重要的作用。自2002年以来，随着电力体制改革的逐步深入，已经确立了将国家电力资产按照发电和电网两类业务进行划分、实现“厂网分开、竞价上网”的基本格局。同时，随着国家投资体制的改革，我国在发电环节引入竞争机制，开放电力投资市场，鼓励多渠道、多模式、多元化的集资办电，基本实现了央企、地方国企、外资和民营多元化投资主体的格局。，发电行业是一个资金和技术密集型的行业，一定的发电机组规模是发电投资人抵御市场风险，降低成本的必要条件，因此，发电企业必须低成本、高效率的筹集到大量资金，满足机组规模建设的需要，融资能力已经成为当前影响发电企业生存发展的重要因素之一。如何提高发电企业的融资能力，广开渠道，无疑已成为一项迫切需要研究的课题。 从我国发电企业目前主要的融资渠道来看，外资已经成为推动发电企业快速发展的一个重要资金来源，外资在我国发电企业的发展中扮演着越来越重要的角色。近年来，跨国并购正逐步成为外资进入我国的主要方式。我国发电企业应顺应发展趋势，积极采取跨国并购方式来引进外资。 但是，由于跨国并购涉及企业所有权的交易，可能会引发企业控制权的转移，在为我国发电企业带来资金的同时，也存在着诸多威胁。本文基于跨国并购的视角，深入分析我国发电企业引进外资的策略，对实施流程进行梳理，找出其中的关键步骤，并对其存在的潜在风险进行识别，系统的论述了我国发电企业在引进外资过程中，采取跨国并购方式可能面临的利与弊。针对这些弊端，从合理选择主并企业、正确评估企业价值、有效保护企业控制权、选择恰当的支付方式和重视并购后整合等五方面，分别提出了应对措施。 本文最后选取了山西国际能源集团有限公司以部分优质发电资产为资本，主动在国际市场上寻找国外投资者，采取跨国并购的方式，历时4年，于2007年获得了来自韩国电力公社、德意志银行的资金，引资53亿元人民币，在山西成立了格盟国际能源有限公司的案例进行分析，验证理论分析的结论，总结这一案例的成功经验，以期为我国发电企业今后开展类似活动提供帮助和借鉴。
英文摘要：	The power industry as the foundation of the national economy industries has been the national government attaches great importance to the development of the national economy in the whole process plays an important role. Since 2002, with the gradual deepening of the reform of electricity, has been established to "Separating, Bidding," the basic pattern. At present, the introduction of competition in the power generation part of the mechanism, opening up the electricity market to encourage multi-channel, multi-mode, a wide range of fund-raising run electricity, the basic realization of the power construction investment diversification. Therefore, enterprises must be low-cost power generation and efficient to raise a lot of money to meet the needs of the construction of unit size, the financing capacity of the impact of power generation has become an important enterprise survival and development of one of the factors. China's power generation business from the major financing channels for the current term, foreign investment has become indispensable to the rapid development of power generation companies; a source of funds, foreign-invested enterprises in China's power development plays an increasingly important role. In recent years, cross-border mergers and acquisitions have replaced direct investment, has become the main way of cross-border investment. China's power enterprises must comply with the development trend of cross-border M & active approach to attract foreign investment. However, due to cross-border M&A transactions involving corporate ownership, may cause the transfer of corporate control, in the capital of China's power generation business at the same time, there are a lot of threat. Based on the perspective of cross-border mergers and acquisitions, in-depth analysis of China's power generation business strategy to attract foreign investment, to sort out the implementation process to identify the key steps and their potential risks that exist to identify the system on power generation companies in China to attract foreign investment process, to take cross-border M&A likely to face the pros and cons. In response to these drawbacks, a reasonable choice from the main and enterprise, the correct assessment of enterprise value, the effective protection of corporate control over the choice of appropriate delivery methods and attention to post-merger integration of the five areas, namely, the measures proposed to deal with. Finally, select the Shanxi International Energy Group Ltd. as part of high-quality power generation assets for the capital, take the initiative in the international market to find foreign investors to take the way of cross-border mergers and acquisitions, and through 4 years efforts, ultimately in 2007 obtained 5.3 billion RMB from the Korea Electric Power Corporation, Deutsche Bank's capital, was set up Gemeng International Energy Co. Ltd., an analysis of capital cases to verify the conclusions of theoretical analysis and summing up the successful experience of this case, with a view to generating business for our country to carry out similar activities in future to help and learn from.
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