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论文编号：	3688
作者编号：	2120092762
上传时间：	2011/11/21 15:37:54
中文题目：	跨国并购与东道国治理环境相互影响效应分析
英文题目：	Research on the Interaction Influence between Cross-border M&A and Hosted Country Governance Environment
指导老师：	李维安
中文关键字：	跨国并购，治理环境，东道国，美国铝业
英文关键字：	Cross-Border M&A, Governmance Environment, Hosted Country, Alcoa
中文摘要：	并购是一家公司通过产权交易的方式，运用法律、金融、经济、管理等多学科知识，在一定程度上获取另外一家公司的控制权，从而扩大自身经营能力实现增长的经济活动。跨国公司通过跨国并购的方式对其全球资本及目标市场等要素进行合并，形成新的资本组合。在并购活动中，跨国公司与东道国治理环境之间存在着明显的相互利益共享和权利制衡的关系，企业并购目的往往与效应相联系，因此出于追求利润最大化或迫于竞争压力等动机，一个公司往往通过并购的方式实现最大的协同效应，从而扩大企业规模和提高市场竞争力。跨国并购作为跨国公司对外直接投资的方式之一，首先它对东道国的经济发展、科技进步、人才培养等诸多方面具有深远影响；其次，作为在东道国投资的外国企业，又要受到东道国大环境的影响，法律体系、经济运行模式、文化背景等因素都会在不同程度上鼓励或限制了跨国公司在东道国的发展。本文即结合对外直接投资理、跨国并购理论以及利益相关者理论，就跨国并购与东道国治理环境之间的相互影响进行分析，并以美国铝业在华收购活动为案例，对两者的相互关系做进一步阐述。 本文首先从产业结构、产品市场、经理人市场等不同方面详尽分析了跨国并购对东道国的影响效应。例如，跨国并购所形成的规模经济提高了资源配置效果，使产业结构得以改善，从而促进东道国的经济增长；从产品市场角度，跨国公司通过技术创新，提高本地的研发能力，为东道国带来了先进的科学技术；跨国并购活动同样刺激了当地经理人市场，为优秀人才交流创造机会；本文还就跨国并购给东道国带来的潜在威胁做了相关分析。跨国并购既受到东道国政府及社会环境的限制，同时也会导致国际生产与销售的垄断，与东道国的经济活动具有密切联系。跨国公司通过并购方式进入东道国的原材料、消费品、金融资本以及科技市场，参与东道国的经济活动，同时为企业本身再投资寻找机会。 接下来文章以法律环境、产业结构与市场环境、文化环境三个方面为重点，剖析治理环境对跨国公司的影响效应。国际资金的流动是基于良好而安全的投资环境，而跨国公司在实施跨国并购的海外投资活动中，面临着各种不确定风险，包括政治、法制、经济、社会、文化等各种外部因素而形成的综合投资环境，是跨国并购活动的重要影响因素。因此，稳定的政局和完善的法律体系是增强国外投资者信心的关键所在，它足以影响跨国投资者的投资权益；跨国公司产品在东道国的市场占有率受到东道国的经济发展水平和市场开放程度的影响，如果东道国市场已经饱和或者仍保持浓重的计划经济特点，则难以占据满意的市场份额，从而影响投资者信心；东道国的容纳程度，包括语言、价值观、宗教信仰等社会文化背景的差异会直接影响跨国经营活动的成败，文章即从这几方面就东道国治理环境对跨国并购活动的影响进行论述。 美国铝业（以下简称“美铝”）是一家具有120逾年历史的跨国铝业公司，其产品主要应用于航空航天、汽车、包装、商业运输和电子消费等市场，其全球业务扩展也多数是通过收购而实现。1993年美铝正式进入中国，在北京设立办事处，开始了在中国的业务发展。美铝先后收购上海轻工设备集团、中信渤海铝业有限公司、运城昆山铝业等国有控股公司，并不断追加投资，稳固并扩大其在华业务。而中国逐步健全的法律环境以及良好的经济投资环境，为美铝的发展提供了有力保障，然而地方政府的保护主义政策也一定程度上限制了企业发展。作为在华投资的大型外国公司，美铝在华的发展历程充分体现了跨国并购与东道国治理环境相互依存的重要关系。本文通过美国铝业在华的并购活动，分析其在华投资给中国在产业结构、技术进步、劳动力市场等方面带来的利益，以及中国的治理环境对美国铝业在华投资战略的影响。 文章最后从东道国治理环境的改善和跨国公司自身发展两个方面，分别得出结论并就我国公司发展现状提出政策建议。我国目前并购市场已经初具规模，但是仍然存在诸如企业产权界定不清楚、资产评估标准不一致、过度的行政干预以及尚未完善的法律体系等问题，因而成熟的市场环境是提高并购成功率的保障。从治理环境角度，可以通过完善法律制度、提高自主研发能力等方面入手，创建良好的治理环境，防范治理风险；从中国企业实现国际化经营角度，一方面通过加快并购进程改善国内产业结构，实现行业规模经济；另一方面国内企业必须要不断适应国际规则，积极参与到国际市场经营，实现“走出去”的目标。
英文摘要：	M&A is an economic activity which a company obtains the controlling via the transaction in property right based on the knowledge of law, financial, economics and management, on the purpose of keeping sustainable development. Multinational cooperate forms the new capital portfolio via cross-border mergers and acquisitions. During the M&A activity, there’s obvious relationship between multinational cooperate and the hosted country on mutual benefit and power balance. Usually, the motivation of M&A is connected with the impact. Therefore, considering the profit or competition pressure, it’s one of way for a company to enlarge the company and increase the market share via M&A. As one of the foreign direct investment, cross-border M&A has the characters as below. On one hand, it impacts the development of economics, technology and human resource in hosted country. On the other hand, as the foreign company, it is effected by governance environment of hosted country, such as, law system, economic operation mode and culture background. In this article, it combines the theory of foreign direct investment, cross-border M&A and stakeholder to analyze the interaction influence between Cross-border M&A and Hosted Country Governance Environment. It also takes the example of Alcoa M&A in China to demonstrate the relationship between the both. Firstly, the article analyzes the M&A impact on hosted country due to economics increasing, technology innovation and job market. It leads to the scale economy by M&A which improves the industrial structure to cause the economic increasing. Multinational cooperate brings the advanced technology by the localization of research and creates more job opportunities for the excellent talents. It also analyzes the potential threats to the hosted country caused by M&A. M&A has the close relationship with the economic activities of the hosted country, because it is limited by the hosted government and local environment, meantime, it would cause the monopolization on production and sales. The oversea companies enter the domestic market of raw material, consumer, financial and technology, and seek for the opportunity for continuous development. Secondly, it demonstrates the hosted country’s impact to the multinational cooperate based on the environment of law system, market and culture. The international cash flow is based on good investment environment; the multinational companies face lots of uncertain risk during the M&A, such as, political, economic, society, etc. Therefore, the stable political situation will enhance the confidence of the investor. The investor confidence would be challenge and it’s difficult to obtain the satisfied market share if the market is saturated at the hosted country, or it’s is the typical planning economic; the openness of the market will influence the products occupation in the market. The culture background, such as, language, value and religion, will result in the success or failure of cross-border operation. Alcoa is global aluminum company with more than 120 year history, manufacturing and selling sheets, fasteners, automotive components and aerospace products for packaging, printing, commercial transportation, consumer electronics, industrial products, automotive and aerospace markets. As the biggest foreign investor in aluminum industry, the development of Alcoa in China proves the important mutual relationship between cross-border M&A and hosted country. It demonstrates the benefit to China caused by Alcoa’s business development and influence on Alcoa’s investment strategy impacted by environment of political, economic and culture in China via M&A activities in China. Finally, it’s the conclusion for improving the hosted country environment and developing multinational cooperates. Meantime, it gives the suggestion depends on the current situation of local companies development. In the view of governance environment, it’s important to avoid the governance risks and crate a good environment by improving the law system and upgrading the competency of technology research. In the term of international operation, it should consider to speed up the process of M&A to improve domestic industrial structure and realize the scale economics. Meantime, the local companies should adapt to the international rules and participate in the global market competition and meet the target of “Globalization”.
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