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论文编号：	4913
作者编号：	2120102413
上传时间：	2012/12/20 9:13:47
中文题目：	中海油并购优尼科案例分析
英文题目：	Research on Unocal acquisition case of CNOOC
指导老师：	齐善鸿
中文关键字：	中海油,优尼科,并购,制度理论.
英文关键字：	CNOOC,Unocal,M&A,System Theory.
中文摘要：	实施海外并购, 是企业获取先进技术、市场资源的有效战略工具，也是企业实现全球化经营和高速发展的重要战略捷径。伴随着中国经济的飞速增长和强劲的国内需求，以及中国企业多年来积累的资金实力，加之人民币不断升值的外部经济环境，使得中国企业在国际舞台上频频上演大手笔的收购。然而伴随中国企业“走出去”的热潮，海外投资面临的风险是不可忽视重要问题。本文选取中国海洋石油有限公司(中海油)并购美国同业对手优尼科公司的案例为基础，并结合1989 年日本索尼公司并购美国哥伦比亚电影公司的案例进行对比研究。总体上看，西方国家与我国的制度差异制约了公司的跨国并购行为，从很大程度上决定了并购的成败。具体来说，国家政治因素、跨国竞争对手的影响、中海油的国有性质、并购时机的把握以及公司的公关能力对中海油的并购失败有着直接而又重大的影响。一方面，中海油的国有性质以及强大的竞争对手美国雪佛龙公司，使得美国政府、国会及媒体以国家安全为由反对并购，阻碍并购的实施。另一方面来，中海油自身的要素也对并购产生了不利的影响，包括对并购时机的把握方面的问题，以及较弱的公关能力和意识。内外两方面的要素最终导致了中海油并购优尼科的失败。本文对此案例的分析将为中国公司进行海外跨国并购行为提供了一些有益的参考和启示，例如在并购的过程中应该注意对政治风险的评估、把握合适的并购时机、对公司公关能力的培养，这些都是中国企业在跨国并购过程中所必须关注的问题。
英文摘要：	Implementation of abroad M&A is an important strategy for enterprises to achieve leapfrog development, conduct global operations, and an important strategic method to gain other enterprises’ technology, market or other resources. With China's sustained economic growth, strong domestic demand and increasing financial capability of Chinese enterprises over the years, Chinese enterprises frequently initiate generous M&A behavior on the international stage, coupled with the appreciation of RMB of global economic. However, the risks of overseas investment are important issues that can not be ignored accompanied by more and more Chinese Corporations “Going out”. This thesis is based on the M&A case of China National Offshore Oil Corporation (CNOOC) to the U.S. opponent Unocal, combined with the case of the takeover of U.S. Columbia Pictures by Sony Corporation (Japan) in 1989. Overall, the institutional differences between Western countries and China restrict abroad acquisitions of Chinese corporations, and influence the result on a larger scale. National political factors, Multinational competitor, the state-owned character of CNOOC, the opportunity of acquisition and the public relations ability resulted in this failure acquisition between CNOOC and Unocal Corporation. For one thing, because of the national security, the American deputy (which is mainly composed of United States Government, American media and Congressperson), who prevented the final implementation of this acquisition, opposed the acquisition. For another thing, CNOOC itself have some problems, including the ability of grasping the opportunity and the weakness in public relationship. Both internal and external factors cause the final result. The case of CNOOC provides a revelation about how Chinese corporations to implement abroad acquisition. For example the companies who try to commit the M&A should be noted that the assessment the political risk, grasp the appropriate timing, the culture of the company's public relations capacity in the process, all of these must be noted by Chinese enterprises in the course of cross-border M&A.
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