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论文编号：	6833
作者编号：	2120122725
上传时间：	2014/12/7 14:04:56
中文题目：	海外并购风险及防范措施研究——ZH公司收购N公司为例研究
英文题目：	Research on the risk and prevention measures of overseas mergers and acquisitions——A case study of ZH company acquisition of N company
指导老师：	牛建波
中文关键字：	海外并购;风险;对策;案例分析
英文关键字：	Overseas acquisition; countermesasures; Risk Case Study
中文摘要：	在经济金融一体化持续发展的背景下，二十世纪九十年代末，全球掀起了第五次并购浪潮。我国在加入WTO之后，提出了“走出去”战略，使得国内企业纷纷走出国门，并逐步成为国际并购市场上的重要力量之一。国内企业通过实施海外并购，不仅可以获得市场、技术等核心资源，还可以在一定程度上提升企业的品牌竞争力和影响力。本文研究以国内企业的海外并购活动为研究切入点，结合企业并购相关理论，在分析我国海外并购发展历程的基础和发展趋势上，重点分析了我国企业进行海外并购可能遇到的风险类型。研究表明，国内企业在实施海外并购时主要存在系统性与非系统性这两大类风险类型。其中，系统性风险包括政治风险、法律风险、利率汇率风险、信息不对称风险和文化风险等；非系统性风险包括战略决策失误风险、财务风险、定价风险和整合风险等。此外，本文针对上述风险类型，分别从宏观与微观层面提出相关对策，为提高国内企业海外并购风险防范能力提供参考或借鉴。在宏观层面，主要包括政府要完善相关职能、企业要熟悉研究相关法律、善于运用多种金融避险工具等；在微观层面，则包括重视战略管理、拓宽融资渠道、采用多种定价方法、设立风险管理机构等。最后，本文还对ZH公司并购N公司石油公司的案例进行分析，以提高本文研究的现实意义。
英文摘要：	In the economic and financial integration of sustainable development in the background, in the late 1990s, setting off a fifth of global M & A wave. After our accession to WTO, proposed a "going out" strategy, the domestic enterprises have to go abroad, and gradually become an important force in the international M & A market. Through the implementation of overseas mergers and acquisitions of domestic enterprises can not only access to markets, technology and other core resources can also improve brand competitiveness and influence companies to some extent. In this paper, domestic enterprises overseas M & A activity for the study of the starting point, combining the theory of mergers and acquisitions in the analysis of the development trend of China's overseas mergers and acquisitions and the development process, focusing on analysis of Chinese enterprises overseas M & A type of risk that may be encountered. Research shows that domestic enterprises overseas mergers and acquisitions in the implementation of major systemic and non-systemic risk types of these two categories. Among them, systemic risk, including political risk, legal risk, interest rate risk, the risk of asymmetric information and cultural risks; non-systematic risk, including strategic decision-making mistakes risk, financial risk, pricing risk and integration risk. In addition, this paper, the above types of risk are proposed countermeasures from the macro and micro level, provide a reference or reference for overseas mergers and acquisitions of domestic enterprises to improve risk prevention capability. At the macro level, including the government should improve the relevant functions, enterprises should be familiar with research relevant laws, good at using a variety of financial hedging tools; at the micro level, it includes attention to strategic management, expand financing channels, using a variety of pricing methods, establish Risk management agencies. Finally, the paper also oil company ZH COMPANY acquisition N company case analysis to improve the practical significance of this study.
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