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论文编号：	8682
作者编号：	2120142800
上传时间：	2016/12/7 10:31:07
中文题目：	我国企业跨境并购交易结构设计的研究—以青岛海尔并购GE家电业务为例
英文题目：	Design of the Deal Structure in Cross-border Mergers and Acquisition of Chinese Company—Qingdao Haier M&A GE Household Appliance Business as an Example
指导老师：	覃家琦
中文关键字：	中国企业;跨境并购;交易结构设计
英文关键字：	Chinese Company;Cross-Border M&A;Deal Structure Design
中文摘要：	随着中国经济的快速发展和国际竞争力的不断提升，中国企业的对外投资活动日趋活跃，跨境并购作为一种重要的对外投资方式，可以快速获取先进的技术、优质的品牌以及其他重要的战略资源，近年来受到越来越多的中国企业青睐。中国企业依托着不断升温的对外投资政策背景，借助欧美市场经济危机导致的估值下降的有利时机，携带着厚重充盈的资本筹码，在海外掀起了一场规模空前的并购风暴。 然而，跨境并购是一项非常复杂的交易，其涉及的利益相关方众多且往往交易额巨大，使其整个交易过程充满了高度的不确定性。因此，交易结构的设计就显得尤为重要。交易结构设计是整个并购交易的核心环节和关键程序，好的结构设计可以拉近买卖双方的利益，最大程度上促成交易的成功，否则可能会导致并购交易以失败告终。 本文从跨境并购交易结构设计的整体研究入手，在强调交易结构设计具有整体性和不可分割性的基础上，首先围绕交易结构设计中所包含的重要组成部分：交易组织结构的设计、境内外政府的审批、支付方式与融资安排以及税务筹划，逐一展开进行详细的介绍和分析，并阐述了在不同情形下，交易结构选择应考虑的因素，以及不同交易结构设计的适用情况。然后结合青岛海尔并购美国通用电气家电业务的案例分析，全方位的展示并分析了交易结构设计各重要组成部分的实际应用情况及相互之间的影响。在本文的结论中再次强调了跨境并购交易结构设计的各个组成部分是相互影响、相互制约的，在整个交易结构设计中需要统筹安排和规划。为了支持和促进跨境并购交易的发展，文章的最后针对完善我国对外投资法律制度建设，进一步简政放权、加速提高中国资本市场的开放程度和国际化程度以及加快专业人才队伍建设，提高金融机构对跨境并购业务服务的专业性三个方面提出了政策建议。 本文的主要贡献之处在于：目前国内外关于跨境并购交易的研究主要集中在并购的动因、并购后的绩效，以及对于交易结构设计的个别环节，如融资支付等方面的研究，对于跨境并购交易结构设计整体的研究较少，无法针对企业跨境并购实务给予全面的指导。希望通过本文的研究，能够为中国企业跨境并购交易实务提供指导性意见。
英文摘要：	As China’s economy developed rapidly and China has become more and more competitive, many Chinese companies expressed an extremely high enthusiasm for overseas investment. Cross-border mergers and acquisition (“Cross-border M&A”), one of the most important forms of overseas investment, which could quickly acquire advanced technology, excellent brands, and important strategic resources, was favored by most Chinese companies recently. With positive overseas investment policies issued by Chinese government, low valuation of western famous company caused by financial crisis, and abundant capital, Chinese company set off a great storm of cross-border M&A on overseas market. However, cross-border M&A is one of the most complicated transactions, that is full of uncertainly, not only because the transaction involve many related interest parties, but also the transaction amount is always so huge. So the design of deal structure plays a significant role in cross-border M&A. The design of deal structure is the key procedure to the deal that a good deal structure could promote the relationship between the buyer and the seller, guarantee the success of the deal, otherwise the deal will fail. On the basis of emphasizing that all of the elements of the deal structure is as a whole, this paper will elaborate the main elements of the deal structure, included organizational structure of the deal, domestic and foreign government approval, payment and financing, and tax planning, in detail, and then analyze and compare the applicability of each structure under different situations. After that, the case analysis of white appliance business acquisition deal between Qingdao Haier and GE shows that how each element works in practice. The conclusion of the paper will point out again that the relationship of each element of the deal structure is interrelated, they will affect each other and the design of the deal structure needs overall planning. In the end, for supporting and promoting the development of cross-border M&A in China, the paper suggests that the government should improve and perfect its investment legal system, enhance the opening degree of China’s capital market to embrace globalization, and build a more professional team to serve the Chinese company who wants to “going out”. Because the existing research findings about cross-border M&A mostly focus on driving factors of cross-border M&A, performance study after cross-border M&A, or on how one or two element of deal structure influence the deal, such as payment, financing and so on, that cannot give a comprehensive, practical instruction to Chinese company. The main contribution of this paper is hoping to offer guidance to cross-border M&A practice.
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