1、本科毕业论文（设计）论文题目浙江省民营企业跨国并购现状分析及研究所在学院专业班级国际经济与贸易学生姓名学号指导教师职称完成日期年月日毕业论文独创性声明本人郑重声明所提交的毕业论文是本人在指导教师的指导下进行的研究工作及取得的研究成果。除文中特别加以标注的地方外，论文中不包含他人已经发表的学术成果或者他人为获得高等院校学位而使用过的材料，论文中不涉及任何知识产权纠纷。否则，本人将承担一切责任。学生签名_日期_I摘要近年来随着全球化的不断深入，中国作为WTO的成员国，在经济全球化的大背景下，对外开放程度也日益加深，我国企业面临着更加激烈的国际竞争。随着我国企业实力的不断增强，越来越多的浙江民营企业
2、也开始把跨国并购作为开拓国际市场，提高国际知名度的主要方式。但是由于我国的跨国并购还处于初级发展阶段，在并购的过程中还存在一些问题，发展程度远不及国外的跨国并购公司。因此，本文结合跨国并购理论，对浙江民营企业海外并购的实践情况进行深入分析，针对浙江民营企业跨国并购中出现的法律制度不完善，融资渠道狭窄和人力资源整合的问题，提出了解决的对策，使得更好的实施“走出去”战略，这对于提高企业的国际竞争力，以及国民经济的健康持续发展有着重大的现实意义。关键词跨国并购；民营企业；现状问题；对策建议IIABSTRACTCHINAASAMEMBEROFWTO,INTHECONTEXTOFECONOMICGLOB
3、ALIZATIONANDDEEPDEGREEOFOPENINGUPTOTHEOUTSIDEWORLD,CHINESEENTERPRISESCONFRONTMUCHMOREINTENSEINTERNATIONALCOMPETITIONOWINGTOGROWINGSTRENGTHOFCHINESEENTERPRISES,ANINCREASINGNUMBEROFPRIVATEENTERPRISESINZHEJIANGPROVINCEHAVEBEGUNTOCROSSBORDERMERGERANDACQUISITIONASTHEMAINWAYTOEXPLORETHEINTERNATIONALMARKET
4、ANDRAISEINTERNATIONALAWARENESSHOWEVER,COMPAREDWITHFOREIGNCOMPANIES,CROSSBORDERMERGERANDACQUISITIONISSTILLINTHEINITIALSTAGEOFDEVELOPMENTINCHINAITHASSOMEPROBLEMSINTHEPROCESSOFMERGERANDACQUISITIONTHEREFORE,THISDISSERTATIONFOCUSESONTHECROSSBORDERMERGERANDACQUISITIONSTHEORIES,COMBINEDWITHPRACTICEINPRIVAT
5、EENTERPRISE,ZHEJIANGPROVINCEACCORDINGTOTHEPROBLEMSLIKELEGALSYSTEM,FINANCINGANDHUMANRESOURCES,IPROPOSESEVERALSOLUTIONSTOTHEPROBLEMSINORDERTOMAKEABETTER“GOINGOUT”STRATEGYITPLAYSASIGNIFICANTROLEINIMPROVINGTHEINTERNATIONALCOMPETITIVENESSOFCHINESEENTERPRISESANDPROMOTINGTHEECONOMYHEALTHILYANDSUSTAINABLEDE
6、VELOPEDKEYWORDSCROSSBORDERMERGERANDACQUISITIONPRIVATEENTERPRISESINZHEJIANGPROVINCECURRENTSITUATIONANDPROBLEMSSOLUTIONS目录1跨国并购的理论综述111跨国并购的概念及分类1111并购的基本概念1112跨国并购的概念1113跨国并购的分类212跨国并购的相关理论2121跨国并购理论的动因研究2122跨国并购的效应研究2123国际生产折衷理论与投资发展轨迹理论32浙江省民营企业跨国并购的现状421浙江省民营企业近年来跨国并购的发展状况422浙江省民营企业跨国并购的原因6221企业方面
7、6222政府方面7223国际大环境方面723浙江省民营企业跨国并购所产生的影响83浙江省民营企业跨国并购中出现的问题及原因1031法律制度不完善1032融资渠道狭窄1033人力资源整合问题104案例分析吉利收购沃尔沃1241案例1242分析12421自身需求12422外部机遇13423融资渠道多13424准备充分13425获得了工会支持14426顶级并购顾问公司协助1443启示14IV5浙江省民营企业跨国并购对策研究1651企业对策16511制定科学的跨国并购战略16512培养跨国并购人才16513拓展融资渠道16514重视并购后的整合1752政府对策17521对企业给予大力支持17522提供
8、跨国并购业务咨询17523完善法律法规17结论19参考文献20致谢211随着中国经济的发展和国际融合的进一步深化，跨国并购成为近年来中国企业直接投资流动的最重要形式之一，也是国际化进程中的一种重要表现形式。越来越多的浙江民营企业也开始准备并实施国际化战略。实践和理论研究证明我国企业的海外并购还处于漫长的摸索期。虽然有跨国并购成功的案例，但也有不少由于失败而使自身发展受阻的例子。不可否认，浙江省民营企业的跨国并购取得了一些成果和经验，同时也存在着不少问题和障碍。因此，运用跨国并购理论，结合企业开展并购活动即对外经营的实际，来探索浙江省民营企业的跨国经营，就成为值得我们研究的一个议题。1跨国并购的
9、理论综述11跨国并购的概念及分类111并购的基本概念并购是兼并和收购的总称。兼并是指两家或更多的独立企业、公司合并组成一家企业，通常由一家占优势的公司吸收一家或更多公司。在这种合并中，被吸收企业解散并丧失法人地位，存续企业则保留法人地位，且被吸收企业的债权、债务由存续企业承担。收购是由一家企业在证券市场上用现金、债券或股票购买国外另一家企业的股票或资产，以获得对该企业的控制权，收购包括股份收购和资产收购两种。112跨国并购的概念跨国并购的基本含义是一国企业为了某种目的，通过一定的形式和支付手段，把另一国企业的整个资产或足以行使经营权的股份买下来。可见，跨国并购涉及两个或以上国家的企业，“一国企
10、业”或称“母国企业”，是并购发出企业或并购企业，一般实力强大的跨国公司会成为跨国并购的主体；“另一国企业”或称“东道国”是被并购企业，也叫目标企业。并购所用的形式包括跨国兼并（在当地企业和外国企业的资产和业务合并后建立一家新的实体或合并成为一家企业）和跨国收购（收购一家当地企业或外国子公司的控股股份）两种形式。跨国并购是国内企业和两个以上政府控制下的法律制度的并购。2113跨国并购的分类按照并购企业与目标企业的产业关系，跨国并购分为横向并购、纵向并购和混合并购。横向并购也叫水平并购，是指两个或两个以上国家或地区从事同类业务活动，彼此相互竞争的企业发生的并购。这类并购会产生规模经济效益。纵向并购
11、是指两个或两个以上国家或地区处于同一生产链但又处在不同生产阶段的企业发生的并购。进行这类并购的一个重要原因是它能够降低市场交易的不确定性和交易成本。混合并购是指在经营活动无关联的两个或两个以上国家或地区企业间的并购行为。通常是为了寻求业务多元化、全球化，以降低业务过于单一、集中在单一国家或地区的风险以及潜在的资本收益。12跨国并购的相关理论121跨国并购理论的动因研究（1）企业价值低估论最早由HANNAHLSIMILARLY,THEWHOLESALEANDRETAILTRADESECTORWASHEAVILYDISTRESSEDDURINGTHECRISISANDREMAINSINADIFFI
12、CULTSITUATIONINCONTRAST,THETRANSPORTEQUIPMENTSECTORNEEDEDTOSELLOFFFEWEROFITSASSETSOWINGTOITSGREATERLONGTERMRESILIENCE,WHICHHASBEENREFLECTEDINFIRMSABILITYTOGROWBYTAKINGADVANTAGEOFEXPORTOPPORTUNITIESALTHOUGHLONGTERMBENEFITSMAYRESULTFROMMERGERSANDACQUISITIONS,SOMEOBSERVERSHAVERAISEDSHORTTERMCONCERNSONE
13、ISTHATPOSTCRISISASSETACQUISITIONS22BYFOREIGNINVESTORSMAYBEPREDATORY,BASEDONHUGELYUNDERVALUED,OR“FIRESALE,“PRICINGSUCHFIRESALESTHATIS,SALESOFASSETSTOFOREIGNERSATPRICESBELOWTHEIRLONGTERMVALUESCOULDOCCURWHERESELLERSARECRITICALLYSHORTOFFUNDSANDTHEREAREFEWBUYERSTHISISNOTANEASYPROPOSITIONTOEVALUATEWHILESO
14、MEASSETPRICESDROPPEDPRECIPITOUSLYAFTERTHECRISIS,ITISNOTCLEARWHETHERTHESEPRICESWEREBELOWTHEASSETSLONGTERMVALUESKRUGMAN1998SUGGESTSTHATTHERECENTASSETSALESINEASTASIACOULDBEINTERPRETEDINTWOVERYDIFFERENTWAYSPRECRISISASSETVALUESMAYHAVEBEENINFLATEDBYIMPLICITGUARANTEESTHATULTIMATELYFAILED,SOTHATTHECRISISRES
15、TOREDASSETVALUESTOTHEIRAPPROPRIATELEVELSINTHATCASE,THEASSETSWERESOLDATEQUILIBRIUMLONGTERMPRICESTHEALTERNATIVEEXPLANATIONFORMAACTIVITYINTHECRISISCOUNTRIESISTHATEXCESSIVEEXCHANGERATEDEPRECIATION,PERHAPSTHERESULTOFCONTAGIONININTERNATIONALMARKETS,FORCEDDOMESTICFIRMSTOSELLASSETSTOPAYOFFSHORTTERMDEBTSFORE
16、IGNFIRMSTHATHADENOUGHLIQUIDITYPURCHASEDTHESEDOMESTICFIRMSORPROJECTS,WHICHWILLGENERATEASTREAMOFPROFITSABOVETHEIRLIQUIDATIONVALUESONCETHEHOSTCOUNTRYSEXCHANGERATERETURNSTOITSEQUILIBRIUMLEVELUNDERTHESEASSUMPTIONS,THEREWASATRANSFEROFWEALTHFROMTHEDOMESTICECONOMYTOFOREIGNERS,WHOBOUGHTASSETSATPRICESBELOWTHE
17、IRLONGTERMVALUESTHELIMITEDEVIDENCEAVAILABLEGOESAGAINSTTHEHYPOTHESISTHATSIGNIFICANTAMOUNTSOFASSETSWERESOLDATFIRESALEPRICESCROSSBORDERMERGERSANDACQUISITIONSWEREHIGHESTINKOREA,WHICHSUFFEREDLEASTFROMTHECRISISANDRECOVEREDFASTESTCROSSBORDERMATRANSACTIONSNOTONLYSHOTUPTO9BILLIONIN1998FIVETIMESHIGHERTHANIN19
18、97BUTALSOCONTINUEDTORISEBY38PERCENTIN1999DESPITEA15PERCENTAPPRECIATIONOFTHEWONBEGINNINGIN1998THISSUGGESTS,THEREFORE,THATFOREIGNFIRMSACQUISITIONSOFASSETSHAVEBEENDRIVENMOREBYNEWOPPORTUNITIESCREATEDBYPOLICYCHANGESTHATENCOURAGEDMATHANBYFIRMSGREATERLIQUIDITYRESULTINGFROMFOREIGNEXCHANGEDEPRECIATIONSTHEWID
19、ELYDIFFERINGPRICESATWHICHDISTRESSEDASSETSWERESOLDWHICHRANGEDFROM25PERCENTTOABOUT80PERCENTOFTHEIRBOOKVALUESSUGGESTTHATTHESEPRICESREFLECTDIFFERENCESINTHEASSETSQUALITYRATHERTHANFIRESALES22SINCETHEIRCRISESIN1997,BOTHKOREAANDTHAILANDHAVEINTRODUCEDVARIOUSMEASURESTOENCOURAGEBUSINESSCONSOLIDATIONSTHROUGHMER
20、GERSANDACQUISITIONS,ASWELLASTOLIBERALIZEFOREIGNINVESTMENTTHESEPOLICYCHANGESHAVELEDTORAPIDRISESINCROSSBORDERMERGERSANDACQUISITIONSLOOKINGAHEAD,HOWEVER,THEREARECONTINUEDPOLICYCHALLENGES,INCLUDINGCORPORATEGOVERNANCE,COMPETITIONPOLICY,ANDBANKPRIVATIZATIONANDREGULATIONCORPORATEGOVERNANCECERTAINPOLICYMEAS
21、URESAREREQUIREDTOAVOIDTHEPOTENTIALDRAWBACKSOF,ANDTOGAINTHEMOSTBENEFITFROM,CROSSBORDERMERGERSANDACQUISITIONSENHANCINGTHESTANDARDSOFCORPORATEGOVERNANCECANBEAHIGHLYEFFECTIVEWAYOFSUPPORTINGMARKETDRIVENMATHATMAXIMIZESSHAREHOLDERBENEFITSINTHEMERGEDORACQUIREDFIRMSBYENCOURAGINGRESPONSIBLEDECISIONMAKINGIMPRO
22、VINGENTERPRISEMONITORING,DISCLOSUREOFINFORMATION,ACCOUNTINGPRACTICES,ANDEQUITYISSUANCEPROCESSESISESSENTIALTOSTRENGTHENINGCORPORATEGOVERNANCEKOREAANDTHAILANDHAVETAKENSTEPSTOINCREASETHENUMBEROFSHAREHOLDERSABLETOEXERCISETHEIRRIGHTSAND,ESPECIALLY,TOENHANCEINSTITUTIONALVOTERRIGHTSKOREASMOVEMENTTOWARDADOP
23、TIONOFINTERNATIONALACCOUNTINGSTANDARDSHASBEENWELCOMEDBYFOREIGNINVESTORSWHOSECONCERNSOVERTHEACQUISITIONOFKOREANASSETSHADBEENFOCUSEDONTHEVALUATIONOFNONPERFORMINGLOANSKOREAHASALSOINTRODUCEDNEWREQUIREMENTSTHATDOMESTICCOMPANIESINCREASETHEINVOLVEMENTOFOUTSIDEDIRECTORSONTHEIRBOARDSTHOSEMEASURESHAVEHELPEDTO
24、INCREASECORPORATETRANSPARENCYANDACCOUNTABILITY,ALTHOUGHFURTHERPROGRESSISREQUIREDTHEMARCH1999AMENDMENTTOTHAILANDSBANKRUPTCYCODEISANOTHERMEASURETHATHASENCOURAGEDMERGERSANDACQUISITIONSBYOPENINGTHEECONOMYUPTOMARKETFORCESTHENEWCODESMAKEITEASIERFORCREDITORSTOGAINCONTROLOFDEBTORSASSETSTOOBTAINREPAYMENTSOFD
25、EBTSDUEFINANCIALLYDISTRESSEDSECTORSWITHGOODLONGTERMPROSPECTS,SUCHASTHEHOTELINDUSTRY,HAVEBEENATTRACTINGGREATERFOREIGNINTERESTSINCETHEBANKRUPTCYLAWSWEREAMENDEDCOMPETITIONPOLICYCONSOLIDATIONANDRATIONALIZATIONTHROUGHMERGERSANDACQUISITIONSMAYLEADTOAHIGHERDEGREEOFCONCENTRATIONINTHEHOSTMARKET22MAINTAININGT
26、HERIGHTBALANCEBETWEENCOMPETITIONANDCOOPERATIONHASBEENANIMPORTANTCONCERNOFEASTASIANPOLICYMAKERSTOACHIEVETHISOBJECTIVE,POLICYMAKERSNEEDTOENCOURAGEMARKETORIENTATIONBYREDUCINGBUREAUCRATICRESTRAINTSTOCOMPETITIONARECENTEXAMPLEOFREGULATORYREFORMTHATHASFACILITATEDMARKETCOMPETITIONISTHAILANDSNEWACTONCOMPETIT
27、IONANDPRICING,WHICHWASINTRODUCEDIN1999COMPLICATINGMATTERS,HOWEVER,ISTHEFACTTHATADOPTINGANARROWCONCEPTOFCOMPETITIONWILLNOTBEAPPROPRIATEINTHE“NEW“ECONOMYTHEKOREANGOVERNMENTISENCOURAGINGDOMESTICFIRMSTOINVESTINRESEARCHANDDEVELOPMENTANDTOFORMSTRATEGICALLIANCESWITHADVANCEDCOMPANIES,BOTHOFWHICHWILLINCREASE
28、THEIRCOMPETITIVENESSTHROUGHTECHNOLOGICALINNOVATIONFINANCIALSECTORREFORMSINCEGOVERNMENTSOFTHECRISISCOUNTRIESHAVE,THROUGHTHEIRDIRECTTAKEOVERSANDRECAPITALIZATIONINITIATIVES,BECOMEOWNERSOFSUBSTANTIALPORTIONSOFTHEIRCOUNTRIESBANKINGSYSTEMS,THEREPRIVATIZATIONOFNATIONALIZEDFINANCIALINSTITUTIONSSHOULDCONTINU
29、ETOBEGIVENAHIGHPRIORITYGOVERNMENTSSUCCESSINACHIEVINGTHISOBJECTIVEWILLHAVEANIMPORTANTINFLUENCEONTHELONGTERMSTRUCTUREANDPERFORMANCEOFTHEIRECONOMIESFINANCIALSECTORSSOFAR,EFFORTSATPRIVATIZATIONHAVEBEENPARTIALLYSUCCESSFUL,PARTICULARLYINKOREAANDTHAILAND,ALTHOUGHTHEYHAVEBEENHINDEREDSOMEWHATBYTHECONTINUEDGR
30、OWTHOFNONPERFORMINGLOANS,WHICHPROSPECTIVEINVESTORSHAVEDIFFICULTYVALUINGINADDITION,LONGTERMEFFORTSTOIMPROVEFINANCIALSECTORREGULATIONANDSUPERVISIONAREREQUIREDCROSSBORDERMERGERSANDACQUISITIONSACTIVITYISSTILLINANEARLYPHASEINEASTASIASFINANCIALLYDISTRESSEDECONOMIESANDREMAINSSMALL,RELATIVETOTHEIRSIZESANDST
31、AGESOFDEVELOPMENTTHERECENTUPSURGEINMERGERSANDACQUISITIONSINEASTASIA,PARTICULARLYINKOREA,CANBEATTRIBUTEDLARGELYTOPOLICYCHANGESTHATHAVEFACILITATEDFOREIGNACQUISITIONSOFLOCALASSETSLIBERALIZATIONOFFOREIGNENTRYANDOWNERSHIPRESTRICTIONSANDTHEINTRODUCTIONOFINTERNATIONALACCOUNTINGSTANDARDSANDSHAREHOLDINGSYSTE
32、MSHAVEEXPONENTIALLYINCREASEDFOREIGNINVESTORSACCESSTOLOCALMARKETSANDTHEIRABILITYTOACQUIREASSETSWITHINTHEMTHEMOSTSIGNIFICANTROLEFORCROSSBORDERMERGERSANDACQUISITIONSISIN22ENCOURAGINGLONGERTERMREFORMS,SUCHASOPERATIONALRESTRUCTURINGANDREALLOCATIONOFASSETS,INFIRMSFOREIGNPARTICIPATIONTHROUGHMACOULDALSOBEMOREEFFECTIVEINIMPROVINGEFFICIENCY,COMPETITIVENESS,ANDCORPORATEGOVERNANCEUNDERTHECIRCUMSTANCES,FOREIGNDIRECTINVESTMENT,INTHEFORMOFCROSSBORDERMERGERSANDACQUISITIONS,HASASIGNIFICANTROLETOPLAYINTHERESTRUCTURINGANDCONTINUEDDEVELOPMENTOFFINANCIALLYDISTRESSEDEASTASIANECONOMIES
