文档介绍：摘要
在全球跨国并购浪潮的影响下,中国企业于20世纪80年代就开始海外并购的摸索,比较有代表性的企业如中信、中化、首钢、华润等,现都已发展为集多行业经营于一体、投资许多国家的大型跨国企业。随着中国对外开放程度的深入和中国企业自身实力的不断增强,越来越多的国内企业开始放眼全球、进军海外市场,通过跨国经营和海外直接投资等多种方式,寻找新的战略发展空间,加快国际化步伐。
然而,中海油高价竞购尤尼科的失败,可以看出国内企业海外并购并非想象的一帆风顺,在看似前景一片光明的情况下,海外并购的步伐开始受到了种种阻碍。宏观上,国内外市场的差异性、信息的不对称性以及国内金融市场的滞后,限制了海外并购的发展;微观上,企业自身的财务风险、文化整合风险、人才问题和法律风险制约并购的实现。针对以上问题,本文将选用吉利并购沃尔沃这个案例,对中国企业海外并购的动因与绩效进行分析。分析我国企业海外并购的原因,衡量企业并购过程中的风险,评价企业海外并购的绩效,指出并购出现的问题以及原因。为中国企业的海外并购提供借鉴。
本文在对案例进行绩效分析时,分别运用了杜邦分析、单项指标分析、以及其他宏观因素分析。通过构建财务指标体系来弥补单一指标无法全面反映并购后企业综合绩效的缺陷,综合多个财务指标来评价上市公司绩效。同时,重点分析企业的偿债能力、营运能力、盈利能力。在整体中突出重点,提高分析结论的科学性和全面性。
本文共包括以下四个部分:
第一部分,对吉利并购沃尔沃事件的简要回顾。
第二部分,吉利并购沃尔沃的背景和动因分析。
第三部分,吉利并购过程前、中、后的绩效分析。
第四部分,对此次并购做出总结,指出问题,提出建议。
关键词:上市公司海外并购动因绩效分析
ABSTRACT
Following the trend of transnational merger around the world, Chinese corporations have been undertaking the exploration of overseas merger since 1980s. Among them some panies like CITIC Group, Sinochem Group, Shougang Group and China Resources have developed into large-sized transnational corporations covering businesses of diverse industries and countries. With the enhancement of China’s opening degree to the outside world and Chinese corporations’ developmental strength, more and more domestic corporations set out to take an global view and march forward into foreign market. Thus they speed up their pace of internationalization and exploit new strategic developmental space through various ways such as transnational business and direct overseas investment.
However, China National Offshore Oil Corporation (CNOOC)’s abortion to merge Unocal Corporation at a high price reveals the predicament that domestic corporations have to face under the appearing brilliant forecast. From the macro perspective, factors like the differences among markets home and abroad, the asymmetry of information and backwardness of domestic finance market all constraint the pace of merger overseas. And from the micro perspective, domestic corporations have to deal w