文档介绍：中国技术导向型企业跨国并购风险防范
南京财经大学硕士学位论文中国技术导向型企业跨国并购风险防范姓名:蒋伟申请学位级别:硕士专业:产业经济指导教师:熊小奇2009-01-04
摘要跨国并购已经成为我国企业拓展国际空间的重要手段。本文讨论技术导向型企业跨国并购中风险防范问题。本文的主要结构如下: 首先,从理论上分析了技术导向型企业跨国并购的特征。技术导向型企业以技术创新为发展动力、以技术资本为企业核心资源。在技术导向型企业中,跨国并购的动机是为了获取目标企业的技术资本,通过技术协同达到技术创新。技术导向型企业跨国并购所产生的技术资本价值增长,根源于并购中的技术资本是否能够协同。其次,从三个角度分析了技术导向型企业跨国并购的风险因素,并指出各种风险的内在联系。本文从跨国并购的阶段风险、跨国并购外部环境和并购价值增长这几个方面具体分析风险因素,并总结出技术导向型企业跨国并购风险内在联系模型。该模型指出各个风险种类围绕并购价值增长风险为中心对并购产生影响,并且各个风险因素之间可以相互传递,影响和叠加。第三,在上述理论分析的基础上,本文利用实证方法,选取样本企业,进行Probit回归。根据回归结果,大致可以推断,投资活动所产生的现金流量和融资活动所产生的现金流量越多,中国技术导向型企业跨国并购的财务风险越大;资产回报率和流动比率与中国技术导向型企业跨国并购的财务风险成反比。这揭示中国技术导向型企业为了降低跨国并购时的财务风险,必须合理的控制自身的财务指标。第四,通过研究国内外具体典型案例,结合本文所阐述的并购风险相关理论,得出有关跨国并购风险防范的成功经验以及失败教训。这对于指导我国技术导向型企业进行跨国并购,具有理论和实践意义。最后,针对上述理论和实证所分析的技术导向型跨国并购风险因素,文章最后从政治风险规避、财务风险规避以及整合风险规避三个角度给出可行的对策建议。关键词:技术导向型企业;跨国并购;并购风险;技术整合;probit 模型 I
Abstract The transnational merger and acquisition already became the important means of our country enterprises to develop the internationalization. This article discussed the risk guard question of the technical guidance enterprise to do transnational merger and acquisition. The primary structure of this article is as follows: Firstly, this paper has analyzed the characteristic of technical based enterprise transnational merger and acquisition theoretically. Technology based enterprises make technological innovation as development power and technical capital for enterprise core resources. The merger and acquisition of plany The merger and acquisition motive of plany is that they want to take the goal enterprise's technical capital and achieve the technological innovation through the technical coordination. The technology capital value enhancing in the technical guidance enterprise transnational merger and es from the technical capital whether can coordinate. Secondly, risk factor have been analyzed from integrated risk environment, time sequence and value increasing in M&A, then give the technology enterprise merger and acquisition risk