【作者】 吴术；

【导师】 王胜今；

【作者基本信息】 吉林大学 ， 人口、资源与环境经济学， 2013， 博士

【摘要】 2008年由美国次级债引发的全球金融危机，让整个世界经济受到重创，在这样一个危险和机遇并存的时刻，中国企业充分站上了世界经济的大舞台，直面国际竞争，在跨国并购的强劲势头中，开始中国企业海外并购的征程。跨国并购作为对外直接投资（FDI）的一种形式，是企业实施全球经营战略的一种重要方式，时至今日已经具备了相当成熟的理论，中国企业要如何将理论运用到实践，成功地走出国门，在海外收购的道路上走得长远；如何提高中国企业海外并购的成功率等都是本文研究的重点。本文主要研究的是中国企业近年来进行的海外收购案例，特别从资源企业入手，通过实证分析的方式，从收购的开始至后期整个过程中总结出经验教训，并试图寻找出比较适合中国资源类企业走出国门的最佳方式方法。本文首先对现有的并购和跨国并购理论进行相应的阐述，结合理论比较中国企业进行海外并购与国外企业进行跨国并购，了解中国企业进行海外并购的特殊性，展望未来的发展状况。然后详细研究了吉恩镍业近些年进行的海外并购布局，从中总结吉恩公司在整个过程中的经验和教训，另外再分析了中海油服要约收购挪威AWO公司、中国铝业注资澳大利亚力拓以及中化集团收购加拿大钾肥这几个较为典型的海外并购案例，从全部的案例中找到中国资源类企业进行海外并购的一般性过程，总结出失败原因，并探讨了几个适合中国资源企业海外并购的合作模式。最终分别从企业和政府的角度提出提高海外并购成功率的建议。并购成功可以为企业带来相当多的好处，并购后的整合也决定了成功与否，整合后的效果在很大程度上也决定了并购企业的命运。案例中我们发现吉恩镍业并购后的整合工作做得比较妥当，吉恩镍业有计划地发展运营管理、资源开发、并购整合、资本资金以及市场贸易等五大管理体系，不断优化自身的经济结构，使并购方与自身企业能够在发展战略上、企业制度上、运作机制上、以及组织结构和企业文化上能够步调一致，运作搭配合理，有效整合，从而增强并购完成后企业的的核心竞争力，最终实现了资源配置的优化和效益的最大化。中海油服的收购完成时的自身作业装备得到快速补充，船队的整体船龄结构得到有效改善，海上钻井数量和作业能力提升近一倍，并且具备了海上500米到1500米的深水作业能力。当然我们也能从案例总结出失败的原因，比方说中国铝业注资力拓的失败体现出文化差异在一国经济活动中的重大影响。中化收购加拿大钾肥的失败则是自身转型未完成，且准备不足意向不够强烈。我们总结出中国企业海外并购的阻碍有：政府管理互相牵制、现行项目审批制度不完善、行政机构对企业过多干预、企业信息渠道过窄、国企收购阻力更大、民营矿企成长环境较差、现行金融信贷体系对企业筹资的约束较多、企业内部无序竞争、管理者缺乏战略眼光、并购时机把握能力不够等。因此，我们也找出适合中国资源企业海外并购的几个合作模式，如合资开发模式、股权并购模式、风险勘探模式、购买产能模式、租赁经营模式、工程换资源模式、战略联盟模式等。对于提高海外并购成功率方面，我们对企业和政府都有相应的建议。对于企业而言，在并购前，应当保持冷静，确定并购的战略动因，然后需要明确目标的合理价值，一定要进行项目的可行性分析，最后确定好最佳的并购模式再开始展开行动。在并购过程中应当及时把握事态变化调整策略方式，认真深入客观的进行尽职调查工作，在谈判中要不卑不亢提升技巧。并购完成后不能掉以轻心，而应当重视企业文化融合，灵活的管理整合成本，全面运营整合以发挥优势。作为政府机关部门则应当做到如下几点：完善海外并购政策及监督机制、完善国际税收制并建立对外投资保险、拓宽企业融资渠道并逐步放开海外融资、为企业分摊海外并购风险、促进中国企业与他国沟通，在宏观上把控企业的并购行为，促进并购重组行为能尽快转变成中国企业的竞争力。通过对中国企业海外并购历史和现状进行了解，并详细分析几个中国资源企业的海外项目，本文得出一定的结论：海外并购是一个必然趋势，中国企业积极参与是正确的行为，但须要量力而为，而且须要拓宽融资渠道融资方式；并购后的整合对企业进行海外并购起着相当重要的意义，如何有效整合两国企业的方方面面，也是一个值得深究的课题；西方国家对中国企业海外并购的误解影响了中国企业的海外扩张；中国企业仍需要在实践中不断学习积累经验。更多还原

【Abstract】 World’s economy has been seriously damaged at global financial crisis whichtriggered by the U.S. subprime2008. Chinese enterprises had to face internationalcompetition directly by then. They have taken the chance to get into the stage of theworld economy, and to started the journey of Chinese enterprises’ oversea mergers andacquisitions.Cross-border mergers and acquisitions as a form of foreign direct investment (FDI)is an important way for enterprises to implement global business strategy. There is awealth of fairly mature theory about M&A. Chinese enterprises will have to learn howto apply the theories to practice. How to act on it? How to improve the chance toaccomplish M&A successfully? These subjects are what we will discuss in thispaper.This paper studies Cross-border M&A cases of Chinese enterprises conducted inrecent years, especially the resource companies, through empirical analysis of thewhole process from the beginning to the post-acquisition summed up.we lessoned andlearned, and we try to find out more suitable for Chinese resource enterprises to goabroad.Firstly, we learn the existing cross-border M&A theories, based them,we comparecross-border M&A of enterprises in China with which in foreign countries, in order tofind out the particularity about Chinese enterprises cross-border M&A,and expectingwhat it will be in the future. Then a detailed study on all the layout of cross-borderM&A conducted by Jien Nickel Industry in recent years, find out experiences andlessons from the whole process.and we did some additional analysis of othercases,such as COSL offer to buy Norwegian AWO company, China Aluminuminjection Australian Rio Tinto and Sinochem Group acquired Canadian potash.Welearned general process of Chinese enterprises cross-border M&A from these moretypical cases,and summed up the reasons for failure and cooperation model suitable forChinese enterprises. Finally, we come up with some advices which could upper theratio of success for enterprises and the government respectivly. Success of M&A can bring benefits for enterprises, post-merger integration(PMI)also determines whether it’s a success or not.The effect of PMI also determines the fateof M&A in a large extent. From the cases we found out that Jien Nickel Industry dida good job in PMI,most work had been done very properly, Jien Nickel developedmanagement system including operation management, resource management, mergerintegration, capital and marketing, and optimize the company’s economic structure, sothat the opponents involved could merge strategy, systems, mechanisms, organizationand culture work together to enhance the company’s core capabilities to achieveoptimal allocation of resources and etc. more smoothly and maximized the efficiency.After the M&A, COSL complete its own equipment quickly, the overall age of the fleetstructure has been effectively improved, the number of offshore drilling andoperational capabilities enhance nearly doubled, and got the sea500meters to1,500meters deep operational capability.Of course we also concluded the reasons of failure, for example, Rio Tinto case’sfailure reflects that cultural differences play a significant role in economic activities.Sinochem acquisition of Canadian potash failed, because lack of preparation and notstrong enough intention. We conclude that the obstacles of cross-border M&A in Chinaare: government management contain each other, the current project approval system isimperfect, excessive intervention in administrative bodies of the enterprise, theenterprises’ information channel is too narrow, the acquisition of state-ownedenterprises have greater resistance, poor environment for the growth of privateresources enterprises,the current financial and credit system constraints tomuch,disorder competition within the enterprise, managers lack of strategic vision,inadequate ability to grasp the opportunity during M&A.Therefore, we have found out several cooperative modes for Chinese resourcesenterprises attempting M&A, such as joint development model, equity acquisitionmodel, risk exploration mode, buying capacity mode, leasing business model, modelengineering for resources, strategic alliances mode.To improve the ratio of success, we came out with some recommendations forenterprises and governments correspondingly. For enterprises,when it’s before themerger,managers should remain calm and be aware of the strategic motivations,then todefine reasonable value of target companies,make sure to do a feasibility analysisbefore all the work is started.When it is during the process,managers should adjust to any possible changes,go deep into due diligence,improve negotiation skills.When it’safter the merger,managers shouldn’t look down upon PMI,pay more attention tocultural integration,manage the costs flexiblly,all this could promote the advantage ofPMI.Government agencies should do as follows:improve the policies and oversightmechanisms,widen financing channels for enterprises,share some risks,ecourageChinese enterprises to communicate more with which in foreign countries and etc.When governments do their job in a macro way, competitiveness of Chineseenterprises will be uppered to a higher level.After viewing the history of Chinese enterprises’ cross-border M&A, and goingthrough some typical cases, we come to the conclusion: Overseas merger andacquisition is an inevitable trend, Chinese enterprises go in the right way to participateactively; post-merger Integration plays a very important role in how to integrate allaspects of the enterprises from different countries; misunderstandings about Chineseenterprises still exist among the western countries; Chinese enterprises still need tolearn in practice continuously and to accumulate more experience.更多还原