【作者】 罗毅；

【导师】 沈俊；

【作者基本信息】 武汉理工大学 ， 会计学， 2012， 硕士

【摘要】 2000年开始,中国汽车工业出现“井喷”式发展,汽车企业规模不断扩大。资金日益雄厚的中国汽车企业将目光转向更广阔的海外市场,在直接出口、海外设厂的同时,开始尝试并购海外知名汽车企业,以实现企业的扩张和品牌的提升。特别是2009年,当欧美发达国家还在经济危机的泥潭里挣扎的时候,中国汽车企业看到了海外“抄底”的机遇,海外并购层出不穷：北汽收购萨博,腾中收购悍马,吉利收购沃尔沃等等。一出出中国汽车企业海外并购的消息被传出,然后被逐一证实。本文在此背景下探讨中国汽车企业海外并购目标选择问题。中国汽车企业海外并购的浪潮是汽车企业自身寻求发展壮大、中国政府的推动与支持以及金融危机提供了良好的并购机遇共同作用的结果。本文针对我国汽车企业的海外并购活动,进行了以下研究：(1)梳理了我国汽车企业海外并购的发展历程,总结出中国企业海外并购的特点：并购规模不断扩大；并购主体国有企业和民营企业并存；汽车企业跨国并购区位分布集中；收购内容越来越丰富；并购的目标公司多为经营业绩不佳的企业。(2)从外部诱因和内部动因两方面分析了中国汽车企业对海外并购的动因,外部诱因主要是外部动因主要是天时——金融危机与欧债危机的刺激、人民币升值的影响以及国家政策的推动与支持；内部动因归根到底是企业对自身发展壮大以及对技术和品牌的迫切需求。(3)从宏观和企业层面分析了当前中国汽车企业海外并购面临的风险：宏观风险主要指政治风险、社会风险、法律风险等；企业层面的风险包括了目标企业定价风险、资金链风险、金融风险、反并购风险、整合风险等。(4)构建了目标企业评价指标体系。从目标企业运行综合状况、产品的潜在市场前景、企业文化整合与协同效应、技术进步潜力这四个方面分别从定量和定性的角度构建了目标企业评价指标体系。并利用模糊综合评价的方法,将一些定性指标量化,以求得到一个可以量化的目标企业评价结果,从而方面并购主体进行目标企业选择,以提高目标选择的有效性和科学性。(5)最后从政府和企业自身两个方面分析了当前汽车企业在进行海外并购目标选择时暴露出的一些问题,并给出了针对性的建议。更多还原

【Abstract】 A "blowout" type of development has appeared in China’s auto industry since2000. The automobile enterprises’ scale has been constantly expanding. Well-funded Chinese automobile enterprises turn to the overseas market which is much wider. Chinese automobile enterprises export overseas directly and set up overseas plants.At the same time, Chinese automobile enterprises start trying to merger overseas well-known automobile enterprises, which in order to achieve business expansion and brand promotion. Especially in2009, when the developed countries were still struggling in the economic crisis, Chinese automobile enterprises found the opportunities of buy the dips abroad. Overseas mergers and acquisitions emerge in an endless stream.Such as BAIC’s acquisition of Saab, Tengzhong’s acquisition of Hummer, Geely’s acquisition of Volvo...Many of M&A news came out and then confirmed one by one. This thesis discusses the problem of Chinese automobile enterprises’ oversea merger and acquisition target selection under such situation.Many factors lead to the wave of Chinese auto companies overseas mergers and acquisitions such as automobile enterprises itself seeking to expand, the Chinese Government’s promotion and support, the financial crisis provides good M&A opportunities. The thesis discusses the following aspects against our country automobile enterprises overseas mergers and acquisitions.(1) The thesis lists the development process of China’s auto companies overseas mergers and acquisitions.And summarize Chinese enterprises overseas mergers and acquisitions’s characteristics:The merger and acquisition scale has been expanding constantly; the state-owned enterprises and private enterprises both are main conductor of mergers and acquisitions; Automobile enterprises transnational mergers and acquisitions area distribution; the content of acquisition is increasingly various; M&A target companies are the companies with unsatisfied managing results.(2) Chinese automobile enterprises overseas mergers and acquisitions have two type of reasons. The external reasons are the following aspects:the stimulation of financial crisis and the debt crisis; the impact of RMB appreciation; the national policy’s promotion and support. The internal motivation is the following aspects: enterprises’s pursuit of their own development and growth; enterprises want to improve the technology and promote brands.(3) This thesis has analyzed the current Chinese auto enterprises’ oversea M&A risks from macroscopical and enterprise level. Macro risk primarily refers to the political risk, social risk, legal risk, etc.; Enterprise risk includes the price risk of the target company, the risk of capital chain, financial the risk of anti-takeover risks, integration risks.(4) This thesis constructs the evaluation index system of the target enterprise from the quantitative and qualitative angle. And Target enterprise evaluation index system includes four aspects: Target enterprise’s running status; Products of the potential market prospect; corporate culture integration and coordination effect; the potential of technical progress. This thesis,also used fuzzy comprehensive evaluation method, to quantify some qualitative indexes, which in order to get a quantitative evaluation results of the target company. In this way provide M&A subject with more convenience when choosing the targeted enterprise thus to make Target selection more effective and scientific.(5) At last, this thesis analyzes problems which the current automobile enterprises exposed in overseas merger and acquisition target selection from both government aspect and enterprise aspect and gives corresponding suggestions.更多还原