国际集装箱班轮企业并购若干问题的研究

【作者】 许多涛；

【导师】 曲林迟；

【作者基本信息】 上海海事大学 ， 产业经济学， 2006， 硕士

【摘要】 集装箱班轮运输市场是世界航运市场的重要组成部分。从二十世纪九十年代开始，随着国际经济环境的变化，国际航运市场宏观格局的调整与演变以及航运市场竞争形势的变化，传统的航运竞争模式已经不能适应经济发展对海运的需要，集装箱班轮运输业掀起了大规模的并购浪潮。各大集装箱班轮公司纷纷在激烈的竞争中寻求并购的企业，加强企业的国际竞争力，力争在竞争中求得生存和发展，以便在世界航运市场中占有更多的份额。 集装箱班轮业兼并和收购的动因，归根到底是由现代航运企业的根本目标所决定的：即实现企业股东利益的最大化。海运企业通过兼并收购引入新的管理机制，改造被并购班轮企业的混乱及低效的管理方法，有效利用被并购企业的资产，从而使并购后的企业获得的价值大于兼并收购前两个海运企业价值的简单相加，即产生了“1+1＞2”的效果。与内部发展相比较，采用企业兼并收购的战略具有快速性、低风险性和经济性的明显的优势。 本文的研究目的是通过对集装箱班轮业发生大规模并购的原因进行深层次的剖析，以为中国航运企业规模增长方式的选择提供有所裨益的思路。在国际海运业大规模并购的背景下，本文为中国航运企业如何迅速扩大企业规模，提高国际竞争力，提供一些战略和战术上的建议和对策。 本文首先给出集装箱班轮企业并购的概念和分类，分析了集装箱班轮企业四种联合的形式，并对几种联合形式进行了比较。接着，从产业经济学的角度，通过对集装箱班轮市场的进入、退出壁垒和集中度的分析，得出目前集装箱班轮市场是寡头垄断的市场，以此为基础，比较航运企业从独立决策到战略联盟，再由战略联盟到并购的运量和收益变化，指出集装箱班轮企业进行并购的深层次的原因。然后，本文从完全信息和非完全信息的角度对集装箱班轮企业的并购的过程、定价进行了博弈分析。最后结合我国集装箱班轮企业联合的现状，给出了中国集装箱班轮企业进行兼并、收购的建议。更多还原

【Abstract】 Container liner shipping is one important part of international shipping industry. Since last 90’s, large-scale merger and acquisition (M&A) activities have taken place in international container liner shipping industry. The traditional pattern of shipping development no longer is suit to suit the need of international economics development, with the change of international economic environment, the adjustment and evolvement of international shipping macroscopically situation, and the diversification of shipping competition. Enterprises strengthen their competitiveness by collaborating from strategic, tactical level. It is the way to survive and develop in fierce competition and to gain more market share in the global shipping market.The main drive of the mergers and acquisitions in shipping industry is to maximize the profit of shareholders, which is the basic target. Mergers and acquisitions among shipping lines introduce new management mechanism to the new enterprise. The new management increases the effectiveness, and the utility of the resource. There is "1+1>2" effect after the M&A, which means the value of new enterprise is more than the sum of previous two. Comparing with the internal development, M&A has the strength of time-saving (develop faster), low-risk, and expense-saving (economic).This paper aims to deeply analyze the reason of large-scale M&As in international shipping industry, provides strategic suggestions about how to expand the scale of the enterprises quickly and enhance its international competitiveness through mergers and acquisitions for Chinese shipping enterprise.Firstly, this paper defines container liner enterprise’s M&A and category, analyses container liner enterprise’s four kinds of associations and compare更多还原