中国企业跨国并购的动因、问题及对策研究
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摘要
随着经济全球化和一体化的不断深入,跨国并购正逐步取代“绿地投资”,成为跨国企业实施其国际化战略的主要手段。20世纪90年代后期,以美、日、欧为主的发达国家企业掀起了全球第五次企业并购浪潮。受全球第五次企业并购浪潮的影响,越来越多的中国企业走出国门,踏上了跨国并购的征途。中国企业的跨国并购在2000年之后进入了快速发展阶段,发展规模急速扩张,并购势头最为强劲,且国外的并购理论、理念以及在并购浪潮中使用的各种并购模式、工具及其手段也对中国企业跨国并购产生了明显的影响,我国企业跨国并购的个案数量和并购总额都在迅速上升。中国企业跨国并购总额已经从2002年的10.47亿美元增长到2009年的335亿美元,跨国并购的年增长率高达64%。中国企业跨国并购的目标国家和地区已涉及到亚洲、欧洲、北美洲、大洋洲和非洲,全球覆盖率达71%。按照邓宁的“投资发展路径”假说,中国经济总体上已经到了跨国投资大规模增长的阶段,目前跨国投资和吸引外资1：2的比重可望在不远的将来升至1：1。跨国并购可以使中国企业有效整合全球的市场、信息、技术及资源,扩大企业的规模,是一种快速扩张、赢得超常规发展的有效手段,是中国企业走向国际化的一条捷径。然而,不同于企业国内并购,由于国际商务环境的差异性和国际市场竞争的复杂性,跨国并购的难度和风险都很大,如果不尊重资本优化组合的规律,运作不当,并购不仅达不到预想的目的,而且可能给企业造成巨大损失。近年来,中国企业跨国并购已经成为我国经济生活中的热点问题,越来越受到学术界和企业界的重视。但我国企业跨国并购起步较晚,仍然处于初期发展阶段,在全球跨国并购中参与时间较短,参与程度比较低,企业自身在进行跨国并购时缺乏对行业周期的前瞻性分析和足够的跨国并购经验,尚未形成跨国并购所需的各方面人才储备,特别是缺少有全局视野的领导型人才,在开展跨国并购时存在的问题很多。因此,深入研究理解跨国并购理论,结合我国企业跨国并购的实践,对我国企业跨国并购的动因进行深入分析,对并购中存在的问题进行认真研究,进而提出解决问题的对策,具有重要的现实意义。
本文从处于跨国并购起步阶段的中国企业开展跨国经营的理论和现实依据出发,力图搜集最新的对外直接投资、中国企业跨国并购数据,整理出近八年来中国企业跨国并购案例,分析了中国企业跨国并购的动因,阐释了我国企业跨国并购面临的问题,并提出了把握机遇,迎接挑战的对策性思考。首先指出了当前我国企业跨国并购的特征：跨国并购增长较快,总额不断扩大；跨国并购的区位结构较广,区位分布从发展中国家转向发达国家；跨国并购的行业有所突破并以横向并购主；跨国并购的主体呈现多元化发展趋势。然后阐述了我国企业跨国并购的五大主要动因：获得更高的盈利能力；获得时效性强的研发技术；获得优质资产及品牌,抢占国际市场；获得经济发展所需要的自然资源,打开国内资源瓶颈；绕开贸易壁垒,开拓跨国市场。接着针对我国企业跨国并购的现状,总结了跨国并购中主要存在的六个问题：并购前往往缺乏明确的并购战略,并购准备不够充分；并购主体“双元化”；跨国并购立法不完善,审批制度较为僵硬,政府决策效率低下；资本市场发育不完善,缺乏强有力的资金支持；高水平跨国并购中介机构和高素质跨国并购人才的缺乏；跨国并购完成后整合问题。最后,针对我国企业跨国并购中存在的问题,从政府和企业两个层面提出了我国企业在跨国并购中防范风险、提高绩效的对策建议。政府方面要加强国内立法,完善跨国并购的相关政策与法律；对企业跨国并购给予合理的支持；培养发展国内中介机构。企业方面要制定科学的跨国并购战略,提高自身的并购能力；提升跨国并购过程中的操作水平；着力培养跨国并购的人才；要高度重视并购后的整合。
With the deepening constantly of the economic globalization and integration, Cross-border M&A is gradually replacing "Greenfield investment" and has become the major means of the international strategy.In the late of 90s, based on America, Japan and Europe, the developed countries' enterprises raised the fifth wave of the cross-border M&A on the global scale. Under the influence of the fifth wave of global cross-border M&A, more and more Chinese enterprises go abroad and start the journey of transnational M&A. After 21 century, Chinese transnational M&As enter into the stage of rapid development. The scale of rapid expansion, the most powerful momentum, and overseas acquisition theory, concept, the use of the pattern of mergers, tools, and the means in the merger wave all produce a significant influence for china's multinational enterprises. Its merger cases and total acquisition amount are both rising rapidly. Chinese enterprises' transnational amount increased from 1.047 billion in 2002 to 33.5 billion dollars in 2009, annual growth rate up to 64%.Chinese international M&As cover 172 countries and regions in Asia, Europe, North America, Africa and Oceania, global coverage of 71%. According to Dunning's hypothesis of "investment development path" Chinese economy has reached the stage of the large-scale transnational investment's overall growth. At present the ratio of foreign investment outflow and inflow has been 1 to 2, but in the near future the proportion is expected to 1 to 1. By means of cross-border mergers and acquisitions, Chinese enterprises can effectively integrate global market, information, technology and resources, and expand the enterprises scale. It is the effective means of rapid expansion, winning transnormal development and a shortcut of Chinese enterprises to internationalize. However, because of the difference of international business environment and the complexity of international market competitions, cross-border M&As different from domestic enterprises mergers. If we don't respect the laws of capital optimization, the merger not only doesn't reach the desired objective and can cause great losses.In recent years, Chinese companies'transnational mergers have become the hot issue. The related international theories and practice have been receiving more and more attention. But China is still in the early stage of international M&A, the poor understanding of transnational M&A and the low level of participation, the lack of enterprises'enough strategic thoughts and the leaders having global view, the companies met a lot of problems when they took part in transnational M&A. Therefore, the further study of the theory of transnational M&A, the deep analysis of reasons and existing problems combining Chinese practice, and putting forward the countermeasures to solve the problems, have very important practical significance.
The thesis bases on the Chinese enterprises'multinational business theories and practice in the starting stage of multinational M&A, tries to collect the newest data of foreign investment and Chinese enterprises'transnational M&As, sorts out Chinese multinational M&A cases in the near eight years, then analyses the causes of China international M&A, explains the problems Chinese enterprises face with, and puts forward the countermeasures for seizing the opportunities and meeting the challenges. Firstly, the thesis points out the present situation of Chinese enterprises transnational M&A:the rapid growth and unceasingly expanding total amount; the broad regional structure, from developing country to developed country; mainly by horizontal mergers; the diversification trend of participates. Secondly, this paper expounds five main causes of transnational M&A:to seek higher profit potential; to obtain the up-to-date technology; to obtain excellent assets and brands and occupy the international market; to obtain the natural resources the economic development needs and open domestic resources bottleneck; to bypass trade barriers and explore international market. Thirdly, this paper summarizes six main cross-border M&A problems according to present situation of Chinese transnational M&A:the lack of clear strategic acquisitions before the acquisition and M&As' insufficient preparation; the obscure M&A subjects; the imperfect legislation, the stiff examination system and the inefficient government decision-making; the imperfect development of capital market and the lack of strong financial support; the lack of transnational M&A intermediaries and high-quality talents of transnational; the integration of transnational M&A after the completion. Finally, aiming at Chinese international M&A problems the paper proposes countermeasures of preventing risks and improving the performance in two aspects, the government and enterprises. The government should strengthen the domestic legislation, perfect related policies and laws of transnational M&A; perfect related policies and give the policy tilt and reasonable support; develop domestic agency. The enterprises should make scientific strategies of transnational M&A and improve their abilities of merger; improve the transnational M&A operation ability; cultivate talented in transnational M&A; attach great importance to the integration of merger.
本文从处于跨国并购起步阶段的中国企业开展跨国经营的理论和现实依据出发,力图搜集最新的对外直接投资、中国企业跨国并购数据,整理出近八年来中国企业跨国并购案例,分析了中国企业跨国并购的动因,阐释了我国企业跨国并购面临的问题,并提出了把握机遇,迎接挑战的对策性思考。首先指出了当前我国企业跨国并购的特征：跨国并购增长较快,总额不断扩大；跨国并购的区位结构较广,区位分布从发展中国家转向发达国家；跨国并购的行业有所突破并以横向并购主；跨国并购的主体呈现多元化发展趋势。然后阐述了我国企业跨国并购的五大主要动因：获得更高的盈利能力；获得时效性强的研发技术；获得优质资产及品牌,抢占国际市场；获得经济发展所需要的自然资源,打开国内资源瓶颈；绕开贸易壁垒,开拓跨国市场。接着针对我国企业跨国并购的现状,总结了跨国并购中主要存在的六个问题：并购前往往缺乏明确的并购战略,并购准备不够充分；并购主体“双元化”；跨国并购立法不完善,审批制度较为僵硬,政府决策效率低下；资本市场发育不完善,缺乏强有力的资金支持；高水平跨国并购中介机构和高素质跨国并购人才的缺乏；跨国并购完成后整合问题。最后,针对我国企业跨国并购中存在的问题,从政府和企业两个层面提出了我国企业在跨国并购中防范风险、提高绩效的对策建议。政府方面要加强国内立法,完善跨国并购的相关政策与法律；对企业跨国并购给予合理的支持；培养发展国内中介机构。企业方面要制定科学的跨国并购战略,提高自身的并购能力；提升跨国并购过程中的操作水平；着力培养跨国并购的人才；要高度重视并购后的整合。
With the deepening constantly of the economic globalization and integration, Cross-border M&A is gradually replacing "Greenfield investment" and has become the major means of the international strategy.In the late of 90s, based on America, Japan and Europe, the developed countries' enterprises raised the fifth wave of the cross-border M&A on the global scale. Under the influence of the fifth wave of global cross-border M&A, more and more Chinese enterprises go abroad and start the journey of transnational M&A. After 21 century, Chinese transnational M&As enter into the stage of rapid development. The scale of rapid expansion, the most powerful momentum, and overseas acquisition theory, concept, the use of the pattern of mergers, tools, and the means in the merger wave all produce a significant influence for china's multinational enterprises. Its merger cases and total acquisition amount are both rising rapidly. Chinese enterprises' transnational amount increased from 1.047 billion in 2002 to 33.5 billion dollars in 2009, annual growth rate up to 64%.Chinese international M&As cover 172 countries and regions in Asia, Europe, North America, Africa and Oceania, global coverage of 71%. According to Dunning's hypothesis of "investment development path" Chinese economy has reached the stage of the large-scale transnational investment's overall growth. At present the ratio of foreign investment outflow and inflow has been 1 to 2, but in the near future the proportion is expected to 1 to 1. By means of cross-border mergers and acquisitions, Chinese enterprises can effectively integrate global market, information, technology and resources, and expand the enterprises scale. It is the effective means of rapid expansion, winning transnormal development and a shortcut of Chinese enterprises to internationalize. However, because of the difference of international business environment and the complexity of international market competitions, cross-border M&As different from domestic enterprises mergers. If we don't respect the laws of capital optimization, the merger not only doesn't reach the desired objective and can cause great losses.In recent years, Chinese companies'transnational mergers have become the hot issue. The related international theories and practice have been receiving more and more attention. But China is still in the early stage of international M&A, the poor understanding of transnational M&A and the low level of participation, the lack of enterprises'enough strategic thoughts and the leaders having global view, the companies met a lot of problems when they took part in transnational M&A. Therefore, the further study of the theory of transnational M&A, the deep analysis of reasons and existing problems combining Chinese practice, and putting forward the countermeasures to solve the problems, have very important practical significance.
The thesis bases on the Chinese enterprises'multinational business theories and practice in the starting stage of multinational M&A, tries to collect the newest data of foreign investment and Chinese enterprises'transnational M&As, sorts out Chinese multinational M&A cases in the near eight years, then analyses the causes of China international M&A, explains the problems Chinese enterprises face with, and puts forward the countermeasures for seizing the opportunities and meeting the challenges. Firstly, the thesis points out the present situation of Chinese enterprises transnational M&A:the rapid growth and unceasingly expanding total amount; the broad regional structure, from developing country to developed country; mainly by horizontal mergers; the diversification trend of participates. Secondly, this paper expounds five main causes of transnational M&A:to seek higher profit potential; to obtain the up-to-date technology; to obtain excellent assets and brands and occupy the international market; to obtain the natural resources the economic development needs and open domestic resources bottleneck; to bypass trade barriers and explore international market. Thirdly, this paper summarizes six main cross-border M&A problems according to present situation of Chinese transnational M&A:the lack of clear strategic acquisitions before the acquisition and M&As' insufficient preparation; the obscure M&A subjects; the imperfect legislation, the stiff examination system and the inefficient government decision-making; the imperfect development of capital market and the lack of strong financial support; the lack of transnational M&A intermediaries and high-quality talents of transnational; the integration of transnational M&A after the completion. Finally, aiming at Chinese international M&A problems the paper proposes countermeasures of preventing risks and improving the performance in two aspects, the government and enterprises. The government should strengthen the domestic legislation, perfect related policies and laws of transnational M&A; perfect related policies and give the policy tilt and reasonable support; develop domestic agency. The enterprises should make scientific strategies of transnational M&A and improve their abilities of merger; improve the transnational M&A operation ability; cultivate talented in transnational M&A; attach great importance to the integration of merger.
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①休克鱼是指企业硬件不错,但在软件上如技术、人员、管理等方面不够完善,不能有效运行的企业。
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④Collateralized Debt Obligation,简称CDO,担保债务凭证,是一种固定收益证券,现金流量之可预测性较高,不仅提供投资人多元的投资管道以及增加投资收益,更强化了金融机构之资金运用效率,移转不确定风险。
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