【正文】 analyzed the instance of merger and acquisition of Volvo and GEELY and put forward countermeasures and suggestions for Chinese enterprises transnational mergers and acquisitions.Key words: Multinational Enterprise Mergers and Acquisitions Risk 目 錄第一章 緒論 1一、課題研究背景和意義 1二、國內(nèi)外研究現(xiàn)狀 1三、研究內(nèi)容及研究方法 2（一）研究內(nèi)容 2（二）研究方法 2第二章 企業(yè)跨國并購動因分析 3一、企業(yè)跨國并購動因理論依據(jù) 3（一）內(nèi)部化理論 3（二）行業(yè)沖擊理論 4二、中國企業(yè)跨國并購的動因分析 5第三章 中國企業(yè)跨國并購障礙分析 6一、中國企業(yè)跨國并購的現(xiàn)狀 6一、中國企業(yè)跨國并購的障礙分析 8三、吉利集團(tuán)收購沃爾沃集團(tuán)的分析 9第四章 中國企業(yè)跨國并購的對策 11一、并購前做好詳細(xì)分析，選定合適的并購對象 11二、重視國外政府條款，將當(dāng)?shù)匚幕谌氲狡髽I(yè)文化中 11三、廣納賢才，降低并購成本 12四、提升企業(yè)自身水平，挑選更有競爭力的并購對象 12五、積極走出國門，走全面發(fā)展道路 13第五章 結(jié)束語 14參考文獻(xiàn) 15致 謝 16附錄一 17附錄二 27附錄三 3332 / 40第一章 緒論1． 課題研究背景和意義（一）研究背景21世紀(jì)以來，跨國企業(yè)并購在國際投資中逐漸占有非常重要的地位，逐步取代了新建投資。所以，對企業(yè)跨國并購的障礙進(jìn)行研究和分析，盡早考慮到在整個并購活動中可能出現(xiàn)的問題，對降低企業(yè)并購風(fēng)險、迅速走上正規(guī)化道路，有著極為重要的作用。我國學(xué)者趙旭在2010年提出了在經(jīng)濟(jì)危機(jī)背景下對跨國并購產(chǎn)生的影響。第2章 企業(yè)跨國并購動因分析一、企業(yè)跨國并購動因理論依據(jù)（一）內(nèi)部化理論內(nèi)部化理論是指因為市場是不完全的，所以如果將企業(yè)所擁有的技術(shù)和生產(chǎn)銷售水平等中間產(chǎn)品通過外部市場來組織交易，就會很難保證企業(yè)實現(xiàn)利潤的最大化。更加重要的是，隨著科技水平已經(jīng)成為當(dāng)今社會的第一生產(chǎn)力，該理論強(qiáng)調(diào)了知識產(chǎn)品如專利產(chǎn)品一體化市場的形成，非常符合當(dāng)今國際經(jīng)濟(jì)發(fā)展的現(xiàn)實狀況。同樣，市場上供給雙方的變化也會引起并購浪潮。二、中國企業(yè)跨國并購的動因分析 （一）資源的合理配置 21世紀(jì)以來，隨著經(jīng)濟(jì)全球化的速度不斷上升，在資源不斷緊缺，資金流動逐漸加快的情況下，我國企業(yè)加快了走出去的步伐。2012年福布斯世界500強(qiáng)中，含港澳臺地區(qū)，我國共有41家企業(yè)入圍，進(jìn)入前十名的有中國工商銀行和中國石油。在當(dāng)今社會，科學(xué)技術(shù)是第一生產(chǎn)力，科學(xué)技術(shù)是生產(chǎn)力的重要支撐因素。在改革開放中，中國已經(jīng)形成了一批有強(qiáng)大競爭力的大中型跨國公司，他們擁有雄厚的資金、先進(jìn)的技術(shù)以及專利產(chǎn)品，還有良好的企業(yè)管理和運(yùn)營經(jīng)驗。企業(yè)在并購過程中面臨著信息不對稱、融資等方面的障礙。在國內(nèi)，通常經(jīng)營較好的企業(yè)與當(dāng)?shù)卣P(guān)系也較好，可以從中得到一定的支持和鼓勵。德國的人力成本比我國高出很多，這項無疑增加了許多的成本。斥資重金的一次收購，尤其是收購這種國際著名品牌，引發(fā)了國際國內(nèi)的劇烈反響。（二）障礙分析1. 整合過程中存在的障礙吉利收購沃爾沃的整合主要有以下幾個方面：第一，企業(yè)并購后在經(jīng)營上、技術(shù)研發(fā)、上不能達(dá)到預(yù)定的協(xié)調(diào)效應(yīng)；第二，并購后人事上、企業(yè)制度上和企業(yè)文化上的整合；第三，并購對業(yè)務(wù)關(guān)系的影響，其中主要包括對客戶、供應(yīng)商等的影響。如圖31所示 圖31 吉利集團(tuán)通過制定戰(zhàn)略轉(zhuǎn)型計劃，成功的進(jìn)行了逐步的轉(zhuǎn)型。比如在瑞典，當(dāng)企業(yè)提出要解雇員工時，解雇的細(xì)則，比如解雇誰，如果解雇，都不能由企業(yè)單方面決定，而要由工會代表與企業(yè)進(jìn)行交涉和談判之后才能確定。雖然跨國并購存在很多的不定因素，其障礙也很多，但是制定詳細(xì)的可行性計劃可以大大提高并購成功的可能性，為企業(yè)今后的發(fā)展也帶來了好處。在我國幾次大型的跨國企業(yè)并購中，比如TCL李東生管理層決定重組TTE，但是，由于缺乏經(jīng)驗，TCL集團(tuán)并沒有對當(dāng)?shù)氐姆珊铜h(huán)境進(jìn)行詳細(xì)的了解和分析。敏銳的洞察力，專業(yè)的素質(zhì)，對未來的分析判斷，都是進(jìn)行企業(yè)跨國并購的關(guān)鍵所在。四、提升企業(yè)自身水平，挑選更有競爭力的并購對象核心競爭力是一個企業(yè)能夠長期獲得競爭優(yōu)勢的能力，是企業(yè)所擁有的能夠經(jīng)的起時間考驗的、具有延展性，并且競爭對手很難超越的能力或者是技術(shù)。五、積極走出國門，走全面發(fā)展道路隨著眾多外資企業(yè)不斷入駐中國，對中國的市場造成了一定的影響。由此，本文得出以下結(jié)論：，跨國并購是很好的一個選擇。2007(03)[4] .[N].江海學(xué)刊[10] ,2010(05)[11] 李洪穎。toAreviewfuture [J]2004(03）致 謝經(jīng)過半年的忙碌和工作，本次畢業(yè)論文的寫作已經(jīng)接近尾聲，我的四年大學(xué)生活也即將畫上句號。附錄一Mergers and Acquisitions Basics :All You Need To KnowIntroduction to Mergers and AcquisitionsThe first decade of the new millennium heralded an era of global megamergers. Like the mergers and acquisitions (Mamp。As as change agents in the context of corporate restructuring. The focus is on Mamp。J was seeking an entry point for its medical devices business in the fastgrowing market for implantable devices, in which it did not then participate. A firm may attempt to achieve higher growth rates by developing or acquiring new products with which it is relatively unfamiliar and then selling them in familiar and less risky current markets. Retailer JCPenney’s acquisition of the Eckerd Drugstore chain or Jamp。As to make rapid adjustments to changes in their external environments. Although change can e from many different sources, this theory considers only changes in the regulatory environment and technological innovation—two factors that, over the past 20 years, have been major forces in creating new opportunities for growth, and threatening, or making obsolete, firms’ primary lines of business.Regulatory ChangeThose industries that have been subject to significant deregulation in recent years—financial services, health care, utilities, media, telemunications, defense—have been at the center of Mamp。they are all included in a glossary at the end of the book.Mergers and Acquisitions as Change AgentsBusinesses e and go in a continuing churn, perhaps best illustrated by the everchanging position of the socalled Fortune 500—the 500 largest . corporations. Only 70 of the firms on the original 1955 list of 500 are on today’s list, and some 2,000 firms have appeared on the list at one time or another. Most have dropped off the list either through merger, acquisition, bankruptcy, downsizing, or some other form of corporate restructuring. Consider a few examples: Chrysler, Bethlehem Steel, Scott Paper, Zenith, Rubbermaid, Warner Lambert. The popular media tends to use the term corporate restructuring to describe actions taken to expand or contract a firm’s basic operations or fundamentally change its asset or financial structure.SynergySynergy is the rather simplistic notion that two (or more) businesses in bination will create greater shareholder value than if they are operated separately. It may be measured as the incremental cash flow that can be realized through bination in excess of what would be realized were the firms to remain separate. There are two basic types of synergy: operating and financial.Operating Synergy (Economies of Scale and Scope)Operating synergy prises both economies of scale and economies of scope, which can be important determinants of shareholder wealth creation. Gains in efficiency can e from either factor and from improved managerial practices.Spreading fixed costs over increasing production levels realizes economies of scale, with scale defined by such fixed costs as depreciation of equipment and amortization of capitalized software。A transactions reached a record level worldwide in 2007. But extended turbulence in the global credit markets soon followed.The speculative housing bubble in the United States and elsewhere, largely financed by debt, burst during the second half of the year. Banks, concerned about the value of many of their own assets, became exceedingly selective and largely withdrew from financing the highly leveraged transactions that had bee monplace the previous year. The quality of assets held by banks through out Europe and Asia also b