【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(guó)內(nèi)外研究現(xiàn)狀 1三、研究?jī)?nèi)容及研究方法 2（一）研究?jī)?nèi)容 2（二）研究方法 2第二章 企業(yè)跨國(guó)并購(gòu)動(dòng)因分析 3一、企業(yè)跨國(guó)并購(gòu)動(dòng)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(guó)企業(yè)跨國(guó)并購(gòu)的動(dòng)因分析 5第三章 中國(guó)企業(yè)跨國(guó)并購(gòu)障礙分析 6一、中國(guó)企業(yè)跨國(guó)并購(gòu)的現(xiàn)狀 6一、中國(guó)企業(yè)跨國(guó)并購(gòu)的障礙分析 8三、吉利集團(tuán)收購(gòu)沃爾沃集團(tuán)的分析 9第四章 中國(guó)企業(yè)跨國(guó)并購(gòu)的對(duì)策 11一、并購(gòu)前做好詳細(xì)分析，選定合適的并購(gòu)對(duì)象 11二、重視國(guó)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(gòu)成本 12四、提升企業(yè)自身水平，挑選更有競(jìng)爭(zhēng)力的并購(gòu)對(duì)象 12五、積極走出國(guó)門，走全面發(fā)展道路 13第五章 結(jié)束語(yǔ) 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(guó)企業(yè)并購(gòu)在國(guó)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(duì)企業(yè)跨國(guó)并購(gòu)的障礙進(jìn)行研究和分析，盡早考慮到在整個(gè)并購(gòu)活動(dòng)中可能出現(xiàn)的問題，對(duì)降低企業(yè)并購(gòu)風(fēng)險(xiǎn)、迅速走上正規(guī)化道路，有著極為重要的作用。我國(guó)學(xué)者趙旭在2010年提出了在經(jīng)濟(jì)危機(jī)背景下對(duì)跨國(guó)并購(gòu)產(chǎn)生的影響。第2章 企業(yè)跨國(guó)并購(gòu)動(dòng)因分析一、企業(yè)跨國(guó)并購(gòu)動(dòng)因理論依據(jù)（一）內(nèi)部化理論內(nèi)部化理論是指因?yàn)槭袌?chǎng)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(chǎng)來組織交易，就會(huì)很難保證企業(yè)實(shí)現(xiàn)利潤(rùn)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(huì)的第一生產(chǎn)力，該理論強(qiáng)調(diào)了知識(shí)產(chǎn)品如專利產(chǎn)品一體化市場(chǎng)的形成，非常符合當(dāng)今國(guó)際經(jīng)濟(jì)發(fā)展的現(xiàn)實(shí)狀況。同樣，市場(chǎng)上供給雙方的變化也會(huì)引起并購(gòu)浪潮。二、中國(guó)企業(yè)跨國(guó)并購(gòu)的動(dòng)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(dòng)逐漸加快的情況下，我國(guó)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(tái)地區(qū)，我國(guó)共有41家企業(yè)入圍，進(jìn)入前十名的有中國(guó)工商銀行和中國(guó)石油。在當(dāng)今社會(huì)，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(guó)已經(jīng)形成了一批有強(qiáng)大競(jìng)爭(zhēng)力的大中型跨國(guó)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(yíng)經(jīng)驗(yàn)。企業(yè)在并購(gòu)過程中面臨著信息不對(duì)稱、融資等方面的障礙。在國(guó)內(nèi)，通常經(jīng)營(yíng)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(lì)。德國(guó)的人力成本比我國(guó)高出很多，這項(xiàng)無疑增加了許多的成本。斥資重金的一次收購(gòu)，尤其是收購(gòu)這種國(guó)際著名品牌，引發(fā)了國(guó)際國(guó)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(gòu)沃爾沃的整合主要有以下幾個(gè)方面：第一，企業(yè)并購(gòu)后在經(jīng)營(yíng)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(gòu)后人事上、企業(yè)制度上和企業(yè)文化上的整合；第三，并購(gòu)對(duì)業(yè)務(wù)關(guān)系的影響，其中主要包括對(duì)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(jì)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(shí)，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(huì)代表與企業(yè)進(jìn)行交涉和談判之后才能確定。雖然跨國(guó)并購(gòu)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(jì)劃可以大大提高并購(gòu)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(guó)幾次大型的跨國(guó)企業(yè)并購(gòu)中，比如TCL李東生管理層決定重組TTE，但是，由于缺乏經(jīng)驗(yàn)，TCL集團(tuán)并沒有對(duì)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(duì)未來的分析判斷，都是進(jìn)行企業(yè)跨國(guó)并購(gòu)的關(guān)鍵所在。四、提升企業(yè)自身水平，挑選更有競(jìng)爭(zhēng)力的并購(gòu)對(duì)象核心競(jìng)爭(zhēng)力是一個(gè)企業(yè)能夠長(zhǎng)期獲得競(jìng)爭(zhēng)優(yōu)勢(shì)的能力，是企業(yè)所擁有的能夠經(jīng)的起時(shí)間考驗(yàn)的、具有延展性，并且競(jìng)爭(zhēng)對(duì)手很難超越的能力或者是技術(shù)。五、積極走出國(guó)門，走全面發(fā)展道路隨著眾多外資企業(yè)不斷入駐中國(guó)，對(duì)中國(guó)的市場(chǎng)造成了一定的影響。由此，本文得出以下結(jié)論：，跨國(guó)并購(gòu)是很好的一個(gè)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(hào)。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