中国国有企业海外并购的主要政治风险.docVIP

摘 要 中国企业的海外并购活动始于20世纪80年代，改革开放以来，中国一直坚持“引进来”和“走出去”相结合的战略。加入WTO后，中国企业的海外并购开始得到迅速发展，国有企业作为海外并购的中坚力量，无论是在并购数量还是在并购金额方面都处于领先地位，但与此同时，由于东道国政治风险因素导致中国国有企业海外并购失败的案例也频频发生。在不同的东道国，国有企业海外并购遭遇的政治风险形式各有不同。部分欧美发达国家出于对本国产业、技术和资源的保护，以及担心中国经济的发展和崛起会影响他们的国际经济地位，频频通过十分严格的安全审查、政府的一些限制性措施以及经济民族主义，限制中国国有企业在当地的并购，认为国有企业的海外并购带有强烈的政治动机，并打压国有企业的海外投资；而在南美洲和非洲等非发达国家和地区，中国国有企业进行并购的政治风险则主要表现为由资源争夺、宗教矛盾、民族矛盾和恐怖主义等引起的战乱险，以及政局不稳定和政策的不连续性引起的征收险。针对不同政治风险类别，正确防范国有企业在海外并购中的潜在的政治风险，对提高中国国有企业海外并购的成功率有着重要意义。一方面需要政府积极运用灵活的外交手段，加强与其他国家的交流合作，营造良好的投资环境，并且建立有效的信息咨询机构为国有企业的海外并购提供咨询服务，也要促进国有企业自身经营体制的改革和相关保险体系的完善；另一方面，对于国有企业，制定有效的并购计划是海外并购活动顺利进行的重要保障，购买政治风险保险是降低风险损失的重要手段，在并购活动中采用灵活的并购策略和“本土化”策略都有利于海外并购活动的成功 关键词：国有企业；海外并购；政治风险 Abstract The overseas MA activity of Chinese enterprises started from the 1980s,since the reform and opening up,China has always adhering to the strategic of “bring in”and “going global” .After joining the WTO,Chinese enterprises overseas MA has gotten rapid development,the state-owned companies has always kept ahead both in the number and in the amount of overseas MA as backbone.But at the same time,the state-owned companies’ failure of overseas MA activity resulted from the political risk has frequently happened. The political risks show differently in different countries.In order to protect their own industries,resources and technologies and for the consideration of the fear of the impact on their international economic position which is caused by the Chinese economic development,some American and European countries restrict the local MA of state-owned enterprises through the quite rigorous safety verify,and think the merger is with a strong political motivation,therefor,they always suppress the investment of state-owned enterprises.In the non-developed countries and regions,such as South America and Africa,political risks are mainly reflected by war risk caused by resource contention,religious conflicts ethnic conflicts and terrorism and expropriation risk caused