跨国并购在我国的现状、特点及财务风险.docVIP

跨国并购在我国的现状、特点及财务风险- 摘要: 08年的始于美国的经济危机席卷了全球，给各国的经济带来了严重的影响，欧美许多国家的企业受到了致命的打击，但是中国由于拥有与欧美国家不同的经济体制，并没有受到此次经济危机的较大影响，反而为中国的经济发展提供了很好的契机，使得中国企业与跨国公司之间的并购活动变得日益频繁，国内市场将进一步开放，各种投资障碍逐渐被排除，加之我国在跨国公司全球战略中的特殊”区位优势”，我国将成为欧美许多大型企业全球战略调整的重点，并且我国企业在并购方面的投资也将日趋规模化、系统化。本文介绍了企业购并的基本概念，分析了企业跨国购并中可能存在的财务风险，并且通过TCL公司跨国并购中出现的问题，提出企业应对跨国购并中存在的财务风险的措施。 关键词：跨国并购；发展趋势；财务风险；TCL公司。 Abstract: 2008 began in the U.S. economic crisis sweeping the world, had a serious impact to the countrys economy, enterprises of many countries in Europe and America has been a fatal blow, Europe and the United States economic system, and has not been thislarger impact of the economic crisis, but Chinas economic development provides a good opportunity to make M A activity between Chinese enterprises and multinational corporations to become more frequent, the domestic market will open up further, a variety of investment barriers have been gradually excluded,coupled with our country in the multinational global strategy locational advantage, China will become the focus of Europe and the United States many large global strategy adjustment, and the investment of Chinas enterprises in mergers and acquisitions will become increasingly large-scale, systematic. This paper introduces the basic concepts of mergers and acquisitions, financial risks that may exist in the cross-border mergers and acquisitions of enterprises, and problems in cross-border mergers and acquisitions of TCL Corporation, the corporate response to the measures of financial risk in cross-border mergers and acquisitions. Keywords: Cross-border mergers and acquisitions; trends; financial risk; TCL Corporation. 引言 企业并购是兼并和收购的合称，缩写为”MA”。企业并购的目的是为了要获得一个企业的控制权。企业的控制权包括企业的经营权、使用权和部分所有权。国际直接投资可采取绿地投资或企业并购两种方式来进行，跨国公司采取何种方式进行投资取决于东道国的经济发展水平、投资行业的规模、技术水平和管理等方面的因素。近年来涌现出了联想以12．5亿美元的价格并购美国IBM 公司的个人PC、 务等跨国并购事件震惊了国内外经济界。然而并购的高发生率对应的却是低成功率。从并购实践中失败的案例我们可以知道，无论是政策法律风险还是市场风险，无论是信息风险还是整合风险，无一例外地都会通过企业并购的成本影,并购的财务风险中，企业并购本身就是一项财务活动，通常包括目标企业的选择、目标企业价值的评估、并购的可行性分析、并购资金的