中国汽车企业海外并购目标选择研究
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摘要
2000年开始,中国汽车工业出现“井喷”式发展,汽车企业规模不断扩大。资金日益雄厚的中国汽车企业将目光转向更广阔的海外市场,在直接出口、海外设厂的同时,开始尝试并购海外知名汽车企业,以实现企业的扩张和品牌的提升。特别是2009年,当欧美发达国家还在经济危机的泥潭里挣扎的时候,中国汽车企业看到了海外“抄底”的机遇,海外并购层出不穷：北汽收购萨博,腾中收购悍马,吉利收购沃尔沃等等。一出出中国汽车企业海外并购的消息被传出,然后被逐一证实。本文在此背景下探讨中国汽车企业海外并购目标选择问题。
中国汽车企业海外并购的浪潮是汽车企业自身寻求发展壮大、中国政府的推动与支持以及金融危机提供了良好的并购机遇共同作用的结果。本文针对我国汽车企业的海外并购活动,进行了以下研究：
(1)梳理了我国汽车企业海外并购的发展历程,总结出中国企业海外并购的特点：并购规模不断扩大；并购主体国有企业和民营企业并存；汽车企业跨国并购区位分布集中；收购内容越来越丰富；并购的目标公司多为经营业绩不佳的企业。
(2)从外部诱因和内部动因两方面分析了中国汽车企业对海外并购的动因,外部诱因主要是外部动因主要是天时——金融危机与欧债危机的刺激、人民币升值的影响以及国家政策的推动与支持；内部动因归根到底是企业对自身发展壮大以及对技术和品牌的迫切需求。
(3)从宏观和企业层面分析了当前中国汽车企业海外并购面临的风险：宏观风险主要指政治风险、社会风险、法律风险等；企业层面的风险包括了目标企业定价风险、资金链风险、金融风险、反并购风险、整合风险等。
(4)构建了目标企业评价指标体系。从目标企业运行综合状况、产品的潜在市场前景、企业文化整合与协同效应、技术进步潜力这四个方面分别从定量和定性的角度构建了目标企业评价指标体系。并利用模糊综合评价的方法,将一些定性指标量化,以求得到一个可以量化的目标企业评价结果,从而方面并购主体进行目标企业选择,以提高目标选择的有效性和科学性。
(5)最后从政府和企业自身两个方面分析了当前汽车企业在进行海外并购目标选择时暴露出的一些问题,并给出了针对性的建议。
A "blowout" type of development has appeared in China's auto industry since2000. The automobile enterprises' scale has been constantly expanding. Well-funded Chinese automobile enterprises turn to the overseas market which is much wider. Chinese automobile enterprises export overseas directly and set up overseas plants.At the same time, Chinese automobile enterprises start trying to merger overseas well-known automobile enterprises, which in order to achieve business expansion and brand promotion. Especially in2009, when the developed countries were still struggling in the economic crisis, Chinese automobile enterprises found the opportunities of buy the dips abroad. Overseas mergers and acquisitions emerge in an endless stream.Such as BAIC's acquisition of Saab, Tengzhong's acquisition of Hummer, Geely's acquisition of Volvo...Many of M&A news came out and then confirmed one by one. This thesis discusses the problem of Chinese automobile enterprises' oversea merger and acquisition target selection under such situation.
Many factors lead to the wave of Chinese auto companies overseas mergers and acquisitions such as automobile enterprises itself seeking to expand, the Chinese Government's promotion and support, the financial crisis provides good M&A opportunities. The thesis discusses the following aspects against our country automobile enterprises overseas mergers and acquisitions.
(1) The thesis lists the development process of China's auto companies overseas mergers and acquisitions.And summarize Chinese enterprises overseas mergers and acquisitions's characteristics:The merger and acquisition scale has been expanding constantly; the state-owned enterprises and private enterprises both are main conductor of mergers and acquisitions; Automobile enterprises transnational mergers and acquisitions area distribution; the content of acquisition is increasingly various; M&A target companies are the companies with unsatisfied managing results.
(2) Chinese automobile enterprises overseas mergers and acquisitions have two type of reasons. The external reasons are the following aspects:the stimulation of financial crisis and the debt crisis; the impact of RMB appreciation; the national policy's promotion and support. The internal motivation is the following aspects: enterprises's pursuit of their own development and growth; enterprises want to improve the technology and promote brands.
(3) This thesis has analyzed the current Chinese auto enterprises' oversea M&A risks from macroscopical and enterprise level. Macro risk primarily refers to the political risk, social risk, legal risk, etc.; Enterprise risk includes the price risk of the target company, the risk of capital chain, financial the risk of anti-takeover risks, integration risks.
(4) This thesis constructs the evaluation index system of the target enterprise from the quantitative and qualitative angle. And Target enterprise evaluation index system includes four aspects: Target enterprise's running status; Products of the potential market prospect; corporate culture integration and coordination effect; the potential of technical progress. This thesis,also used fuzzy comprehensive evaluation method, to quantify some qualitative indexes, which in order to get a quantitative evaluation results of the target company. In this way provide M&A subject with more convenience when choosing the targeted enterprise thus to make Target selection more effective and scientific.
(5) At last, this thesis analyzes problems which the current automobile enterprises exposed in overseas merger and acquisition target selection from both government aspect and enterprise aspect and gives corresponding suggestions.
中国汽车企业海外并购的浪潮是汽车企业自身寻求发展壮大、中国政府的推动与支持以及金融危机提供了良好的并购机遇共同作用的结果。本文针对我国汽车企业的海外并购活动,进行了以下研究：
(1)梳理了我国汽车企业海外并购的发展历程,总结出中国企业海外并购的特点：并购规模不断扩大；并购主体国有企业和民营企业并存；汽车企业跨国并购区位分布集中；收购内容越来越丰富；并购的目标公司多为经营业绩不佳的企业。
(2)从外部诱因和内部动因两方面分析了中国汽车企业对海外并购的动因,外部诱因主要是外部动因主要是天时——金融危机与欧债危机的刺激、人民币升值的影响以及国家政策的推动与支持；内部动因归根到底是企业对自身发展壮大以及对技术和品牌的迫切需求。
(3)从宏观和企业层面分析了当前中国汽车企业海外并购面临的风险：宏观风险主要指政治风险、社会风险、法律风险等；企业层面的风险包括了目标企业定价风险、资金链风险、金融风险、反并购风险、整合风险等。
(4)构建了目标企业评价指标体系。从目标企业运行综合状况、产品的潜在市场前景、企业文化整合与协同效应、技术进步潜力这四个方面分别从定量和定性的角度构建了目标企业评价指标体系。并利用模糊综合评价的方法,将一些定性指标量化,以求得到一个可以量化的目标企业评价结果,从而方面并购主体进行目标企业选择,以提高目标选择的有效性和科学性。
(5)最后从政府和企业自身两个方面分析了当前汽车企业在进行海外并购目标选择时暴露出的一些问题,并给出了针对性的建议。
A "blowout" type of development has appeared in China's auto industry since2000. The automobile enterprises' scale has been constantly expanding. Well-funded Chinese automobile enterprises turn to the overseas market which is much wider. Chinese automobile enterprises export overseas directly and set up overseas plants.At the same time, Chinese automobile enterprises start trying to merger overseas well-known automobile enterprises, which in order to achieve business expansion and brand promotion. Especially in2009, when the developed countries were still struggling in the economic crisis, Chinese automobile enterprises found the opportunities of buy the dips abroad. Overseas mergers and acquisitions emerge in an endless stream.Such as BAIC's acquisition of Saab, Tengzhong's acquisition of Hummer, Geely's acquisition of Volvo...Many of M&A news came out and then confirmed one by one. This thesis discusses the problem of Chinese automobile enterprises' oversea merger and acquisition target selection under such situation.
Many factors lead to the wave of Chinese auto companies overseas mergers and acquisitions such as automobile enterprises itself seeking to expand, the Chinese Government's promotion and support, the financial crisis provides good M&A opportunities. The thesis discusses the following aspects against our country automobile enterprises overseas mergers and acquisitions.
(1) The thesis lists the development process of China's auto companies overseas mergers and acquisitions.And summarize Chinese enterprises overseas mergers and acquisitions's characteristics:The merger and acquisition scale has been expanding constantly; the state-owned enterprises and private enterprises both are main conductor of mergers and acquisitions; Automobile enterprises transnational mergers and acquisitions area distribution; the content of acquisition is increasingly various; M&A target companies are the companies with unsatisfied managing results.
(2) Chinese automobile enterprises overseas mergers and acquisitions have two type of reasons. The external reasons are the following aspects:the stimulation of financial crisis and the debt crisis; the impact of RMB appreciation; the national policy's promotion and support. The internal motivation is the following aspects: enterprises's pursuit of their own development and growth; enterprises want to improve the technology and promote brands.
(3) This thesis has analyzed the current Chinese auto enterprises' oversea M&A risks from macroscopical and enterprise level. Macro risk primarily refers to the political risk, social risk, legal risk, etc.; Enterprise risk includes the price risk of the target company, the risk of capital chain, financial the risk of anti-takeover risks, integration risks.
(4) This thesis constructs the evaluation index system of the target enterprise from the quantitative and qualitative angle. And Target enterprise evaluation index system includes four aspects: Target enterprise's running status; Products of the potential market prospect; corporate culture integration and coordination effect; the potential of technical progress. This thesis,also used fuzzy comprehensive evaluation method, to quantify some qualitative indexes, which in order to get a quantitative evaluation results of the target company. In this way provide M&A subject with more convenience when choosing the targeted enterprise thus to make Target selection more effective and scientific.
(5) At last, this thesis analyzes problems which the current automobile enterprises exposed in overseas merger and acquisition target selection from both government aspect and enterprise aspect and gives corresponding suggestions.
引文
[1]Rumelt.International expansion through start-up or acquisition:a learning perspective[J], Academy of Management Journal,1998,Feb,Vol.41(1):7-27
[2]Salter & Weihold.The Role of Acquisitions in Foreign DirectInvestment: Evidence from the U.S.Stock Market[J].The Journal of Finance,1991,7:825-843
[3]Wernerfelt B. A Resource-based View of the Firm.StrategyManagement Journal.1984,(5):171-180
[4]Markides C.C. & Willamson P.J. Corporate Diversification and Organizational Structure: A Resource-based View. Academy of Management Journal.1996, (39):340～367
[5]Jeffrey S.Harrison, Michael A.Hitt and Robert E.Hoskisson. Synergies and Post-Acquisition Performance: Differences Versus Similarities in Resource Allocations. Journal of Management. 1991,17 (1):173～190
[6]Black F, Scholes M. The pricing of option and corporate liabilities [J]. Journal of Political Economy,1973,81(3):637-659
[7]Edwards, William J. Planning Model for M&A analysis. McGraw Hill Inc.,New York.1994:35-49
[8]David Flanagan, Jerry Kreuze and Olamarie Smith. Merger and acquisition opportunities. Internal Auditor.2004, (8):55-59
[9]Vennet R V. The effect of mergers and acquisitions on the efficiencp and profitability of EC credit institutions [J]. Journal of Banking and finance,1996,20(9)
[10]Stevens J. Applied multivariate statistics for the social sciences [M]. New Jersey:Lawrence Erlbaum Associate,1988
[11]雷雪松.并购中目标企业的模糊综合评价法[J].山西高等学校社会科学学报,2006,18(2)：54-57
[12]祝金荣.基于模糊综合评价的并购目标决策[J].工业技术经济,2006,25(1)：23-24,30
[13]齐安甜,张维.企业并购投资的期权特征及经济评价[J].系统工程,2001,19(5)：43-48
[14]王为民,张世英.企业并购中的价值确定方法评价[J].价格理论与实践,2003,(5)：61-62
[15]张红云.企业并购中的财务分析与评价[J].广西广播电视大学学报,2000,11(2)：31-34
[16]胡峰.基于距离的信息不对称对企业并购决策影响的模型分析[J].新疆大学学报(哲学人文社会科学版),2005,33(4)：15-17
[17]何庆明,戴丽萍.基于智力资本并购的目标企业选择与评价[J].南方经济,2004,(5)：33-35
[18]叶建木.跨国并购：驱动、风险与规则[M].北京：经济管理出版社,2008
[19]叶建木,王洪运.跨国并购风险链及其风险控制[J].管理科学,2004,(10)：64-68
[20]刘喜红.中国企业海外并购：风险与防范[J].国际经济作,2005,(11)：16-19
[21]孙加韬.中国企业海外并购的风险防范与化解[J].亚太经济,2011(1)：42-45
[22]叶厚元,邓明然.企业跨国并购风险传导的因素及特征分析[J].武汉理工大学学 报,2006,(9)：72-75
[23]刘金灵.企业资本运营的核心之一——收购、兼并[J].物资流通研究,2000,(11)：44-46
[24]王亚玲,张庆升.资本市场效率理论的体系[J].北京工商大学学报(社会科学版),2005,(1)：12-15
[25]赵琳,王湛.论企业兼并中的管理协同效应[J].价值工程,2001,(6)：43-45
[26]袁名真.企业并购的关键动因——经营协同效应[J].中国高新技术企业,2008,(23)：25-27
[27]葛杰.企业并购中财务协同效应再认识[J].财会通讯,2009,(32)：17-19
[28]郭海涛.市场势力理论研究的新进展[J].经济评论,2010,(3)：30-32
[29]朱延福.科斯的交易费用理论与马克思的流通费用理论比较研究[J].中南财经大学学报,1996,(3)：16-17
[30]张大勇.托宾Q理论、估值体系重构与并购行为新特征[J].西北农林科技大学学报(社会科学版),2009,(6)：33-35
[31]金晶,王颖.委托代理理论综述[J].中国商界(下半月),2010,(6)：27-29
[32]吴晓芬.我国汽车行业并购行为研究[D].福建师范大学：福建师范大学,2008.
[33]刘洪德.中国汽车产业组织系统研究[M].北京：经济科学出版社,2011：78
[34]黄中文,李玉曼,刘亚娟.跨国并购实务[M].北京：中华工商联合出版社,2006.1
[35]李晓燕.中国汽车企业跨国并购风险问题研究[D].中国海洋大学：中国海洋大学,2011.
[36]周启发.汽车企业并购及其整合策略研究[D].华中科技大学：华中科技大学,2007.
[37]周启发.企业并购目标选择的模糊评价研究[J].集团经济研究2007,(10)：198-199.
[38]何龙斌.我国企业海外并购存在的主要问题与对策[J].改革与战略,2010,(09)：96-98.
[39]陶莹.我国企业海外并购目标选择的影响因素分析[J].江苏商论,2007,(10).
[40]赵晓旭.中资银行海外并购的动因和目标选择策略初探[J].黑龙江对外经贸,2008,(12).
[41]梁榕灵.中国企业海外并购目标选择策略研究[D].中国石油大学,2011.
[2]Salter & Weihold.The Role of Acquisitions in Foreign DirectInvestment: Evidence from the U.S.Stock Market[J].The Journal of Finance,1991,7:825-843
[3]Wernerfelt B. A Resource-based View of the Firm.StrategyManagement Journal.1984,(5):171-180
[4]Markides C.C. & Willamson P.J. Corporate Diversification and Organizational Structure: A Resource-based View. Academy of Management Journal.1996, (39):340～367
[5]Jeffrey S.Harrison, Michael A.Hitt and Robert E.Hoskisson. Synergies and Post-Acquisition Performance: Differences Versus Similarities in Resource Allocations. Journal of Management. 1991,17 (1):173～190
[6]Black F, Scholes M. The pricing of option and corporate liabilities [J]. Journal of Political Economy,1973,81(3):637-659
[7]Edwards, William J. Planning Model for M&A analysis. McGraw Hill Inc.,New York.1994:35-49
[8]David Flanagan, Jerry Kreuze and Olamarie Smith. Merger and acquisition opportunities. Internal Auditor.2004, (8):55-59
[9]Vennet R V. The effect of mergers and acquisitions on the efficiencp and profitability of EC credit institutions [J]. Journal of Banking and finance,1996,20(9)
[10]Stevens J. Applied multivariate statistics for the social sciences [M]. New Jersey:Lawrence Erlbaum Associate,1988
[11]雷雪松.并购中目标企业的模糊综合评价法[J].山西高等学校社会科学学报,2006,18(2)：54-57
[12]祝金荣.基于模糊综合评价的并购目标决策[J].工业技术经济,2006,25(1)：23-24,30
[13]齐安甜,张维.企业并购投资的期权特征及经济评价[J].系统工程,2001,19(5)：43-48
[14]王为民,张世英.企业并购中的价值确定方法评价[J].价格理论与实践,2003,(5)：61-62
[15]张红云.企业并购中的财务分析与评价[J].广西广播电视大学学报,2000,11(2)：31-34
[16]胡峰.基于距离的信息不对称对企业并购决策影响的模型分析[J].新疆大学学报(哲学人文社会科学版),2005,33(4)：15-17
[17]何庆明,戴丽萍.基于智力资本并购的目标企业选择与评价[J].南方经济,2004,(5)：33-35
[18]叶建木.跨国并购：驱动、风险与规则[M].北京：经济管理出版社,2008
[19]叶建木,王洪运.跨国并购风险链及其风险控制[J].管理科学,2004,(10)：64-68
[20]刘喜红.中国企业海外并购：风险与防范[J].国际经济作,2005,(11)：16-19
[21]孙加韬.中国企业海外并购的风险防范与化解[J].亚太经济,2011(1)：42-45
[22]叶厚元,邓明然.企业跨国并购风险传导的因素及特征分析[J].武汉理工大学学 报,2006,(9)：72-75
[23]刘金灵.企业资本运营的核心之一——收购、兼并[J].物资流通研究,2000,(11)：44-46
[24]王亚玲,张庆升.资本市场效率理论的体系[J].北京工商大学学报(社会科学版),2005,(1)：12-15
[25]赵琳,王湛.论企业兼并中的管理协同效应[J].价值工程,2001,(6)：43-45
[26]袁名真.企业并购的关键动因——经营协同效应[J].中国高新技术企业,2008,(23)：25-27
[27]葛杰.企业并购中财务协同效应再认识[J].财会通讯,2009,(32)：17-19
[28]郭海涛.市场势力理论研究的新进展[J].经济评论,2010,(3)：30-32
[29]朱延福.科斯的交易费用理论与马克思的流通费用理论比较研究[J].中南财经大学学报,1996,(3)：16-17
[30]张大勇.托宾Q理论、估值体系重构与并购行为新特征[J].西北农林科技大学学报(社会科学版),2009,(6)：33-35
[31]金晶,王颖.委托代理理论综述[J].中国商界(下半月),2010,(6)：27-29
[32]吴晓芬.我国汽车行业并购行为研究[D].福建师范大学：福建师范大学,2008.
[33]刘洪德.中国汽车产业组织系统研究[M].北京：经济科学出版社,2011：78
[34]黄中文,李玉曼,刘亚娟.跨国并购实务[M].北京：中华工商联合出版社,2006.1
[35]李晓燕.中国汽车企业跨国并购风险问题研究[D].中国海洋大学：中国海洋大学,2011.
[36]周启发.汽车企业并购及其整合策略研究[D].华中科技大学：华中科技大学,2007.
[37]周启发.企业并购目标选择的模糊评价研究[J].集团经济研究2007,(10)：198-199.
[38]何龙斌.我国企业海外并购存在的主要问题与对策[J].改革与战略,2010,(09)：96-98.
[39]陶莹.我国企业海外并购目标选择的影响因素分析[J].江苏商论,2007,(10).
[40]赵晓旭.中资银行海外并购的动因和目标选择策略初探[J].黑龙江对外经贸,2008,(12).
[41]梁榕灵.中国企业海外并购目标选择策略研究[D].中国石油大学,2011.