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Overseas Merger and Acquisition(M & A)is not only the major means for the entcrprises to expand repidly and operate globally,but also the significant strategic tools for acquiring advanced technology from other companies and seizing the market and other resources.The sustaining growth of our economy provides an optimal environment,while the breakout of the global financial crisis creates opportunities for Chinese enterpries' cross-border M&G.Recently,whether it is the Chinalco confronting setbacks in investing Rio Tinto,Sichuan Tengzhong Heavy Industrial Machinery acquiring Hummer brand or two private companies intending to purchase Cardanro,all aroused wide concern.  相似文献   

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Chinese companies may increase overseas mergers and acquisitions (M&As) by 40 percent next year while outbound deal value may hit a record high of 30 to US$35 billion this year. The newspaper said, citing Wang Xiaogang, a partner at PrieewaterhouseCoopers LLP (PwC) China, that the major risk for Chinese companies in fostering overseas M&A deals is the insufficient risk analysis capabilities, particularly in financial and legal aspects.  相似文献   

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世界政局风云变幻,政治风险是我国企业海外资产面临的首当其冲的风险文章分析了我国企业海外资产面临的政治风险的结构,探讨了字致我国企业海外资产面临政治风险的因素,提出从企业角度,要加强企业内部政治风险管理,建立一整套政治风险的评估,预防和救济体系;从政府角度,要正确引导企业到海外投资,完善海外投资保险制度等对策和建议。  相似文献   

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Recently, the cases of Chinese enterprises' merger and acquisition are emerging in multitude. It is believed that M&A will provide opportunities for China enterprises to go global and act in the global economic environment. China enterprises also want high margin profits that are accessible in Western Europe and North America. Judging from the current situation, many companies are not short of money, the banks can also provide a large-scale lending for Chinese companies' overseas M&A. So, the overseas M&A is feasible in the current circum-stance.  相似文献   

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In recent years, Chinese companies have accelerated their global activities in line with China's ascent as a major economic power. While some Chinesecompanies globalize organically, many others have pursued mergers and acquisitions (M&A) to accelerate their global presence. High-profile deals such the SAIC's 50.6% acquisition of Korea's Ssangyong in 2004, Nanjing Auto Group purchased British auto company MG in 2006, and more recent Geely Automobile Holdings acquire' Australia's Drivetrain Systems Interna- tional, or DSI, the world's second largest auto transmission supplier in 2009, have introduced the world to a new generation of Chinese companies with aspirations to be global competitors. Under the circumstance of global financial crisis, as vehicles sales slump and companies burn through cash, many players in automobile industry are confronting cost pressure and tighter access to credit. As a result, many distressed assets are potentially up for sale. This also means opportunities for Chinese automobile players with international expansion to jump onto the global stage.  相似文献   

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These events proved the com-petitiveness of China's economy after joining WTO, though face all sorts of pressures and challenges, at the same time the world market offered the new opportunity for the development of China's economy.  相似文献   

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本文研究了中国企业海外并购领域不寻常的全现金支付并购现象,考察这种并购支付方式对并购绩效的影响以及形成全现金支付决策的制度环境因素,结果显示:中国企业的全现金支付方式和并购绩效显著负相关,表明全现金支付并购并不是并购绩效良好预期的信号;对战略性资源产业、国有企业、并购支付政策调整等制度环境影响的实证结果表明,制度环境是全现金支付的重要决定因素;除了资源类海外并购政策鼓励下的全现金支付的并购绩效明显为正以外,高新技术产业的政策支持以及国有企业的全现金并购绩效都显著为负。虽然国家外资股权限制政策有所放松,但是该调整政策对于现状没有明显改善效果。  相似文献   

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我国银行海外并购绩效及其影响因素的实证分析   总被引:2,自引:0,他引:2  
本文综合运用事件研究法和会计指标法,对我国银行业海外并购的绩效及其影响因素进行实证研究,结果发现:我国银行海外并购事件不存在财富效应,但存在一定的股价波动效应;大部分并购案的中长期综合绩效有所提高,并呈现一定的递增趋势;若目标银行规模较小、绩效较好,并购行在并购前比其他同业更有效率,则并购更易于产生财富效应,更易于提升经营绩效;支付方式和并购交易地理集中度对并购绩效的影响不存在确定的趋势.  相似文献   

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在走出去战略指引下,越来越多的中资企业开展一带一路沿线国家的投资并购活动,为了提高中资企业海外并购的成功率,开展海外并购战略规划研究必不可少。通过对海外并购的战略选择、并购动因的确定、并购战略的准备、并购边界及方向的确定和制定并购战略应具有的六大特征进行了总体研究,为中资企业海外并购战略规划提供了科学依据。  相似文献   

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近年来,我国机床制造企业所进行的14次并购大多取得了成功。本文在总结现有并购成功因素的相关理论基础上,对我国机床制造企业这14次海外成功并购的关键因素进行了案例研究,以期对我国其他制造企业的海外并购有所启示。  相似文献   

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文化弱势是阻碍中国企业海外并购成功的一个重要因素,文化力的锻造是克服文化弱势,进而整体提升企业海外经营效益的重要途径。企业海外并购中的文化力来源于企业文化的凝聚力、企业文化的环境适应力、企业文化的战略目标支撑力、企业文化的影响力和企业文化的持续创新力的五力融合。企业文化力是企业文化建设的终极目标,也是企业文化势能的动能转化,它与企业的历史并不总是正相关。企业文化力的锻造需要在经营实践中探索与学习,也需要企业人员从上而下的思维创新与行动支持。企业锻造其文化力必须首先分析海外并购的经营环境、并购目标,在此基础上进行文化诊断,最终实施文化力的锻造与创新。  相似文献   

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verseas Merger and Acquisition (M&A) is not only the major means for the enterprises to expand rapid-ly and operate globally, but also the significant stra-tegic tools for acquiring advanced technotegy from other companies and seizing the market and other resources.  相似文献   

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Currently,the often- or popularly-chosen destinations for corporate cross-border investments include such places as Bermuda,Cayman,Panama,UK,HongKong,Singapore,as well as Nevada and Delaware of US,which are mostly preferred in actual overseas M&A.And these places can be generally classified into three categories — offshore destinations,similar offshore destinations such as Hong Kong and Singapore and transit stations with low taxation in the international market.How to choose the suitable place for registration,Mr.Gong Enguang,General Manager of Mossack Fonseca in China told the reporter from China's Foreign Trade magazine that under different circumstances,they will propose strategic suggestions according to different situations.  相似文献   

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中国企业境外上市的反思及策略建议   总被引:5,自引:0,他引:5  
中国企业境外上市在数量上和融资规模上均呈现持续、快速的上升态势。当前,中国企业境外上市存在的主要问题包括拟上市企业信息披露不规范、缺乏境外市场的选择经验、对境外融资代价缺乏充分认识和内部控制机制薄弱。文章进一步就中国企业的国际资本市场进入现存问题给出了相关的策略建议。  相似文献   

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近些年,我国企业进行海外并购的数量和规模呈现显著增长.海外并购不同于本土并购,企业在"走出去"时要面临文化距离上的挑战.那么,文化距离对我国企业进行海外并购的价值创造存在何种影响,该问题是财务学、管理学和社会学交叉研究的领域.本文以1995—2014年我国上市公司进行的221起海外并购事件为样本,系统分析与检验了文化距离对海外并购价值创造的影响及其传导路径.实证结果表明,中国与并购目标所在国之间的文化距离越大,海外并购为中国上市公司所创造的价值就越低;进一步的研究显示,文化距离影响价值创造存在完全的生产效率路径,部分的研发产出路径和部分的税收路径.此外,研究结果还显示,如果上市公司聘请了海外背景高管、有成功进行海外并购的经验以及同行业并购,则能减轻文化距离对海外并购价值创造的负面影响.本文的结论打开了文化距离影响海外并购价值创造的"黑箱",并从实证上给出缓解文化距离负面影响的应对机制,为中国企业进行海外并购如何应对文化距离提供了实践指导.  相似文献   

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伴随着中国经济的快速发展和政府出台的一系列政策的鼓励,越来越多的中国企业开始走出国门并购海外企业,尝试着跨国产业重组。然而,国外的反垄断法使得一些中国企业的跨国并购功败垂成。因此,通过对欧美反垄断法体系及近来反垄断规制趋势的具体分析,结合中国企业的实际情况,尝试性地为中国企业进军欧美,顺利进行跨国并购重组提供应对策略。  相似文献   

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