随着全球经济一体化进程的加快,国际市场空前开放,企业间的竞争日趋激烈,

国际大型企业把触角从国内延伸到国外,争夺世界市场。企业间旳强强联合与战略性

并购是实现这一目的的理想路径。要想在全球化背景下大有作为,跨国并购是必经之

路,因此其发展达到了前所未有的高度。到目前为止,全球已经出现了五次并购浪潮。

随着中国经济的腾飞,以及国家“走出去”战略思想的指引下,中国企业跨国

并购的数量明显递增,规模迅速壮大,区域逐渐扩大,并购旳质量也有很大程度的提

高,跨国并购已然成为当今经济社会的热门话题。

中国企业跨国并购从2000年起就已成为国际直接投资旳主要方式,占到国际直

接投资总额的80%。由于国家战略和企业发展的需求,中国资源型企业走在了中国企

业跨国并购的前列,在我国企业海外并购的案例中,资源型企业并购的规模和金额所

占的比例最大,平均并购金额达13亿美元,但与英美发达国家相比,投资失败率却

高达20%。究其原因,除了在管理人员、资金运作等方面与发达国家存在差距外,风

险意识不强、本土化经营不到位、缺乏危机公关意识等也是中国资源型企业所面临的

普遍问题。

本文以中国资源型企业跨国并购的发展状况为背景,分析了中国资源型企业跨国

并购背后的动因,通过对比成功和失败的并购案例,并以作者所在企处一云南冶金集

团股份有限公司并购成功的案例为佐证,努力探寻中国资源型企业跨国并购中存在的

问题以及成功关键因素,并对并购的支撑体系作了尝试性的研究。引言部分主要论述

了选题的背景与意义,综述了国内外有关跨国并购的理论研究,为全文的研究做好了

理论上的铺垫;概述了中国企业,尤其是资源型企业跨国并购的背景及发展历程等。

之后论文分析了资源型企业跨国存在的问题;分析了并购成功的七个关键因素;并在

总结部份针对存在的问题对支撑体系作了尝试性的研究,以此全面提高资源型企业跨

国并购的能力和成功率。

关键词:跨国并购资源型企业存在问题关键因素支撑体系

I

昆明理工大学MBA学位论文

ABSTRACT

Since the international market opening has unprecedentedly improved, and the

competition among enterprises has become more fiercely with the pace of global economic

integration accelerating. The tentacles of international large-scale enterprises extend from

domestic to overseas to scramble for the world market. The powerfiil alliances between

enterprises and the strategic merger and acquisition (Hereinafter M&A for short) are the

ideal path to achieve such aim. Providing be able to accomplish great deeds on the grounds

of globalization,cross-border M &A is the only way, therefore it has been got the height

than ever before. Until now,there have been five times of the global wave of merger and

acquisition.

Following with the economic take-off of China and strategic guide of Going-out of

Chinese government, the numbers of multinational M & A are obviously increased. Thanks

to the scales being rapidly strengthened, regions being gradually expanded and quality

being heavily improved,it is becoming the hot topic of present economic society.

The cross-border M&A of Chinese enterprises is accounting for over 80% of

international direct investment, which is becoming the main method of international direct

investment since 2000. The Chinese resources enterprises have been marched at the head of

overseas expansion due to the national strategic requirement and their own development.

The scale and the proportion of money of resources enterprises are largest in the cases of

multinational M&A of Chinese enterprises, which average amount is approximately

1.3$ billion. However the failure rate of overseas investment is up to 20% comparing with

American5Britain and other developed countries. Apart from in management personnel,

capital operation and other aspects, having gap with the developed countries5 enterprises,

most Chinese resources enterprises are facing the common problems mentioned-below,

such as, risk prevention awareness not strong, localization operation not in place and

lacking of crisis consciousness.

This paper is trying to seek the existing problems and successful critical factors and do

the tentative study on supporting system of cross-border M&A based on the background of

development status of Chinese resources enterprises, analyzing the motives, comparing the

successful cases with the failure ones of Chinese resources enterprises' cross-border M &A,