中国企业海外并购的风险与对策研究——基于2000—2005年中国企业海外并购实证分析

OVERSEA M&I BY CHINESE FIRMS: RISKS AND COUNTERMEASURES

中国企业海外并购既有经济风险因素,又有非经济风险因素。在经济风险因素中,战略选择阶段中的战略定位失误,评估实施阶段中的低估并购成本、交易方案设计缺陷,整合阶段中的文化冲突等,都是中国企业海外并购的主要风险因素。而政治、社会、军事、法律、舆论等非经济风险因素则贯穿并购的各个阶段。要较好地规避海外并购的风险,中国企业应该系统地分析内外环境及各种可能产生的风险,作出相应的对策。

Oversea M＆I faces both economic and non-economic risks. The main risks are, among the economic ones, strategic orientation failure during strategy choosing stage, under-valuing the M＆I costs during evaluation and complementation stage, imperfect of transaction plans, and cultural conflicts during integration stage. On the other hand, the non-economic factors, like political, social, martial, law, and consensus, are shown during every stage. In order to evade the risks, Chinese firms have to analyze the inside and outside risks and get countermeasures.