“走出去”战略背景下我国企业跨国并购风险的识别与控制

Research on Cross-Border Merger and Acquisition Risk Identification and Control of Chinese Corporations under Going-global Strategy

我国企业跨国并购失败的原因,主要源于对跨国并购风险识别不足,以及风险防范措施的缺失。本文结合中投投资黑石、中铝收购力拓等海外并购失败案例,分析了我国企业跨国并购面临的主要风险,并基于海外并购流程,从并购前的准备阶段、并购实施过程以及并购后的整合阶段,系统提出我国企业跨国并购风险防范措施。

The reasons for the failure of Chinese corporations overseas M＆A , mainly from the lack of recognition of the Risk, as well as the lack of risk prevention measures. By using case such as CIC invest Blackstone and Chinalco acquire Tinto, this paper analyzes the risk of Chinese corporations overseas M＆A from process perspective. We give some proposals on how to prevent cross-border M＆A risk from prcparatory phase to implementation process and post-merger integration phase.