后金融危机时代中国民航企业跨国并购的探索分析——以海航为例

Analysis on the Cross-Border Merger and Acquisition of Civil Aviation Enterprises in China in the Era of Post——Crisis: A Case Study of Hainan Airlines

后金融危机时代的并购热潮为中国民航企业加快航空自由化探索和参与国际航空市场竞争提供了机遇,在跨国并购内容模式梳理及后金融危机时代航空企业"走出去"战略环境分析的基础上,对海南航空集团跨国并购的发展基础、市场选择、航空自由化探索进行经济分析和空间分析,结果得出:海航作为中国开放航权试点省份的唯一民航企业,可以凭其在中国对外航空格局中的市场地位和雄厚的集团发展实力去进行航空运输市场的国际化探索,借鉴其国内低成本多元化的并购经验,锁定美欧和亚太市场,探索其联盟合作和多元发展的跨国并购之路。

The trend of mergers and acquisitions in the era of post-crisis is a good opportunity to take part in the international civil aviation competition to free speed up the process of aviation liberalization developing. In this article, economic analysis and spatial analysis of civil aviation enterprises and its possibility of cross-border merger and acquisition were studied with the case study of Hainan airlines who is the fourth largest aviation group in China. The results indicated that： as the only civil aviation enterprises of Hainan province where is the only aviation liberalization region in China, Hainan airlines can lock its target market in the United States, the Europe and the Asia-Pacific region, and explore its developing mode of cross-border merger and acquisition by its existing market status in the international aviation market and its strength of the fourth largest aviation group in China, with the help of merger and acquisition experience in its low cost expansion mode and its diversification strategy.