宁波企业跨国并购的现状、动因、风险评估及政策建议

The Status Quo, Motivation, Risk Assessment and Policy Recommendations for the Enterprises in Ningbo in Cross-border Merger and Acquisition

分析2003-2013年宁波企业海外并购数据,发现民营企业是并购主角,且并购企业主要集中于制造业,并购标的多位于发达国家,多属于相关并购。宁波企业海外并购主要动因是获取战略性核心资源,提升企业国内外竞争力,但宁波企业在海外并购中也面临着风险,主要包括:并购前的估计风险,过程中的财务风险、汇率风险以及后期的整合风险。政府应加大对海外投资的扶助力度以帮助企业更好地参与跨国并购。

Through the analysis of the data of the cross-border merger and acquisition on the part of Ningbo enterprises from 2003 to 2013, this paper finds that the private enterprises of Ningbo play the lead in overseas merger and acquisition. The main propose of cross-border merger and acquisition of Ningbo enterprises is to obtain strategic core resources in order to enhance the competitiveness. This study also finds that participators of Ningbo’s cross-border merger and acquisition are mainly in manufacturing, and the targets are mainly located in developed countries. The main risks of Ningbo enterprises faced in the process of cross-border merger and acquisition include the risk of assessment before acquisition, the financial＆exchange rate risks during the acquisition, and the integration risk after the acquisition. In view of this, the government should strengthen the support on overseas acquisition so as to help them to do a better acquisition.