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随着世界经济一体化的发展,我国企业正在融入到一个以全球市场为基础、自由竞争为基本原则的国际经济体系中。走向国际市场,参与全球市场的资源配置,以获取更大的经济利益,成为许多中国企业的选择。其中,海外并购成为中国企业走向国际市场的重要方式。近5年来,中国企业海外并购规模急剧扩大,并有明显上升趋势。然而,中国企业的海外并购行为受到诸多因素的影响,不可避免地面临各种风险,本文通过对中国海外并购的风险分析,提出了中国企业海外并购风险控制的一些建议。一、我国企业海外并购面临的风险分析一般情况下,海外并购风险分为前期战略选择风险、中期评估实施风险、后期并购整合风险三个阶段,基于近5年来的典型案例,结合我国企业海外并购的特点,对我国企业海外并购面临的经济与非经济风险因素进行综合分析,详见表1。1.前期战略选择阶段的风险战略选择作为海外并购的第一步,也是首要的
With the development of world economic integration, Chinese enterprises are being integrated into an international economic system based on the global market and based on free competition. Going to the international market and participating in the allocation of resources in the global market for greater economic benefits has become the choice of many Chinese enterprises. Among them, overseas M & A has become an important way for Chinese enterprises to go to the international market. In the recent five years, the scale of overseas mergers and acquisitions of Chinese enterprises has expanded rapidly with a clear upward trend. However, the overseas mergers and acquisitions by Chinese enterprises are affected by many factors and inevitably face various risks. Based on the risk analysis of China’s overseas mergers and acquisitions, this paper puts forward some suggestions on the risk control of overseas mergers and acquisitions by Chinese enterprises. First, the risks faced by Chinese enterprises overseas mergers and acquisitions Under normal circumstances, the risk of overseas mergers and acquisitions are divided into early stage strategic risk selection, mid-term risk assessment, mergers and acquisitions in the latter part of the three phases of consolidation, based on the typical cases of the past five years, combined with China’s overseas mergers and acquisitions , The comprehensive analysis of the economic and non-economic risk factors faced by overseas mergers and acquisitions of Chinese enterprises is shown in Table 1.1. As the first step of overseas mergers and acquisitions, the strategic choice of risk in the early stage of strategic choice is also the first