论文总字数：36245字

摘 要

21世纪经济全球化进入了白热化阶段，跨国并购因为其种种优点，已成为国际直接投资的首选。企业跨国并购的并购效应变得至关重要，企业更加关心并购为企业带来的效益，并竭尽可能减少其带来的负面效果。同样地，企业在并购时也会更多地考虑潜在的风险以及如何规避风险。对于飞速发展的中国企业来说，要完成企业的全球化，跨国并购无疑是一条必经之路，这就需要对并购后的协同效应以及并购的风险作出充分的分析和评估。

论文阐述了跨国并购的概念，分析了国内外学者研究成果和跨国并购的行为潜在动因。通过相关资料分析了近年中国企业跨国并购的历程和影响因素、运用协同效应理论以安踏体育对亚玛芬体育的并购为案例，并以具体环境及相关财务数据，分析跨国并购的并购效应。本文对并购案例进行风险评估并运用灾难分析框架、LS风险矩阵分析了企业跨国并购可能存在的风险，得出了该安踏跨国并购案风险隐患来自紧密耦合和并购时的融资和支付风险等结论。通过对并购案例的研究，得到了中国企业跨国发挥并购效应，规避并购风险的启示。

关键词：跨国并购；并购效应；并购风险；协同效应；

Effect and risk assessment of enterprise in cross-border Mamp;A

Abstract

In the current economic globalization environment, cross-border mergers and acquisitions have become the first choice for international direct investment because of their advantages. The effect of mergers and acquisitions in cross-border mergers and acquisitions has become very important. Companies are more concerned about the benefits of mergers and acquisitions and try to minimize the negative effects they bring. Similarly, companies will also consider potential risks and how to avoid them during mergers and acquisitions. For fast-growing Chinese companies, cross-border mergers and acquisitions are undoubtedly the only way to complete their globalization. This requires a thorough analysis and evaluation of the synergies and risks of mergers and acquisitions after mergers and acquisitions.

The thesis first expounds the concept of cross-border mergers and acquisitions, and analyzes the potential motives of cross-border mergers and acquisitions with the research results of domestic and foreign scholars. Then it analyzes the history and influencing factors of Chinese companies' cross-border mergers and acquisitions. This thesis uses the synergy theory to take Anta Sports' merger and acquisition of Amer Sports as a case, and analyze the effects of cross-border mergers and acquisitions based on the specific environment and related financial data. The risk assessment of the Mamp;A case was conducted and the disaster analysis framework, LS risk matrix were used to analyze the possible risks of the company's cross-border mergers and acquisitions, and it was concluded that the hidden risks of the Anta cross-border mergers and acquisitions came from tight coupling and financing and payment risks during mergers and acquisitions etc. Through the study of Mamp;A cases, we have obtained the inspiration of Chinese state-owned enterprises' cross-border Mamp;A effects and avoiding Mamp;A risks.

Keywords: Cross-border Mergers And Acquisitions; Merger effects; Merger risks; Synergy Effects;

目录

第一章 绪 论 5

1.1 研究背景 5

1.2 研究目的及意义 5

1.3 研究思路图 5

1.4 研究综述 7

1.4.1 文献研究概述 7

1.4.2 国外研究综述 7

1.4.3 国内研究综述 8

第二章 企业跨国并购相关概念和理论基础 10

2.1 企业跨国并购的概念 10

2.1.1 跨国并购的概念 10

2.1.2 并购方向与并购形式 10

2.2企业跨国并购的动因 10

2.3跨国并购的协同效应概念 11

2.3.1 跨国并购的协同效应 11

2.3.2 财务协同效应的计量 11

2.4企业跨国并购风险评估理论 12

2.4.1 企业跨国并购风险来源 12

2.4.2 布鲁诺的灾难分析框架 12

第三章 中国企业跨国并购的历程以及影响因素 14

3.1 中国企业跨国并购的历程 14

3.2 中国企业跨国并购的宏观影响因素 15

3.2.1 市场不确定性因素的影响 15

3.2.2 区域合作组织因素的影响 15

3.2.3 经济文化和GDP等因素的影响 16

3.3 中国企业跨国并购的微观影响因素 17

3.3.1 管理方式因素的影响 18

3.3.2 技术因素的影响 18

3.3.3 企业实力因素的影响 18

第四章 安踏并购亚玛芬的协同效应分析 20

4.1 跨国并购协同效应案例分析 20

4.1.1安踏体育并购亚玛芬体育的跨国并购案例 20

4.1.2 安踏并购案的并购动因 20

4.2 安踏并购亚玛芬协同效应分析 21

4.2.1 安踏并购亚玛芬的经营协同效应 21

4.2.2 安踏并购亚玛芬的财务协同效应 24

4.2.3 安踏并购亚玛芬的管理协同效应 29

第五章 安踏并购亚玛芬的风险评估 30

5.1 安踏体育并购案的风险辨识 30

5.1.1 安踏体育并购前的目标公司财务风险 30

5.1.2 安踏体育并购中的融资与支付风险 30

5.1.3 安踏体育并购后的战略整合风险 32

5.2 安踏体育并购的灾难框架风险分析 33

5.3 安踏体育的并购风险评估 34

5.3.1 LS风险矩阵评估 34

5.3.2 安踏体育的并购风险管控评估 35

第六章 研究结论与启示 39

6.1 安踏跨国并购案研究结论 39

6.2 安踏跨国并购案对中国企业的启示 39

致谢 40

参考文献 41

第一章 绪 论

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