中国企业海外并购经营协同效应研究—基于吉利收购沃尔沃的案例分析 毕业论文精选.doc

中国企业海外并购经营协同效应研究 —基于吉利收购沃尔沃的案例分析 摘要：近年来中国企业海外并购趋势增长日益显著,尤其在2008年全球金融危机后，随着经济一体化的更加深入的发展，以全球为背景，以跨国并购为旋律的第五次并购浪潮早已掀起。吉利并购沃尔沃作为目前中国出资最大的跨国并购，不仅在中国而且在世界的影响也是巨大的。本文结合中国企业吉利海外并购沃尔沃的案例，从经营协同效应的五大表现即规模经济、优势互补、成本降低、市场分额扩大、更全面的服务方面作分析。认为这次的成功收购，虽然并未使吉利集团的财务业绩在并购后两三年内增长，但是从远瞻性看却是使吉利获得了沃尔沃的核心技术和人力资源等资源。同时获得的沃尔沃这一高端汽车品牌，不仅加速了吉利企业战略转型，也为吉利集团企业知名度跃升提供了更大平台。今后吉利汽车在国际汽车市场上的品牌影响力也将扩大。 关键词：海外并购；经营协同效应；案例研究；财务分析； Research on Chinese Enterprises Overseas Merger Synergistic Effect —Based on the Analysis of Geely Acquisition Volvo Case Abstract：In??recent years, the trend of overseas merger and acquisition of china corporations has increased remarkably. Moreover, the global financial crisis in 2008 and the global economic union saw the deeper development of it. The fifth merger and acquisition fashion has began under the global background, concentrating in the overseas cases. The case of the merger and acquisition of Volvo done by Geely Group, marked as the biggest china’s overseas case, had tremendous influence around the world. This thesis analyses Geely’s case from five performances of management coordination effect — economics of scale, complement of each other’s advantages, cost declining, market shares extending,better service. It holds the idea that this case, although has not increased the financial achievement of Geely Group in 2 or 3 years, has helped it gained the core technology and human resources for future development.??Meanwhile, the holding of?“Volvo”—the high-ed automobile brand, not only speeds up the strategy transition of Geely corporation, but also provides greater platform for the improvement of Geely’s celebrity. Thus , the broad brand influence of Geely Group among international auto market will be intended??gradually. Key words: Overseas merger Management coordination effect The case analysis Financial analysis 一、问题提出 （一）中国企业海外并购 随着中国经济的迅猛发展，中国企业海外扩张的实力显著增强了。同时，金融危机带来的机遇使得原来许多遥不可及的并购目标变得触手可及。 金融危机和欧债危机阴云未散。欧洲大量企业面临产品销量下降，拖欠供应商货款与员工薪资甚至濒临破产的局面。他们急需外来资金注入来解决亏损