跨国并购的经济学研究-世界经济专业论文.docxVIP

跨国并购的经济学分析内容摘要 跨国并购的经济学分析 内容摘要 跨国并购的迅猛发展是世界经济发展中最显著的现象之一。从宏观角 度看，跨国并购是对外直接投资的一种方式；但是从微观角度看，跨国并 购则纯粹是企业跨越国界的并购行为，是符合价值最大化目标的创造价值 的行为。与波特等人的价值链思想不同，本文认为跨国并购的动因、目标 企业的价值评估、融资与支付方式的选择构成了跨国并购“价值链”的基 本环节。 、7 跨国并购的动因是“价值链”中的首要环节，／本文在邓宁的折衷范式 ／ 基础之上，结合企业并购理论、直接投资理论，尝试性地提出了跨国并购 四优势论并以此作为分析跨国并购动因的理论框架。目标企业的价值评估 足跨四并购过程中创造价值的另一重要环节，本文认为基于持续经营的假 设，自由现金流量评估法更加适用于目标企业的价值评估，并且针对跨国 并购【||特有的国家风险与汇率风险，修正了两利，自由现金流量评估法，增 强_『模型评估的准确性。融资与支付方式是决定跨国并购价值创造的又～ 重要环节，本文认为应通过融资与支付方式的筹划，使得企业资本结构最 优化，实现企业价值的最大化。最后，本文运用跨国并购价值链的一般性 理论，提出跨国并购中我国企业分别作为目标企业和并购企业时所应采用 的刈策。 跨国并购的经济学分析Abstract 跨国并购的经济学分析 Abstract 7lransnational MergerAcquisition(MA)，which has developed rapidly, is one of the most remarkable phenomenons during the developing process of world economy．It is one manner of the Foreign Direct Investment(FDI)from the macrocosmic point of view,however，from the microcosmic point of view, it is sheer MA behavior of enterprise which strides bordeqand it is one of the creating—value behaviors which is up to the goal of maximizing the value． Different from the theory of value chain presented by Michael Porter,this article shows that the basic linkages of transnational MA value chain consist of the motive of transnational MA，the value evaluation of the target，the selection of financing and payment． The motive of transnational MA is the first linkage of the value chain． Combined by the MA theory and the FDI theor％this article，on the basis of the eclectic paradigm of Dunning，shows the four—advantage theory in transnational MA as theoretical flame to analyze the motive．The value evaluation of the target is the other linkage of creating value in transnational MA．This article argues that the free cash flow model(FCF)is more suitable for the value evaluation，and then，in response to the special risk of country and exchange ratio，corrects two sorts of FCF model to enhance accuracy of the value evaluation model．The selection of financing and payment is also one of the essential value linkages．This article sh