中国上市公司跨境并购问题研究——基于上海电力并购KE公司

RESEARCH ON CROSS-BORDER MEGERS AND ACQUISITIONS OF CHINESE LISTED COMPANIES：THE ACQUISITION BETWEEN SHANGHAI ELECTRIC POWER AND KE Ltd.

黄冠华

11649030

硕士

金融

严硕

2018-05-31

2018-7-12

哈尔滨工业大学

深圳

本文以上海电力收购 KE 公司作为案例研究对象，采用宏微观相结合及案例分析的研究方法，研究了我国上市公司跨境并购的成因，影响因素和其对于上市公司所产生的经济效益。本项研究发现我国上市公司跨境并购在现阶段存在并购周期长，并购收益低于预期及审批风险大等特殊风险。针对此，本文对我国上市公司跨境并购存在的问题提出了相应的政策及建议。本项研究的结论可以提高上市公司的并购成功率，并具有重要的政策意义。本文发现中国上市公司目前存在的问题主要有：并购成功率不高、并购周期较长、后期整合和投后管理难题、审批难度大及政治因素干扰。针对这些问题，笔者从政府层面和企业自身两个角度，分别提出了三个发展建议和四个应对策略。政府可以立足现行法律制度，建立和完善一个更加规范化的跨境并购体系；从建立统一管理跨境投资的政府机构、制定关于跨境并购的指导性文件和提供跨境并购咨询服务三方面，加大宏观调控；促进更多的民营企业投入到跨境并购中，通过更加充分的市场竞争而提高并购成功率。上市公司则应该科学制定并购战略和规划，培育专业的并购人才队伍，坦然应对非经济因素的干扰，并积极推进并购的整合过程。

This paper takes the acquisition between Shanghai Electric Power and KE as a case study, studies the causes of cross-border mergers and acquisitions of China's Listed companies, the influencing factors and the economic benefits of listed companies. This study finds that cross-border mergers and acquisitions of Listed Companies in China have some special risks at present stage, such as long acquisition cycle, lower earnings and high risk of examination and approval. For this reason, this paper puts forward corresponding policies and suggestions for the problems existing in cross-border mergers and acquisitions of Chinese Listed Companies. The conclusion of this study can improve the success rate of mergers and acquisitions of listed companies, and has important policy implications.It is found that the main problems existing in China's listed companies are: the low success rate of merger and acquisition, the longer period of merger and acquisition, the difficult problem of post integration and post investment management, the difficulty of examining and approving and the interference of political factors. In view of these problems, the author puts forward three development proposals and four coping strategies from two angles ，that is， the government level and the enterprise itself. The government can establish and improve a more standardized cross-border M & A system based on the current legal system, increase macro regulation and control from three aspects of establishing unified management of cross-border investment, formulating guiding documents on cross-border mergers and acquisitions and providing cross-border mergers andacquisitions advisory services. In addition, the government should encourage more private enterprises to invest in cross-border mergers and acquisitions, and enhance the success rate of mergers and acquisitions through more adequate market competition. The listed companies should formulate the strategy and plan of merger and acquisition scientifically, cultivate professional M &A personnel, deal with the interference of non-economic factors, and actively promote the integration process of merger and acquisition.

上市公司 跨境并购 并购成功率 上海电力 KE公司

listed company cross-border mergers and acquisitions success rate of M&A Shanghai electric power KE Ltd.

中文

联合培养

南方科技大学

黄冠华. 中国上市公司跨境并购问题研究——基于上海电力并购KE公司[D]. 深圳. 哈尔滨工业大学,2018.