中西方企业并购分析与研究
摘要
兼并与收购是企业重组普遍的运作形式，也是资本运营的核心。为了实现经济结构的战略性调整，加快工业改组改造和产业结构优化升级，研究和借鉴国外成功企业在资本市场上重组与扩张的策略和手段，对于坚定不移地实施中国大企业集团战略，培育一批世界级的大型企业，提高我国企业国际竞争力无疑是非常必要的。本文首先通过对目前全球并购市场发展状况的分析，提出我国并购市场发展的驱动因素、呈现的趋势以及我国企业从中得到的启示。其次，本文将进一步阐述国家在宏观环境和政策法规上的支持，显示了我国政府在全球经济一体化的今天，对我国并购市场发展做出的努力和措施。再次，本文对中西方企业在并购中差异作出详尽的分析，分别从中西方企业并购体制、外部环境约束、并购方式、融资方式、及支付方式等方面进行比较与分析，并辅以多家上市公司并购案例，分析我国企业与西方发达资本主义国家在并购中存在的差距、问题，并提出了解决的方法。通过以上的分析和论证，最后笔者得出结论：在加入WTO的今天，我国政府必将大力改善当前的并购环境，规范并购市场的操作，为并购行业提供新的准则并促进我国资本市场的发展，届时，我国企业必将在短期内缩短与西方企业在并购操作中的差距，进一步促进我国企业在现代企业制度下的良性发展。
Merger and Acquisition (M&A) is not only a kind of universal operation form in restructure, but also a core of capital operation. In order to achieve strategic adjust in economic structure and accelerate industrial reconstruct as well as upgrade the structure of industry, we should learn some successful experience from foreign capital market, which is beneficial to improving the capability of international competition. This essay will discuss the distance between Chinese M&A market and western M&A market. It will first analyze the development situation of global M&A market, and then it will put forward some drive factors and tendency in Chinese M&A market. Next, it will give extensive consideration to the support of Macro environment 、policies and regulations, which shows Chinese government has taken large number of measures in the M&A market. It will then detail the M&A operation distinct between Chinese enterprises and Western enterprises, focusing particularly on five aspects, such as M&A's regime、restriction of external environment、M&A's methodology、financing pattern and payment pattern. In additon, it will also address a number of M&A's cases among listed companies. After, it will explain how Chinese government develops in the M&A market. Finally, it will draw a conclusion that in term of M&A's operation, Chinese enterprises will rapidly narrow the distance between and Western enterprises.
Merger and Acquisition (M&A) is not only a kind of universal operation form in restructure, but also a core of capital operation. In order to achieve strategic adjust in economic structure and accelerate industrial reconstruct as well as upgrade the structure of industry, we should learn some successful experience from foreign capital market, which is beneficial to improving the capability of international competition. This essay will discuss the distance between Chinese M&A market and western M&A market. It will first analyze the development situation of global M&A market, and then it will put forward some drive factors and tendency in Chinese M&A market. Next, it will give extensive consideration to the support of Macro environment 、policies and regulations, which shows Chinese government has taken large number of measures in the M&A market. It will then detail the M&A operation distinct between Chinese enterprises and Western enterprises, focusing particularly on five aspects, such as M&A's regime、restriction of external environment、M&A's methodology、financing pattern and payment pattern. In additon, it will also address a number of M&A's cases among listed companies. After, it will explain how Chinese government develops in the M&A market. Finally, it will draw a conclusion that in term of M&A's operation, Chinese enterprises will rapidly narrow the distance between and Western enterprises.
引文
1、郑文平、罗中伟，“美日德企业金融体制比较及其借鉴”，《中国工业经济》1997.4 。
2、方晓霞，《中国企业融资：制度变迁与行为分析》，北京大学出版社1997.4。
3、张金杰，《国际投资全球并购形势分析与预测》，2002。
4、王巍,《中国并购报告（2003）》，2003。
5、李辉 石正华 《公司并购中融资工具分析》，2002。
6、魏建 姜绪荣 《MBO融资体制研究》，2002。
7、王荭 《经济管理》，2001。
8、梁莱歆 《国有资产管理》2001年第4期。
9、邝国良 吴志莹 《我国上市公司收购的外部环境分析》2002。
10、李彬 《要约收购》2003。
11吴征，2002，《我国企业并购外部环境约束》，中国并购交易网: http://comm.mergers-china.com/
12、梁其，2002，《我国企业并购体制研究》，投行在线，http://www.investbank.com.cn/
13、Gabriel Hawawini,Claude Viallet. Finance for Executives:Managing for Value Creation 1999 by South Western College Publishing.
14、Benninga.Simon, and Oded Sarig. Corporate Finance: A Valuation Approach 1997.
15、Cornell,Bradford.Corporate Valuation.Business One Irwin, 1993.
16、Gaughan,Patrick, Mergers.Acquisitions, and Corportate Restructuring. John Wiley, 1996.
对外经贸大学MBA论文：中西方企业并购分析与研究
2、方晓霞，《中国企业融资：制度变迁与行为分析》，北京大学出版社1997.4。
3、张金杰，《国际投资全球并购形势分析与预测》，2002。
4、王巍,《中国并购报告（2003）》，2003。
5、李辉 石正华 《公司并购中融资工具分析》，2002。
6、魏建 姜绪荣 《MBO融资体制研究》，2002。
7、王荭 《经济管理》，2001。
8、梁莱歆 《国有资产管理》2001年第4期。
9、邝国良 吴志莹 《我国上市公司收购的外部环境分析》2002。
10、李彬 《要约收购》2003。
11吴征，2002，《我国企业并购外部环境约束》，中国并购交易网: http://comm.mergers-china.com/
12、梁其，2002，《我国企业并购体制研究》，投行在线，http://www.investbank.com.cn/
13、Gabriel Hawawini,Claude Viallet. Finance for Executives:Managing for Value Creation 1999 by South Western College Publishing.
14、Benninga.Simon, and Oded Sarig. Corporate Finance: A Valuation Approach 1997.
15、Cornell,Bradford.Corporate Valuation.Business One Irwin, 1993.
16、Gaughan,Patrick, Mergers.Acquisitions, and Corportate Restructuring. John Wiley, 1996.
对外经贸大学MBA论文：中西方企业并购分析与研究