导　　师： 熊剑

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 经济全球化导致跨国公司之间的竞争加剧,并购是许多跨国公司采用的扩张策略,以加强竞争力。大陆的开放政策,创造了良好的市场环境;加上经济持续的稳定增长,市场潜力巨大,大陆正是跨国公司的理想市场。大陆的工业体系现更齐全,政策更开放,跨国公司可通过并购大陆企业,使其在大陆的竞争力提高,以达致扩张的目的,故并购大陆企业是跨国公司进入大陆市场的适时及必然选择。大陆的上市公司是跨国公司并购的理想目标,再配上适切的并购方法便可加速并购时间,从而减低并购成本。在并购前,他们要做好融资管理,选择适合的融资方法,以减低并购成本,避免并购引起的风险。从日产汽车并购东风汽车的案例中,日产作为跨国公司并购大陆企业在财务上的准备工作是一个很好的参考。日产并购的财务动因是整合大陆的现有业务、迅速扩张大陆市场及获取协同效应。从日产并购前的调查工作及合并的双赢方案,可具体了解到充份的并购准备工作可减低风险;从日产并购的方法及融资安排,可实质领略到在并购中有效及降低成本的方法;日产并购东风后,加强对它的财务整合及控制的工作,从而达到并购的财务整合效果。 Globalization of economy leads to a series of keen competitions amongst multinational companies. To strengthen their competitiveness, most multinational companies adopt merging as a mean of expansion tactic. The open policy of the mainland creates a fertile market environment. Moreover, a steady growing economy together with a huge potential market in the mainland makes it probably an ideal market for the multinational companies. Nowadays, the industrial system of the mainland and its policy are more complete and open respectively that enables the multinational companies to strengthen their competitiveness through merging. Thus, they can achieve their final goal - expansion, and it is the most appropriate time and the best choice by merging the mainland enterprise. The mainland listed companies are the ideal targets for merging. Applying a suitable method of merging speeds up the processing time and lowers the cost. Before merging, the multinational companies have to manage their finance well. Adopting a tailor-made method of financing can minimize the merging cost and avoid causing risks. In the merging case of Nissan Motor Co., Ltd. /(Nissan/) with DongFeng Motor Corporation /(Dongfeng/), the Nissan's preparation work on finance is a good reference. The financial reasons causing the merging are to combine Nissan's existing business in the mainland and to expand its share in the mainland market, and to obtain the synergy rapidly. Before the merging, the thorough investigation and the win-win resolutions are a concrete example to learn how these can minimize the risk. Judging from Nissan's financing arrangements and the merging method, we can experience how an effective method minimizes the cost. After the merging, Nissan's financial control over the new company demonstrates how Nissan consolidates the finance affairs and to have a sound financial combination in the merging.

关 键 词： 并购 并购风险 协同效应 融资管理

领　　域： [经济管理] [经济管理]