海外并購——中國企業的飛躍發展

摘要：本文主要介紹了現狀和趨勢中國海外并購的現狀和趨勢。根據宏觀經濟數據，我們可以找到一個成功的中國海外并購的規律。接著，我們對中國并購進行分類，通過分析海爾和TCL的案例，說明潛在的失敗和成功的原因。最后，給出一些建議。

關鍵詞：收購兼并 海爾集團 TCL 國際化

Abstract： This paper mainly introduces current situation and trend of Chinese overseas MA.According to macroeconomic data ，we can find a law of successful Chinese overseas MA and classify Chinese MAs.Then one successful and failing cases，Haier and TCL，are analysed to illustrate underlying reasons for failure and success.At last，some suggestions for successful MA are given .

Key words： Merger and Acquisition Haier Group TCL Internationalization

1.Empirical Analysis

1.1 Era of Merger and Acquisition for Chinese Business

There are mainly three reasons for Chinese Businesses MA.The first is Chinese businesses have accumulated a lot of capitals during the thirty-year reforming and opening development.

The second reason is that today global economy situation.Chinese corporations can learn advanced techniques and management from matured corporations

The last one is the support of Chinese government policy and the extremely rich Chinese foreign exchange reserves，effectively easing enterprises' financing and reducing the risk of enterprises' overseas MA.

1.2 Classification and Trend of Chinese Overseas MA

I define four kinds of Chinese MAs，including Resource MA， Brand MA，Manufacturing MA ，and Service and Finance MA.

The Resource MA which enjoys a high rate of success primarily aims at secure access to supplies of critical raw materials.

Many manufacturing companies have acquired foreign businesses to gain new markets， to lower the cost and to consolidate large-scale manufacturing， benefiting from its lower capital and operating costs.

Nevertheless，the emerging third industry and service industry have no foundation and capability to expand globally by the way of acquisition .

1.3 Law of Successful Chinese Overseas MA and Prediction

The probability of successful merger and acquisition depends on the current development degree of certain industries in China.Successful MA requires our enterprises to pay great attention to the establishment of solid bases domestically.It is the time for our secondary industry to take full advantage to expand globally and lay a solid foundation for future Service and Finance MA.

2.Case Analysis

In 2004，Chinese manufacturer TCL purchased Thomson company's TV and DVD players sections and Alcatel mobile phone business.TCL's failure factors are lack of investigation，wrong judgment about future trend and lack of integration process evaluation.

In 2001 ，Haier purchased an Italian factory， becoming the first Chinese home appliance manufacturer to takeover a manufacturing enterprise in Europe.Haier's successful factors are having the market first， a base for MA，setting brand goal with long-term vision and building good international reputation.

3.Suggestion for Chinese Business's MA

In order to be successful in MAs，Chinese corporations should not be too hasty but take right time，should pay attention to cultural integration，should be humble，should notice the influence of government policy and turn help to professional institutions.

REFERENCE：

[1]Thomas Luedi，China's Track Record of MA [M]. McKinsey

[2]Meagan C.Dietz， Gordon Orr， and Jane Xing，How Chinese company can succeed abroad[M].McKinsey