中国企业海外并购动因及绩效分析—基于吉利的案例分析
在目前欧元区主权债务危机、日本遭受严重的自然灾害和美国缓慢的经济复苏等宏观环境面临重大不确定性的情况下，中国却仍旧保持了较快的增速。2012年国内生产总值达到519322亿元，比去年同期增长了7.8%，且人民币也继续维持升值的趋势，目前人民币对美元汇率的中间价为6.2445，可以说正是中国企业“走出去”，走向世界的良好时机。
本文首先对中国企业开展海外并购的动机进行了探究，主要有三个方面的动机：规模效应—包括资源、技术、市场、成本的驱动；所有权与控制权相分离而导致的代理问题以及管理者的过分自信。而不同的动机往往会影响到企业并购后的成败，尤其是管理者过分自信所导致的信息不对称风险，直接对于企业并购的成败产生影响。
然后本文针对吉利收购沃尔沃这样子的一个案例，在介绍完吉利公司的背景以及收购的过程之后，着重研究吉利公司海外并购的绩效分析，并且通过短期以及中长期的形式对这一收购进行了分析。
最后，根据吉利公司的这一收购行为，分析了企业在并购前、并购时、并购后三个不同阶段可能遇到的风险，并提出了相对的建议。
只有预先对这些风险做出防范，制定相应的对策，才能让中国企业提高跨国并购的能力，从而更好地开展海外业务。
关键词：企业海外并购；吉利并购沃尔沃；绩效分析
Abstract
Despite the harsh macro-economy such as the Euro Zone sovereign debt crisis, the damage caused by the severe earthquake in Japan and the slow recovery of America, China still maintained its astonishing growth rate. In 2012, China’s GDP has reached ￥51,932.2 billion, which was a 7.8% increase compared to 2011, Exchange Rate of RMB remains its appreciation momentum. It is the exact time that the Chinese enterprises could step into the world and compete for a higher market share.
The incentives for Chinese companies to conduct cross-border mergers and acquisitions can be attributed to the following three: the scale effect; the agency problem resulted by the separation of ownership and the right of control and the overconfidence of the manager. Different incentives would lead to totally different consequences, especially when the manager is overly confident about the merger. This will result in asymmetric information risk, which has a substantial effect on the success of the acquisition. Furthermore, companies will meet a lot of problems in the process of M&A, such as trade protectionism executed by the government, the local law and regulations, and so on. Even if the merger is a success, the integration part still matters after the merger.
Many corporations did not realize the risk before they decided to acquire the target company. And this kind of ignorance makes the acquisition. An investigation carried out by KPMG indicated that about 83% of the merger did not generate reasonable returns to the shareholders and nearly 40% ended up in total failure. So it is essential to pay attention to risk prevention and make corresponding solutions.
Key Words：cross-border M&A ;Geely's acquisition of Volvo;Performance analysis
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