中海油跨国并购优尼科失败的教训和启示

论文编号:GM194    论文字数:9352,页数:14

摘   要

     跨国并购是并购在概念外延上的拓展，是并购在空间上的跨越国界。在经济全球化背景下，跨国并购几乎成为跨国公司经营活动的常态，跨国并购已成为FDI的主流方式。
本文以中海油跨国并购美国优尼科为主线，深入分析了中海油跨国并购的背景和动因，从跨国并购的过程中获得启示。并且对中海油跨国并购的失败作了进一步的解析，得出政治和政策障碍，竞购时机不当，缺乏跨国并购经验以及政企间不透明关系正是其竞购失败的原因所在。文章总结了中海油跨国并购失败的教训，指出必须采取多种渠道增强与目标公司所在国政府的沟通，选择最佳的跨国并购时机，加紧培养跨国并购人才，继续深化国有企业民营化的改革来加强企业跨国并购的竞争力，并对其他企业走出国门开展跨国并购提出了建议。

【关键词】跨国并购  中海油  优尼科  

Abstract

Cross-Border Mergers and Acquisitions (M&A), which has led to the transnational multinational enterprises from home to abroad are the extension of M&A. At the background of economic globalization, Cross-Border M&A has become the important activity of the multinational corporation and main theme of FDI.
This thesis, mainly based on the Cross-Border M&A of China National Offshore Oil Corp.(CNOOC) explains the content of this case, meanwhile, it focuses on the theoretical analysis in Cross-Border M&A of CNOOC. Referring to a lot of parts, such as incentive of the Cross-Border M&A, target getting, target estimating etc. together with the problems arising during the course of M&A, it tries to explore the causes of the problems, further to find out some revelations of this Cross-Border M&A, and last with the aid of correlative theories to put forward some practical solution to the problems and to give some advice to Chinese Cross-Border M&A.

[Key Words] M&A ；CNOOC ；Unocal Corporation

目  录

1    中海油跨国并购优尼科的背景和动因 ..................................2
1.1  中海油收购优尼科的背景 ............................................2
1.2  中海油收购优尼科的动因 ............................................3
2    中海油跨国并购优尼科的过程和结局 ..................................4
3    中海油跨国并购优尼科失败的原因分析 ................................5
3.1  目标企业所在国的政治和政策障碍 ....................................5
3.2  企业选择的竞购时机不当 ............................................6
3.3  企业缺乏跨国并购经验 ..............................................7
4.   中海油跨国并购优尼科失败的教训 ....................................8
4.1  做足政治风险评估 ..................................................8
4.2  选择最佳的跨国并购时机 ............................................9
4.3  学习和探索具体的操作经验和技巧 ....................................9
5    对其他企业走出国门开展跨国并购的启示 ..............................10
5.1  启示之一:中国企业跨国并购是一条新路径 .............................10
5.2  启示之二:中国企业跨国并购是一把双刃剑 .............................11
参考文献 ...............................................................13
致   谢 ................................................................