The key success factors of mergers and acquisitions in China for foreign investment

近年來，隨著中國經濟的迅速發展，外商在中國的跨國併購規模正逐漸增加，於2003年共計約達40億美元，且中國的併購市場已是亞太地區的前三大市場之一。由於併購是企業成長策略中最快速的方式之一，但所涉及的資源整合層面最大，技術面所需運用的知識與技巧也最廣泛。歷來研究併購的文獻曾指出，併購失敗機率高達一半以上，尤其是跨國併購的難度又更高。而中國的外資併購市場仍屬於剛剛起步的市場，預期未來將是十分重要的併購市場，值得加以探究如何提高併購的成功機率，以供企業在實務上之借鏡。 本研究以個案研究的方式，試圖運用文獻理論與現象觀察，歸納出影響外資在中國進行併購交易之關鍵成功因素。所採取的個案包括：日產在中國與東風汽車的合資案、阿爾卡特收購上海貝爾公司、及新橋投資收購深圳發展銀行等三個分別代表汽車業、電信業、金融業之較具代表性的實例。 研究中主要透過對於併購交易雙方之併購動機與策略目的、及併購行為所達成之資源交換情形等加以方析，進而歸納出影響併購交易談判成功或失敗的因素包括產業面基本因素與談判面特殊因素。產業面基本因素有：產業特色是否適合以併購方式成長、併購交易條件是否符合併購交易雙方之策略目的、併購對象是否具備顯著的策略及營運價值、及是否具有可發揮綜效且具體可行的併購後整合計畫；談判面特殊因素有：政府政策支持、財務操作的可行性、及具備有效的併購談判策略等。 本研究發現，在現今中國併購市場尚未臻於成熟之際，諸多法規尚屬於「暫行規定」的階段，政府部門對於外資併購仍要求須經過審批，因此，外資是否能以循序漸進由互信到互惠的方式，進而取得政府政策支持，將影響併購談判之成敗與否，尤其是以收購國有企業資產的方式併購者。此外，在資訊相對較不透明的市場環境下，併購模式究應採取股權收購或資產收購模式，與外資對於被併購企業之財、業務狀況掌握程度有關。而併購交易雙方若曾有合作或合資經驗，或具備互信基礎者，將有助於提高交易談判的成功機率。In line with the robust economic growth in China these years, cross-border mergers and acquisitions between foreign investments and Chinese local businesses have been increasing and amounted to US$ 4 billion in 2003. China has been one of the three largest mergers and acquisitions markets in Asia. Mergers and acquisitions are deemed as the fastest approach to fulfill the growth strategy of corporate. However, mergers and acquisitions require high degree of resources comprehension and alignment, also technically grounded by advanced professional knowledge and skills to implement. Therefore, no less than fifty percent of mergers and acquisitions, especially for those of cross-border, have been proved to be failure according to numerous researches. As China is at its early stage of a mergers and acquisitions market for foreign investments, significant potential of the market size and scope are reasonably expectable. It is considered worthy to study how to develop a higher success rate for mergers and acquisitions in China, and further being as practical reference to benefit corporate. This thesis aims to conclude, based on cases study and the comparison derived from observation and existing researches also theory models, the key success factors of mergers and acquisitions in China for foreign investment. Three symbolic cases, including the 50-50 joint venture between Nissan and Donfeng, the acquisition of 50% shareholding of Shanghai Bell by Alcatel and the acquisition of 17.89% shareholding of Shenzhen Development Bank by Newbridge Asia, have been selected from automobile industry, telecommunication industry and finance industry respectively. The analysis will be focused on the motives and the strategic purposes of the parties involved in the merger or acquisition, and further to the consequent resources exchange via the merger or acquisition transaction. The conclusions will cover the key factors of a successful merger and acquisition negotiation in both fundamental and technical aspects. The fundamental factors include: 1.the justification of implementing merger and acquisition as growth strategy considering the industrial nature; 2.the fulfillment of both parties’ strategic purposes regarding the terms of the transaction; 3.the strategic also operation value of the party to be acquired; and 4.the foreseeability of the synergy and feasibility of the overall operation post the merger and acquisition. To the other hand, the technical factors shall comprise factors below: 1.the support from governmental policies; 2.the financing feasibility; and 3.the effective negotiation strategies and skills. It’s found that the mergers and acquisitions market in China is still way from mature, the overall legal system is at the so-called “temporary stage” and governmental approval granted case by case on the mergers and acquisitions for foreign direct investment is still required. Therefore, the governmental policy support gained by mutual trust, then reciprocity by phases between the Chinese authorities and foreign acquirers appears as the very critical successful factor for the mergers and acquisitions, especially for the transactions involved with state-owned assets or businesses. Besides, given the comparatively weak information transparency in China, the transaction pattern decision, either in shares purchase or assets acquiring format, will be primarily decided by the foreign investors’ understanding and the familiarity of the financial also business conditions of the parties to be acquired. The success rate will be significantly enhanced if both parties involved in the merger and acquisition transaction have previous experiences of cooperation or joint venture, or have reached a reasonable mutual trust foundation to proceed to the transaction.第一章 緒論 ………………………. 1 第一節 研究動機 ……………… 1 第二節 研究主題與目的 …………… 2 第三節 研究方法與架構 ………… 3 第四節 研究對象與限制 ………… 4 第二章 跨國併購與中國併購市場之概況 …… 5 第一節 跨國併購之動機與成功因素 . 5 第二節 跨國併購在中國的現況 .. 7 第三節 影響外資在中國併購成敗的關鍵因素 …16 第三章 個案描述與分析—東風、日產汽車整合計畫 21 第一節 個案描述 …………… 21 第二節 本案分析 …………………… 26 第三節 關鍵成功因素探討 ……… 39 第四章 個案描述與分析—阿爾卡特收購上海貝爾 46 第一節 個案描述 ………………… 46 第二節 本案分析 ………………… 51 第三節 關鍵成功因素探討 ………… 60 第五章 個案描述與分析—新橋投資收購深圳發展銀行 64 第一節 個案描述 ………………… 64 第二節 本案分析 ………………… 68 第三節 關鍵成敗因素探討 ………… 74 第六章 結論及建議 ……………………… 79 第一節 結論 ……………………… 79 第二節 建議 …………………… 88 參考文獻 …………………………………… 89 附錄 ………………………………………… 95 附錄1-1 外國投資者併購境內企業暫行規定……… 95 附錄3-1 中國汽車市場之成長趨勢估計……… 102 附錄3-2 中國十五計畫—汽車產業發展目標……… 103 附錄3-3 2002年中國三大汽車集團重大併購重組事件一覽表 104 附錄3-4 日產汽車與雷諾汽車之結盟過程 105 附錄5-1 新橋收購深發展之過渡期管理委員會成員名單 108 附錄5-2 深圳發展銀行股份有限公司上市公司收購報告書(摘要)………………109 附錄5-3 深圳發展銀行股份有限公司上市公司股東持股變動報告書(摘要)……11