摘要：“一带一路”倡议，为中国企业对外投资，响应“走出去”战略都提供了重大机遇，中国企业的海外并购数量大幅增加。然而，由于我国企业海外并购起步较晚，对相关理论理解不深，不熟悉国际规则，没有充分调查投资目标国家的政治与文化环境；再加上自身并购目标并不清晰，导致中国企业在海外并购的效果并不理想。

本文首先对企业海外并购的动因做了理论回顾，在此基础上选取工商银行并购南非标准银行为例，基于协同效应，经济后果等理论，分析工行并购标银的动机。同时根据财务指标法来分析工行并购标银的绩效。在得出案例分析的结果后，本文还总结了针对政府和企业的建议，有助于丰富在“一带一路”背景下，中国企业海外并购动因与绩效分析的相关研究。

 

关键词： 一带一路；海外并购；并购绩效；并购动因；财务指标法

 

目 录

摘 要

Abstract

Contents

Chapter One: Introduction-1

1.1-Research Background-1

1.2-Research Significance-2

1.3-Innovations and Deficiencies-3

1.4-Concepts Introduction-4

1.5-Three Different Types of Oversea M&A Activities-5

Chapter Two: Literature Review-8

2.1-The Research on the Motivation of M&A Activities-8

2.2-Economic Consequences-11

2.3-Merger and Acquisition of Commercial Bank-12

2.4-Comments on Literatures-12

Chapter Three: Theoretical Analysis on the Impact of “The One Belt and One Road” Policy on M&A Activities and the Performance Evaluation Methods-14

3.1-Impact of “The One Belt and One Road” Policy on M&A Activities-14

3.2-Risks Involved in Overseas M&A-16

3.3-Performance Evaluation Methods of Overseas M&A-18

Chapter Four: Case Study on Overseas M&A of ICBC on Standard Bank-21

4.1-Analysis on The Development Status of Acquiring Bank-21

4.2-Analysis on the development status of acquired bank-23

4.3-The Motivation of ICBC Acquiring the Standard Bank-25

Chapter Five: Evaluation of the Acquisition’s Performance-27

5.1-Introduction of Evaluation Method-27

5.2-Evaluation on ICBC’s Performance-27

5.3-Evaluation on Standard Bank’s Performance-30

5.4-The Stock Price of ICBC-32

5.5-Conclusion-33

Chapter Six: Policy Recommendations and Conclusions-34

6.1  Policy Recommendations-34

6.2-Conclusion-35

References-37

Acknowledgements