国际经济与贸易学院知识库

随着世界经济的不确定因素的增加和新兴国家的崛起，跨国并购开始出现“蛇吞象”的现象，传统的跨国并购相关理论已显得力不从心。相关学者对传统跨国并购存在的风险进行了深入的研究，对“蛇吞象”式跨国并购风险的研究却很少，那么“蛇吞象”式跨国并购到底存在哪些风险呢？本文紧紧围绕这一核心问题，进行了重点讨论。

本文以“蛇吞象”式跨国并购的并购企业为研究对象，首先通过文献研究法对学术界所做的相关研究进行了梳理，其次利用对比分析法对传统跨国并购和“蛇吞象”式跨国并购的风险做了比较，总结出“蛇吞象”式跨国并购所面临的具体风险，最后用案例分析法对吉利并购沃尔沃过程中的风险、应对策略和并购效果进行了详细的分析。

研究发现“蛇吞象”式跨国并购比传统跨国并购在各个阶段都有着更大的风险。在前期的筹备阶段，其会由于信息的不对称性而造成更大的决策风险。在中期的实施阶段，其会由于高额的并购费用而造成更大的筹资和支付风险。在后期的整合阶段，其会由于并购企业管理能力的不足而面临更多的整合风险。但通过案例分析后发现，“蛇吞象”式跨国并购这种方式并不是不可取，只要并购企业顺应内外环境的变化、并购时机恰当、选择适当的目标企业、灵活应用多种融资方式和制定科学的整合计划，新兴跨国企业也能够成功并购发达国家知名企业。

With the increasing uncertainties of the world economy and the rise of emerging countries, cross-border mergers and acquisitions have begun to appear "snake swallowing elephants". Traditional theories related to cross-border mergers and acquisitions have become inadequate. Related scholars have conducted in-depth research on the risks of traditional cross-border mergers and acquisitions. Then, what are the risks of "snake swallowing elephant" cross-border mergers and acquisitions? This article focuses on this core issue and conducts research. This paper selects a typical "snake swallowing elephant" cross-border M&A case-Geely's acquisition of Volvo as the research object. It sorts out the related research done by academia through searching literature, and uses a comparative analysis method to compare traditional cross-border mergers and acquisitions with "snake swallowing elephants". The risk of “Snake Tunxiang” type of cross-border mergers and acquisitions was compared, and the specific risks faced by the “snake swallowing elephant” type of cross-border mergers and acquisitions were obtained. A case analysis method was used to conduct a detailed analysis of Geely’s merger with Volvo, and the problems encountered in Geely’s mergers and acquisitions The countermeasures and the effects of mergers and acquisitions are explained in detail. The study found that "snake swallowing elephant" cross-border mergers and acquisitions, compared with traditional cross-border mergers and acquisitions, in the early preparation stage due to the asymmetry of information caused greater decision-making risk, in the mid-term implementation stage will face huge costs due to high mergers and acquisitions Financing risks and payment risks will face numerous integration risks in the later stages of integration due to insufficient management capabilities of M&A companies. However, through case analysis, it is concluded that the “snake swallowing elephant” type of cross-border M&A is not undesirable, as long as the M&A company adapts to the changes in the internal and external environment, the timing of the M&A is appropriate, the appropriate target company is selected, and multiple financing methods and formulations are applied flexibly. With a scientific integration plan, emerging multinational companies can also successfully acquire well-known companies in developed countries.