国际经济与贸易学院知识库

      我国 LED 光电照明行业规模不断扩大，目前呈现出企业间竞争激烈，市场供过于求的问题。为了能够抢占到市场上更多份额，LED 企业纷纷进行跨国并购。由于 LED 属于半导体行业，在进行跨国并购时可能会面临反垄断审查，加大企业跨国并购的风险。如果在跨国并购过程中对任一风险应对不足，就会使企业跨国并购失败，对自身产生严重影响。因此，有必要对跨国并购中的风险管控问题进行研究。木林森在并购德国 LEDVANCE 后，由我国 LED 龙头企业成功跻身世界三大 LED 行列。因此，本文选择对木林森并购德国 LEDVANCE 的跨国并购风险管控进行研究，具有一定的代表性。

      本文首先对木林森并购德国 LEDVANCE 的案例从并购背景、双方企业介绍、并购动因以及并购过程进行介绍。其次，利用分段识别法将木林森跨国并购的过程分为准备、实施和整合阶段。木林森在准备阶段面临战略、政治法律及定价风险；在实施阶段面临融资、支付和汇率风险；在整合阶段面临财务、经营、文化、人员、组织整合风险。再次，对这些风险选取合理的指标，基于模糊综合评价法对木林森并购德国 LEDVANCE 的风险进行评价，得出整体并购风险为一般偏低风险。从次，对其风险管控进行分析：在准备阶段，木林森通过对自身并购战略进行确定，利用战略合伙人 IDG 资本进行尽职调查，对战略风险做出了较好的风险管控。通过设立双层 SPV 有效地降低了政治法律风险。利用合理估值方法以及提前了解 LEDVANCE 的相关情况，制定出了较为合理的定价。在实施阶段，木林森使用了多样的融资方式降低了融资风险，采取现金与股权支付相结合的方式降低了支付风险，利用内保外贷降低汇率风险；在整合阶段，对双方财务标准进行统一，优化了财务结构。通过取长补短、积极沟通，促进了文化的交流与融合。对组织和人员进行优化整合，提升了工作效率。通过对技术、业务、品牌等进行学习交流，实现了经营协同。虽然木林森整体上风险管控措施降低了并购风险，但也存在委托代理及财务问题。最后，本文对优化木林森跨国并购风险管控提出相关建议，总结出可借鉴的风险管控措施，希望对我国其他 LED 企业跨国并购风险管控具有一定的启示作用。

   The scale of LED photoelectric lighting industry in our country is  expanding, and now it presents the problems of fierce competition among enterprises and oversupply in the market.In order to be able to grab more market share, the LED companies to cross-border M&A.As LED belongs to the semiconductor industry, it may face anti-monopoly review when conducting cross-border mergers and acquisitions, increasing the risk of cross-border mergers and acquisitions. If any risk is not adequately dealt with in the process of cross-border merger and acquisition, the enterprise will fail in cross-border merger and acquisition and have a serious impact on itself.Therefore, it is necessary to study the risk management and control in cross-border M&A.After the acquisition of Germany LEDVANCE, MLS has successfully ranked among the three leading LED enterprises in the world.Therefore, this paper chooses to study the cross-border M&A risk control of MLS's acquisition of Germany's LEDVANCE, which is representative.

    This paper firstly introduces the merger background, corporate introduction, merger motivation and merger process of MLS's merger with LEDVANCE in Germany.Secondly, the process of MLS's cross-border merger is divided into preparation, implementation and integration stages by using the segmentation identification method.Mulinson faced strategic, political-legal and pricing risks in the preparation phase;Faced financing, payment and exchange rate risks in the implementation phase; In the integration stage, it faced the integration risks of finance, operation, culture, personnel and organization.Thirdly, this paper selects reasonable indicators for these risks and evaluates the risk of MLS's acquisition of LEDVANCE of Germany based on the fuzzy comprehensive evaluation method, and concludes that the overall M&A risk is generally low.From time, to analyze its risk control: during the preparation phase, MLS to determine their own M&A strategy, the strategic partner to conduct due diligence, IDG capital has made a good risk to strategic risk controls.The political and legal risks are effectively reduced by setting up a two-tier SPV.By using reasonable valuation method and understanding the relevant situation of LEDVANCE in advance, a more reasonable pricing was formulated.In the implementation stage, MLS used a variety of financing methods to reduce the financing risk, the combination of cash and equity payment to reduce the payment risk, the use of internal guarantee loan to reduce the exchange rate risk;In the integration stage, the financial standards of both parties were unified and the financial structure was optimized. Through learning from each other and active communication, cultural exchange and integration are promoted. Optimize and integrate the organization and personnel, and improve the work efficiency.Through learning and exchange on technology, business and brand, operation coordination is realized.Although MLS overall risk control measures to reduce the risk of mergers and acquisitions, but also exists the principal-agent and financial problems.Finally, this paper puts forward relevant suggestions on optimizing the risk management and control of cross-border M&A of Mulinsen, summarizes the risk management and control measures that can be used for reference, and hopes to have certain enlightenment on the risk management and control of cross-border M&A of other LED enterprises in China.