摘要 1
ABSTRACT 31.1研究的背景及意义1.1.1国内研宄背景1.1.2研宄意义1.2文献述评 7
1.2.1国内文献综述1.2.1国外文献综述1.2.2文献研宄评论1.3研宄思路和方法1.3.1研宄思路1.3.2研究方法1.4主要内容 10
1.5创新点 10
第2章跨国并购风险理论概述2.1相关概念界定2.1.1跨国并购涵义2.1.2跨国并购动因的相关理论2.2跨国并购风险管控概述2.2.1跨国并购风险特征2.2.2跨国并购风险分类2.2.3跨国并购风险管理2.3跨国并购风险理论分析第3章DH公司巴西电力项目并购概况I
山东大学硕士学位论文
3.1中国电力企业跨国并购现状3.1.1跨国并购的必要性和可行性3.1.2跨国并购现状3.1.3跨国并购的特点和问题
21
3.2巴西电力市场概况
22
3.2.1 —次能源和电力发展状况
24
3.2.2能源、电力与环保政策
25
3.2.3电力监管体系
25
3.3 DH公司巴西电力项目并购概述
24
3.3.1 DH公司简介
24
3.3.2 DH公司巴西项目并购过程
25
第4章DH公司巴西电力项目并购风险分析
29
4.1 DH公司并购巴西电力项目风险分析
29
4.1.1政治政策风险
29
4.1.2法律法规风险
31
4.1.3财务融资风险
32
4.1.4项目估值定价风险
33
4.1.5汇率波动风险
35
4丄6并购整合风险
35
第5章DH公司跨国并购风险管控对策5.1建立完善DH公司跨国并购政治政策和组织体系
37
5.2寻求专业支持,实施同步控制
39
5.3解决跨国并购财务风险的防范策略
39
5.4合理确定和调整计价与支付货币
40
5.5明确跨国并购风险管控流程
41
5.6并购过程中关键风险的管控策略
42
5.6.1开展全面尽职调查识别风险
42
5.6.2全方位估值分析评估投资风险
43
5.6.3利用政治手段和外交资源防范投资风险
45
It 山东大学硕士学位论文
5.7并购后整合阶段风险管理策略
45
5.7.1建立跨国管理体制
46
5.7.2实现跨国文化融合
46
5.7.3实施本土化战略
47
第6章研究结论与案例启示…
48
6.1结论 48
6.2启示 48
参考文献 50
致谢 54
III 山东大学硕士学位论文
CONTENTS
ABSTRACTCharpter 1 Introduction1.1 Significance and background of Research1.1.1 Research background1.1.2 Research significance1.2 Literature review1.2.1 Domestic literature overview1.2.2 Foreign literature comments1.3 Research ideas and methods1 -3.1 Research ideas1.3.2 Research methods1.4 Primary coverage1.5 Innovation pointsCharpter 2 Overview of risk theory of transnational M&A2.1 Definition of related concepts2.1.1 The meaning of transnational M&A2.1.2 The related theories of transnational M&A2.2 Overview of risk management of transnational M&A2.2.1 Risk features of transnational M&A2.2.2 Risk classfication of transnational M&A2.2.3 Risk management of transnational M&A2.3 Analysis of transnational M&A risk theoryCharpter 3 Overview of DH company M&A in Brazil3.1 Status of China power enterprises transnational M&A3.1.1 The necessity and feasibility of transnational M&A3.1.2Present situation of transnational M&A3.1.3 Characteristics and problems of transnational M&A project
21
3.2 Overview of Brazil power market
24
3.2.1 Primary energy and electric power development Status
24
3.2.2 Energy, power and environmental policy
25
3.2.3 Electric power supervision system
25
IV 山东大学硕士学位论文
3.3 Overview of DH company M&A of Brazil electric power project
24
3.3.1 Breif introducion of DH company
24
3.3.2 M&A process of DH company on Brazil power project
25
Charpter 4 Risk analysis of DH company M&A of Brazil power project
29
4.1 Risk analysis of DH company M&A
29
4.1.1 Political policy risk
29
4.1.2.Legal risk
31
4.1.3 Finacial risk
32
4.1.4 Project valuation risk
33
4.1.5 Exchange rate fluctuation risk
35
4.1.6 M&A integration risk
35
Charpter 5 Risk management strategy of DH company transnational M&A37
5.1 Establish the political policy and risk management organization of DH
transnational M&A
37
5.2 Seek professional support and implement synchronization control
39
5.3 Solve the financial risk prevention strategy of transnational M&A
39
5.4 Determine and adjust pricing and payment currency
40
5.5 Definite risk maangement process of transnational M&A
41
5.6 Management strategy of key risks in M&A process
42
5.6.1 Conduct full due diligence to identify risks
42
5.6.2 Comprehensive valuation analysis to assess investment risk
43
5.6.3 Using political and diplomatic resources against investment risks
45
5.7 Risk management strategy in M&A integration stage
45
5.7.1 Establish transnational management system
46
5.7.2 Achieve transnational cultural integration
46
5.7.3 Implement localization strategy
47
Charpter 6 Research conclusion and case enlightenment
48
6.1 Research conclusion
48
6.2 Case enlightenment
48
References
50
Acknowledgements
54
v
山东大学硕士学位论文
摘要
目前国内的电力发展进入了增量放缓的新常态,国内能源企业的电力装机规
埑ぱ杆但国内终端电力需求增速却逐步放缓和降低。根据国家能源局发布
的统计数据显示,2015年我国全社会用电量为5.55万亿千瓦时,同比仅增长0.5%

随着国内电力产能的日趋过剩,开拓国际电力市场勢必成为各大电力企业的重要
选择。纵观海外电力市场的发展,近年来拉美市场面临重大机遇,市场空间巨大,
可拓展国内电力企业现有跨国投资平台。其中作为金砖国家的巴西是拉美最大的
电力市场,具有强劲的电力需求增长势头。巴西当前主要的电源结构为水电,电
力供应仍有较大缺口,现货价格较高,促使政府有强烈的愿望提高能源的自给自
足供应能力,特别是新能源的发电比重,以减少对大型水电、火电发电电力的依
赖。中国电力企业进军巴西电力市场符合国家提出的“走出去”战略,同时也可
以快速实现企业规模效应,扩大市场份额,提升企业的整体效益,拓展拉美市场
战略要地

本文以某国有电力企业DH公司并购巴西电力项目的案例入手来分析巴西市
场电力项目并购的风险管控,对国有电力企业“走出去”具有非常重要的理论和
实践意义。理论层面主要是总结分析了国内外学者人士对跨国并购的相关理论及
探究成果,以及开展跨国并购项目的风险分析和尽职调查工作,并制定尽职调查
所揭示主要风险的管控措施,在交易完成前尽早关注并购后整合期间可能发生的
管理体制、文化差异等风险问题。实践层面,通过DH公司并购巴西电力项目的
案例分析,对巴西市场电力项目并购风险管控的组织体系、并购过程中关键风险
管控策略和并购整合阶段的管理做出一些探索性研宄,为中国电力企业今后在巴
西的跨国并购工作提供有力参考

鉴于此,本文综合运用文献研究法和案例分析法,基于公司跨国并购风险管
理理论,探讨了 DH公司并购风险因素,并提出了相对应的风险管控对策,最终
构建了 DH公司跨国并购风险管控体系

研究指出公司跨国并购风险管控研究的动因在于复杂多变的国际竞争环境、
国际业务信息不对称、两国间不同文化差异以及汇率波动等风险。通过对案例公山东大学硕士学位论文
司并购巴西电力项目风险要素管理进行分析后提出建立完善DH公司跨国并购组
织体系,梳理并明确了相关管理流程,重视并购期间关键风险管理策略和并购后
整合阶段风险管理策略等建议

关键词:DH公司;跨国并购;风险因素;风险管控对策;风险管控体系
2 山东大学硕士学位论文
ABSTRACT
At present, the domestic power development has entered a new normal state of
incremental slowdown; overseas investment is the inevitable means of the development
of domestic power enterprises. Throughout the overseas electricity market, Latin
American market in recent years is facing a major opportunity to expand the existing
overseas investment platform. Brazil is the largest electricity market in Latin America,
with strong growth in demand for electricity. Brazil&39;s current shortage of electricity
supply, high spot prices, so that the Government has a strong desire to improve the
proportion of alternative energy - especially wind power, in order to reduce dependence
on large hydropower, thermal power generation market. Into the Brazilian electricity
market can achieve economies of scale to reduce costs, expand market share to enhance
the overall efficiency of enterprises, the occupation of Latin America strategic place.
In this paper, it is of great theoretical and practical significance to analyze the
investment risk management model of Brazilian market power project with the
successful implementation of the case of the State-owned Electric Power Company of
Brazil. At the theoretical level, through the development of va