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改革开放以来,我国企业不断发展,海外并购不断增长。2008年金融危机之后，我国企业抓住有利时机，积极开展海外并购。以中石油为代表的央企和以华为为代表的民企，纷纷加紧海外布局。近两年我国的海外投资已经跃居世界前列。随着海外并购规模的增长，我国企业面临的风险也越来越大。

Since reform and opening , China's continuous development of enterprises , overseas mergers and acquisitions continue to grow. After the 2008 financial crisis , China's enterprises to seize the favorable opportunity to actively carry out overseas mergers and acquisitions. Represented by the oil central enterprises and private enterprises , represented by Huawei , have stepped up overseas layout. Of China's overseas investment in recent years has leapt to the world . With the growth in the size of overseas mergers and acquisitions , China's enterprises are facing the risk is also growing. Overseas acquisitions is directly related to the success of China's " going out" strategy success . Chinese scholars of Chinese enterprises overseas M & A research into the way from the market , motivation, wealth effects , impacts and strategies five aspects . Market Entry Mode of study compared the overseas mergers and acquisitions and other types of investment . Motivation analysis of China's enterprises to explore overseas acquisitions drivers. Wealth Effect of acquisition of the company from the perspective of the value of contributions were discussed. Explores the impact of the merger on corporate governance , technological innovation and many other effects . Strategies from the national and enterprise levels do two angles are discussed. In this paper, previous research done on the status of Chinese enterprises overseas mergers and acquisitions , motivation , risk and countermeasures are discussed.

关于企业并购的理论研究最早始于斯密和李嘉图。马克思最早开始对企业并购动因进行了研究，其资本集中理论就是对企业并购的间接阐述。经济学史上关于并购的理论如下：

Theoretical study on mergers and acquisitions first started Smith and Ricardo . Marx's early start on M & A motives were studied, its capital theory is focused on mergers and acquisitions indirect elaboration. M & A theory about the history of economics as follows:

该理论有三个假定前提：一是代理问题不存在；二是资源配置是完全有效的；三是股市是有效率的。该理论认为企业通过并购可是实现规模效应，达到利润最大化。但是，该理论的三个前提假定在现实世界中难以达到。

1, the neoclassical theory of integrated acquisitions
The theory assumes that there are three premises: First, the agency problem does not exist ; Second, the allocation of resources is perfectly valid ; Third, the stock market is efficient . The theory is that companies achieve economies of scale through mergers and acquisitions , but to achieve profit maximization. However, the theory assumes that three conditions is difficult to achieve in the real world . Modern enterprises to implement the separation of ownership and management of the enterprise agency problem caused widespread . Market economy , there are resource allocation failure , hence there is no completely effective allocation of resources . There are not only strong stock market , there are also semi-strong and weak market, so the stock market is not necessarily completely efficient.

2 , the efficiency theory
The theory is that mergers and acquisitions will create synergy , such as management coordination, operational synergies and so on. Synergistic effect is greater than the output of the two companies after the acquisition of the firm's output and the original two . But there are drawbacks to this theory , on the one hand , the theory failed to explain the motives in the end mer本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。