| 摘要: | 併購，是企業追求成長的策略之一，中國大陸汽車產業由於起步較晚，在汽車的品牌形象與專利技術上累積不足，雖然產能近年成長快速，但自主品牌汽車產業在國際間處於落後狀態。時值國際金融危機，歐美企業的價值大幅縮水，加上從2005-2013年人民幣升值的匯率優勢下，中國企業驚喜地發現，海外併購機遇期就在眼前。從科技、石油、石化、汽車到家電零售、皮革服裝，從國企到民企，中國海外收購正加速開展。
本文以個案研究的方式探討近年來中國企業對外併購，並以吉利汽車併購北歐豪華車品牌VOLVO為案例，針對吉利汽車併購VOLVO汽車的過程、動機、策略與資金來源進行分析，本文認為吉利汽車針對併購贏得VOLVO汽車工會信任、聘請專業的收購團隊、採取成功的策略等大量的準備工作，以及獲得政府融資提供收購資金，得到政府部門大力支持，並讓外資基金高盛集團入股吉利汽車以獲得收購資金等因素。
研究結果顯示︰吉利汽車挾著人民幣升值的優勢，結合外資高盛證券入股與瑞典、比利時低利貸款取得資金，以及中國在2010年底前投資4兆人民幣以維持經濟穩定成長的背景下，各省地方政府的融資平臺資金充裕，且企業與地方政府是有利益交集的，吉利建廠選址，影響到地方政府稅收及就業機會，因此地方政府考量施政表現，皆有高度願意提供融資。而VOLVO的品牌形象在《世界品牌500強》排行榜2005-2015年的排名中，並沒有因為被中國的吉利汽車收購而受到影響。
Merger and acquisition is one of the companies to pursue growth strategies in China''s auto industry started fairly late, the car''s brand image and lack of patented technology accumulation, production capacity in recent years, although growing rapidly, their own brand names in the international automotive industry in a backward state. A time when the international financial crisis, the value of European companies has shrunk dramatically, with appreciation of the RMB exchange rate advantages, China companies pleasantly surprised to find a new round of mergers and acquisitions gold cycle is at hand. From science and technology, petroleum, petrochemicals, automobiles to home appliances retail, leather garments, from state-owned enterprises to private enterprises, China is entering the acceleration of overseas acquisitions.
In this paper, case study approach to explore China enterprises mergers and acquisitions, and Geely acquisition of Nordic luxury car brand VOLVO as a case to explore the process of Geely acquisition of VOLVO cars, motivation, strategies and funding sources to analyze, discuss Geely successful acquisition taken strategies, as well as in combination with government funds and foreign funds allow Geely automobile shares became the second largest shareholder of the success factors.
Results of the study are the advantages of Geely Automobile, buttressed by the devaluation, combined with foreign investment Goldman Sachs and local government financing platform, and with the interests of local governments is the intersection, where Geely factories, where there is employment tax, so local governments financing willing to Geely automobile. The Volvo brand image in the "World Top 500 Brands" list 2005--2015 years of rankings, and not because of the acquisition of China''s Geely Automobile has been affected. |
