安邦保险海外并购研究

发布时间：2018-08-03 18:30

【摘要】：自20世纪末开始,世界经济一体化进程步伐逐渐加快,我国企业对外直接投资规模也逐渐增大。到2016年,中国对外直接投资总额达到1701.1亿美元的新高点,同比增长44.1%。其中,保险企业近年来在海外直接投资方面的表现极为亮眼。同时,随着保险行业的发展,我国保险企业的竞争也渐渐从国内竞争转为跨国竞争,竞争市场也由国内市场转向全球市场。首先,国际大环境背景方面,全球主要济体增速下滑,经济复苏缓慢,但在各国有效的经济刺激政策之下,全球经济复苏形势良好,这就为我国企业并购海外企业创造了有利的条件。根据中国保监会2015年公布的数据显示,我国保险资金境外投资比例仅有1.9%左右,因此加强境外投资已刻不容缓。其次,政府政策方面,从2010年开始,保险资金可以正式投资不动产。到2012年10月,保监会发布《保险资金境外投资管理暂行办法实施细则》,允许保险资金可投向境外某些国家或地区的金融市场或直接投向不动产。再加上近些年政府提倡“一带一路”发展战略,鼓励国内企业走出国门。最后,企业发展战略方面,安邦保险集团力图发展成以保险、投资为核心的,融银行、资产管理、金融租赁等多元金融业务为一体的、综合性跨国金融服务集团,那么安邦保险集团“走出去”势在必行。本文通过选取在保险行业中海外并购行为最为突出的安邦保险集团为研究对象,以一系列海外并购行为作为研究样本,通过文献分析法和案例分析法对安邦保险的海外并购行为进行具体分析。首先,我根据安邦保险集团海外并购标的主要集中在不动产、保险业和银行业以及安邦保险集团的发展战略,分析得出安邦保险集团海外金融多元化并购的动因,再分别从并购的成功案例和失败案例两方面分析各自的具体原因。其次,分析安邦保险集团海外金融多元化并购在准备、实施和整合三阶段可能遇到的有关目标企业选择、现金流、经营管理、人力资源和文化等方面的风险。再次,有针对性的对作为安邦保险集团海外并购执行公司的安邦人寿和海外被并购企业的财务数据分析得出安邦保险集团海外多元化并购的结果。最后,得出安邦保险集团既初步成功打造了跨国金融多元化服务集团,又满足了集团在海外金融多元化并购中企业以盈利为目的的要求,并总结出安邦保险集团海外金融多元化并购的结论,也鼓励国内企业海外金融多元化并购,并为了降低风险选取成熟的金融市场。同时,加强并购三阶段的风险防范且并购行为也应取得并购双方间的协同效应。
[Abstract]:Since the end of the 20th century, the pace of world economic integration has been speeding up, and the scale of foreign direct investment of Chinese enterprises has also gradually increased. China's total outward direct investment reached a new high of $170.11 billion by 2016, up 44.1 percent from a year earlier. Insurance companies in recent years in overseas direct investment performance is extremely bright. At the same time, with the development of insurance industry, the competition of insurance enterprises in our country has gradually changed from domestic competition to transnational competition, and the competitive market has also shifted from the domestic market to the global market. First of all, in the context of the international environment, the growth rate of the world's major economic bodies has declined and the economic recovery has been slow. However, under the effective economic stimulus policies of various countries, the global economic recovery is in good condition. This creates favorable conditions for Chinese enterprises to acquire overseas enterprises. According to the data released by CIRC in 2015, the proportion of overseas investment of insurance funds in China is only about 1.9%, so it is urgent to strengthen overseas investment. Second, government policy, from 2010 onwards, insurance funds can be formally invested in real estate. In October 2012, the CIRC issued the rules for the implementation of the interim measures for the Administration of overseas Investment of Insurance funds, allowing insurance funds to be invested in the financial markets of certain countries or regions outside China or directly in real estate. In addition, in recent years, the government advocated Belt and Road development strategy, encouraging domestic enterprises to go abroad. Finally, in terms of enterprise development strategy, Anbang Insurance Group strives to develop into a comprehensive transnational financial service group with insurance, investment as its core, banking, asset management, financial leasing and other diversified financial services as one entity. So Anbang insurance group "go out" imperative. This paper selects Anbang Insurance Group, which is the most prominent overseas M & A group in the insurance industry, as the research object, taking a series of overseas M & A behaviors as the research samples. Through the literature analysis and case analysis, the overseas M & A behavior of Anbang Insurance is analyzed. First of all, according to the development strategy of Anbang Insurance Group's overseas M & A, which mainly focus on real estate, insurance and banking, and Anbang Insurance Group's development strategy, I analyze the causes of diversified M & A of Anbang Insurance Group overseas. Then it analyzes the specific reasons from the success case and failure case of M & A. Secondly, the paper analyzes the risks that Anbang Insurance Group may encounter in preparing, implementing and integrating overseas diversified M & A in the aspects of target enterprise selection, cash flow, operation and management, human resources and culture. Thirdly, the financial data of Anbang Life, as the overseas M & A executive company of Anbang Insurance Group, and the oversea M & A enterprises are analyzed, and the results of overseas diversification M & A of Anbang Insurance Group are obtained. Finally, it is concluded that Anbang Insurance Group not only initially successfully established the multinational financial diversification service group, but also satisfied the group in the overseas financial diversification mergers and acquisitions enterprises in order to achieve the goal of profit. The conclusion of overseas financial diversification M & A of Anbang Insurance Group is summarized, and the overseas financial diversification M & A of domestic enterprises is also encouraged, and the mature financial market is selected in order to reduce the risk. At the same time, we should strengthen the risk prevention of the three stages of M & A and achieve the synergistic effect between the two sides.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.3;F271

【参考文献】