导读

近几年来，中国企业的海外扩张已经成为最炙手可热的话题之一。大宗交易受到了政界、学术界及媒体的广泛关注。中国的并购热潮已被用来与20世纪80年代日本的消费热潮以及先前美国的并购潮相提并论。虽然市面上写中国企业海外并购的书籍繁多，但无并购交易实践者写的“攻略书”。

正因为是“攻略书”，本书成为难得的跨境并购方面的实战手册。本书由三位作者联合撰写，他们均拥有广泛的跨境并购第一手经验和对中国企业的深刻理解。陈文轩女士现任沃特中国管理合伙人，在投资银行业务领域有着广泛的业务实践，协助20余家中国企业完成了跨境并购交易。沃特中国的运营合伙人詹姆斯 H.格罗先生撰写了本书最后关于并购后整合的章节。他在其30多年的职业生涯中担当了企业运营执行官、投资银行家及管理咨询顾问等多项职能，并曾经担任过多家企业“整合救火队”的队长。本书的另一位作者郑晓舟女士，是一位资深的财经记者，对中国企业的跨境并购交易有着长期的观察。

本书的作者将他们对中国企业的深刻理解和其广泛的国际经验联系起来，从而提供了比其他同类书籍更翔实、更细致的中国企业海外扩张指导。本书以“老王”的故事为主线，将这个基于作者多年从业经验中遇到的典型企业主形象的故事与艰涩的并购术语融合在一起，提升了本书的可读性。“老王”是个典型的浙江民营企业主，他的汽车零部件生意正面临着急速的市场环境变革和不确定的未来。老王的故事与作者站在更高层面的分析交织在一起，贯穿了整本书。老王的故事将读者置于典型的中国企业家的思维中，也很好地体现了很多企业主在寻求企业扩张和并购中可能犯的错误。老王的故事从他思考公司的未来开始，发展到决定收购一家美国公司，再延伸至成功并购两家企业。

故事叙述风格并没有牺牲本书的学术深度和严谨度。本书的13个章节涵盖了跨境并购的全过程——从初期决策到实际谈判、尽职调查，再到财务模型的建立。在分析部分，本书旁征博引了一系列著名的国际与国内跨境并购案例，例如2010年吉利收购沃尔沃等。

本书的第一章将基调奠定于变革中的中国经济，阐述中国企业面临的挑战以及它们寻求扩张时的各种选择。而后，本书讨论了并购决策的形成过程——何时、怎样以及为何一家公司并购另一家公司；更重要的是，何时是卖掉一家公司的最佳时机？对一家公司来说，并购的成本是什么？回报又是什么？本书也讨论了并购顾问的角色——他们怎样为企业并购效力？又在中国市场中处于何种位置？书的中间部分对跨境并购的不同阶段做了分析，从寻找并购标的，处理外国监管事务、进行谈判，到财务模型的建立和估值分析。

本书的最后两个章节由詹姆斯 H.格罗先生撰写，专攻并购后整合——这是作者认为对任何并购最为关键的部分，也是最容易被中国企业忽略和误解的部分。最后两章对中国企业与国外公司的合并做了非常详细和具体的指导性分析，并用充分的案例分析和实例加以支持。

本书涉猎虽广，但终究是一本为寻求跨境并购的中国企业提供智慧和指导的实用性读本。本书提供的既有对中国企业及其未来扩张的思考，也有对中国企业家非常具有参考价值的指导意见。阅读本书，对任何参与并购的职业人士，或是任何想要更多地了解中国企业及其未来的人来说，都大有裨益。

导读（英文版）

The overseas expansion of Chinese firms has been one of the most hotly discussed topics of the past few years.The larger deals have attracted the attention of politicians，academics and the media.The Chinese M & A“wave”has even been compared to the spending spree by Japanese firms in the 1980s as well as previous M & A waves in the United States.While much has been written about Chinese overseas M & A，few books have been able to combine a wider historical and economic perspective with personal experience of helping Chinese firms throughout the complex process of acquiring a foreign company.

This book is a comprehensive guide to Chinese companies and how they engage in overseas acquisitions.It is co-authored by three people whom among them have both extensive first hand experience of cross border M & A deals and profound knowledge of Chinese companies.Angela Chen and Zheng Xiaozhou coauthored the first 11 chapters of the book.Angela Chen，a managing partner at HFG China has over 16 years of investment banking experience and has led the execution of over 20 cross border M & A deals，private placements and IPOs.James H.Groh authored the final section on post-merger integration.Jim is an operating partner of HFG China，he has over 30 years of experience in varying roles as an operating executive，an investment banker and a management consultant，and he has also worked in Japan and was on the front line of Japan’s 1980s M & A “wave”.Zheng Xiaozhou，is an experienced financial reporter as well as a long term observer of Chinese firm“M & A”issue.

The authors draw on their understanding of Chinese companies and extensive international experience to provide a more detailed and nuanced guide to Chinese firms overseas expansion than other books been able to provide.The book is tied together by the story of“Old Wang”a metaphorical character based on many of the business owners whom the authors have encountered in their many years of work.“Old Wang”is an archetypical Zhejiang businessman whose automotive components business faces a fast changing market environment and an uncertain future.His story is a constant thread running throughout book and is interwoven with the authors’ wider analysis.“Old Wang’s”story puts the reader in the mind of a Chinese entrepreneur and also serves to illustrate some of the mistakes that they make when thinking about the growth of their firms and M & A，bringing to life some of the wider arguments and observations of the book.“Old Wang’s”story is followed as he first begins to think about his firm’s future，decides to acquire an America firm and then seeks to successfully integrate the two companies.

This anecdotal style does not mean the book sacrifices depth or academic rigour.Through 13 chapters the book looks at the entire cross border M & A process，from the initial decision to make an overseas acquisition to the actual merger negotiations，due diligence and financing of a deal.In its analysis the book looks at a wide range of famous merger cases between Chinese and foreign firms，such as Geely’s acquisition of Volvo in 2010，as well as drawing on other historical deals across the world.

The first chapter sets the arguments of the book within the context of the changing Chinese economy，the challenges Chinese firms face and different choices when trying to expand and grow their companies.It then goes on to discuss the decision to engage in M & A，when，how and why should a firm acquire another firm？Moreover when is the right time to sell a firm？And what are the costs and rewards of M & A for a firm？It then discusses in some detail the role of an M & A advisor，how they should work with companies，and current state of the market in China.The middle section analyses the various stages of an overseas merger，from finding an acquisition target，dealing with foreign regulators，conducting negotiations，as well as financing and valuation.Episodes from“Old Wang’s”story are inserted at select points within this analysis to enrich and reinforce the arguments of book.

The book’s final two chapters authored by James H.Groh are devoted to post-merger integration，something that the writer argues is one of the most crucial aspects of any merger and one most often neglected and misunderstood by Chinese companies.These two chapters lay out very detailed and specific guidance for integrating Chinese and foreign firms，backed up with a wealth of case studies and examples.

This book is ambitious and broad in scope； however ultimately it seeks to be a practical book that can provide wisdom and guidance to Chinese companies thinking about overseas M & A.It is both a meditation on Chinese companies and their future expansion as well as a book that provides valuable advice to Chinese business leaders.It is also of wider interest for anyone involved in mergers and acquisitions or indeed anyone who wants to know more about Chinese companies and their future.