管理评论

管理评论 ›› 2022, Vol. 34 ›› Issue (4): 342-352.

• 案例研究 • 上一篇    

市场收缩行为能否有效“止损”？——以海航集团为例

王琳君1, 王修臻子1,2, 白云1,2, 袁中一3   

  1. 1. 中国科学院大学经济与管理学院, 北京 100190;
    2. 中国科学院数学与系统科学研究院, 北京 100190;
    3. 北京宏华聚信投资管理有限公司, 北京 100020
  • 收稿日期:2021-03-26 出版日期:2022-04-28 发布日期:2022-05-18
  • 通讯作者: 王修臻子(通讯作者),中国科学院数学与系统科学研究院、中国科学院大学经济与管理学院博士研究生。
  • 作者简介:王琳君,中国科学院大学经济与管理学院博士研究生;白云,中国科学院数学与系统科学研究院、中国科学院大学经济与管理学院博士研究生;袁中一,北京宏华聚信投资管理有限公司合伙人。
  • 基金资助:
    国家自然科学基金项目(71988101)

Can a Company Stop Loss by Withdrawing from the Market?——The Case of HNA Group

Wang Linjun1, Wang Xiuzhenzi1,2, Bai Yun1,2, Yuan Zhongyi3   

  1. 1. School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190;
    2. Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing 100190;
    3. Beijing Honghua Wealth Aggregation Investment Management Co., Ltd., Beijing 100020
  • Received:2021-03-26 Online:2022-04-28 Published:2022-05-18

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摘要： 随着20世纪90年代全球经济一体化的蓬勃发展，中国企业纷纷加入了海外并购的热潮，然而，近期国际疫情反复、贸易摩擦升级，以及国内监管政策收紧，给企业海外投资带来较大压力，隐藏在海外并购过程中的风险问题得以暴露，致使很多企业深陷财务危机，纷纷开展抛售资产等“自救”活动。本文以并购经验丰富的海航集团为例，旨在研究出售或转让资产等市场收缩行为在缓解企业财务危机方面的有效性。围绕这一问题，本文从案例角度展开分析，简要梳理了海航集团以海外并购起家的发展历程，从企业并购动因的角度剖析了海航集团市场收缩的潜在原因，使用会计指标法研究了市场收缩对海航集团长期绩效的影响。结果表明，市场收缩这一举措控制和缓解了海航集团的部分财务危机，但控制程度远未达预期。最后，通过对从海航集团的失败案例分析总结得出对今后中国企业海外并购的管理启示。

关键词: 市场收缩行为, 海航集团, 财务危机, 案例分析, 会计指标法

Abstract: Chinese enterprises have begun to reach out overseas for merger and acquisition (M&A) since the 1990s when the global economic integration are rising. However, recently the lingering global epidemic, escalating trade friction and tightening regulatory policies at home have brought significant pressure on outbound investment. As the risks hidden in the cross-border M&A process came to light, many enterprises fell into financial crisis and had to undersell their assets for self-rescue purpose. This paper uses HNA Group, an experienced acquarier, as an example to explore whether a company can alleviate its financial crises by withdrawing from the market via asset selling or transfer. For this purpose, this study presents HNA Group’s M&A-based development milstones, then, analyzes, from the perspective of its motivation to launch M&As, the potential reasons why it chose to withdraw from the market, and applies financial analysis method to study the impact of market withdrawal on HNA Group’s long-term performance. The empirical results show that market withdrawal alleviates the financial crisis of HNA Group, but to a extent less than expected. Finally, based on the lesson learned from the failure of HNA Group, we provide four pieces of suggestions for Chinese enterprises to better manage their cross-border M&A activities.

Key words: market withdrawal, HNA Group, financial crisis, case study, financial analysis