上市公司并购风险问题研究——以中石油并购PK公司为例

北京理工大学珠海学院2020届本科生双学位毕业论文Research on the Risk of M&A of Listed Companies-Based on PetroChina's Merger with PK CompanyAbstractOverseas oil and gas M&A investment has the characteristics of large scale,complex procedure,wide range and high risk,which is a very complex systemengineering.After the completion of the M&A of PK Company,PetroChina has takena series of successful measures in a short period of time,from corporate culture toemployee management,and to incentive mechanism,so that the new PK Company canquickly reverse the passive situation.After the M&A,the company's businessindicators greatly exceed those before the integration,becoming one of the mostsuccessful overseas investment projects of PetroChina.In-depth analysis of thebackground and integration process of PetroChina's M&A of PK Company and thesuccessful integration of Chinese culture and Western ideas are significant forPetroChina and other energy or resource demand enterprises in China,especially forthose enterprises just "going out"or preparing to "go out".Based on the study of the background and internal and external environmentmotivation of PetroChina's M&A of PK Company,this case obtains the advantages,disadvantages,opportunities and challenges of PetroChina's merger and acquisitionproject,and then combines them with the effect after the merger and acquisition toanalyze the risk of the merger and acquisition project.At the same time,through theanalysis of the integration process after PetroChina's M&A of PK Company,it risesfrom the specific case analysis level to the system level.From the perspective ofunified theory and method,this paper summarizes a set of successful experience ofCNPC in cross-cultural integration,which has certain reference significance for theintegration of overseas enterprises of CNPC in the future.Based on this,combinedwith the main experience and lessons of oil companies'cross-border M&A,we can getthe Enlightenment of Chinese oil companies'cross-border M&A cases.Keywords:Listed companies;Risk of Merger and Acquisition;PetroChina