目录
摘要Ⅱ
关键词Ⅱ
AbstractⅢ
引言
一、引言1
二、文献综述2
三、双汇收购案的分析4
（一）困境中的选择——跨国收购4
（二）过程中的阻碍——监管体系10
（三）整合后的成效——提升明显12
四、总结15
参考文献17
致谢18
图1双汇国际发展历程4
图2双汇国际股权结构图（2012）5
图3双汇各业务收入占比图（2012）6
图4双汇国际生猪屠宰量与出栏量对比（20112015）6
图5双汇国际年度利润总额（20022011）7
图6双汇国际年度净资产收益率（20022011）8
图7史密斯菲尔德年度净利润（20092013）10
图8双汇国际生猪屠宰量与出栏量对比（20112019）13
图9双汇各业务收入对比图（20112019）14
图10双汇国际等企业销售毛利率（20132019）14
双汇收购案对中企赴美投资的启示
摘 要
随着经济全球化的不断深入，近年众多中国企业尝试并购美国本土企业，但是整体情况却不容乐观。据商务部数据显示，我国对美直接投资净额从2016年的169.8亿美元减少为2017年的64.3亿美元，2018年虽然回升到74.7亿美元，但与两年前的水平相比仍有较大差距。2013年中国双汇国际对美国史密斯菲尔德的成功收购在赴美并购交易中备受关注，其原因是受关注是因为此案是在华为等众多大型收购案失败的背景下为数不多的成功案例，其在收购过程中的一系列措施对于我国企业赴美收购有借鉴价值。因此，本文通过全面深入的研究双汇案来为我国企业赴美收购提供参考。本文从收购背景、收购过程和收购成效的整体视角对双汇收购案进行分析，总结得出双汇收购的意义和双汇在收购过程中应对美国反垄断审查和国家安全审查的做法。之后本文总结了包括获取生产技术、提高产品开发能力和整合产业链的三个收购方向供有意向赴美并购的本土农企进行参考，并为他们总结了应对国家安全审查和反垄断审查两方面的建 *51今日免费论文网|www.51jrft.com +Q: ￥351916072$ 
议。最后，本文将对相关政策的制定和体制的建立健全方面提供参考意见，期待能为我国制度的健全贡献自己的一份力量。
THE ENLIGHTENMENT OF SHUANGHUI ACQUISITION CASE FOR CHINESE ENTERPRISES TO INVEST IN THE UNITED STATES
ABSTRACT
With the deepening of economic globalization, in recent years, many Chinese companies have tried to merge and acquire U.S. companies. According to data from the Ministry of Commerce, Chinas net direct investment in the US decreased from $16.98 billion in 2016 to $6.43 billion in 2017. Although it rebounded to $7.47 billion in 2018, it is still far behind the level of two years ago. Among the mergers and acquisitions in the U.S, one that received high attention was the successful acquisition of Smithfield in the U.S. by China Shuanghui International in 2013. The reason why this case attracts so much attention is that it is one of the few successful cases in the context of the failure of many large acquisition cases such as Huawei, and a series of measures in the acquisition process are of reference value for Chinese enterprises to acquire in the United States. Therefore, this article provides reference for Chinese enterprises to purchase in the United States through comprehensive and indepth study of shuanghui case. This paper analyzes the shuanghui acquisition case from the overall perspective of acquisition background, acquisition process and acquisition effect, and concludes the significance of Shuanghui acquisition and shuanghuis countermeasures against the antitrust and national security reviews in the acquisition process. In this paper, three acquisition directions including acquiring production technology, improving product development ability and integrating industrial chain are summarized for the reference of local agricultural enterprises that intend to go to the United States for merger and acquisition, and Suggestions on dealing with national security review and antimonopoly review are summarized for them. Finally, this paper will provide reference advice on the formulation of relevant policies and the establishment and improvement of the system, looking forward to making a contribution to the sound of Chinas system.

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