随着全球化进程的加快、中国经济的发展以及对外开放的深 化，跨国并购已经成为中国企业提高自身技术、扩大市场份额、增 强企业综合实力以及转型升级的重要方式。本文以潍柴动力收购德 国凯傲项目为例，依据并购动因、跨国并购等相关理论，分析了潍 柴动力的并购策略。 在被潍柴动力收购之前，德国凯傲拥有全球规模第二大的叉车 业务和技术、质量领先的液压业务。潍柴动力收购德国凯傲的方案 由两部份构成：（1）剥离液压业务，组建林德液压并实施收购； （2）叉车业务改制为凯傲集团，通过逐步增资的方式进行收购。收 购完成之后，潍柴动力持有林德液压90%的股权，持有凯傲集团 43.26%的股权。 本项目的收购动因包括：获取凯傲集团和林德液压的高端品牌 和技术资源，促进公司转型升级；进一步延伸公司产业链；多元化 潍柴动力的下游市场，提高公司整体抗风险能力；加速企业扩张， 实现规模效应以及发挥资金优势，实现潍柴动力与凯傲集团和林德 液压的财务协同。 经过对收购德国凯傲的分析可知，在海外并购实施策略方面， 对于并购目标的筛选标准，潍柴动力选择符合公司发展战略、能够 与潍柴动力现有业务具备较强的协同效应、同时处于欧亿·体育（中国）有限公司领先地位 并具有核心技术优势的企业；在控股权的获取方式上，潍柴动力偏 向于采用增资手段，结合认股权证，分步实现控股，降低收购风 险；对于符合公司发展战略、与潍柴动力现有业务具备较强的协同 效应，同时处于欧亿·体育（中国）有限公司领先地位并具有核心技术优势的目前企业，潍 柴动力愿意支付高溢价；潍柴动力收购德国凯傲，以现金方式支 付，以自有资金和银行贷款相结合的方式解决资金问题，其中大部 分资金来自于内保外贷取得的境外并购贷款；在收购后的整合上， 潍柴动力从企业文化方面对凯傲集团和林德液压进行融合，在业务 协同上，提供资金支持进行规模扩张、联合开发适用于中国市场的 产品以及以“德国品质+中国成本”为导向的生产配套协作。 潍柴动力的本次收购，实现了多方共赢。受益于经营协同效 应，潍柴动力和凯傲集团的运营效率得到提升；潍柴动力向凯傲集 团输出低成本资金，有效降低凯傲集团的财务费用水平，财务协同 效应明显；收购完成之后，凯傲集团和林德液压在业务和战略上更 为专注，盈利能力大大增强；此外，潍柴动力获得了良好的投资回 报。 潍柴动力收购德国凯傲尽管取得了较好的成效，但也存在一些 问题，包括：（1）林德液压的高端液压核心技术未能实现向中国转 移；（2）潍柴动力与凯傲集团、林德液压之间的经营和管理协同效 应发挥低于预期；（3）收购德国凯傲价格过高，形成较高的商誉， 减值风险大；（4）高估值造成PPA折旧摊销费用过高，影响利润； （3）举债收购导致潍柴动力长期债务风险大幅增加。 潍柴动力收 购德国凯傲策略存在的问题，原因是多方面的。主要原因包括潍柴 动力跨境并购和全球化经营经验不足、跨欧亿·体育（中国）有限公司并购带来整合的挑 战、海外并购议价能力相对不强以及管理层过度自信等。 针对存在的问题，建议采取的措施有：（1）坚持战略，聚焦主 业；（2）加大对新能源核心技术的投资并购力度；（3）强化经营协 同和管理协同，推动凯傲集团和林德液压在中国的发展；（4）增强 全球化经营管理和跨境并购人才储备；（5）潍柴动力应适当开展股 权融资，控制负债水平。 基于对为潍柴动力并购策略的分析，本文对中国企业开展海外 并购提出的建议为：（1）要有明确的收购目的；（2）慎重的选择收 购对象；（3）应及时进行整合管理；（4）防范政府审查风险等。 关键词：海外并购，策略，潍柴动力，德国凯傲 STUDY ON WEICHAI POWER’S OVERSEA M&A STRATEGY -TAKE ACQUIRING KION GMBH AS AN EXAMPLE ABSTRACT With the acceleration of globalization, the development of China's economy and the deepening of opening up, cross-border M&A has become an important way for Chinese companies to improve their own technology, expand market share, enhance their comprehensive strength and transform and upgrade. This paper based on the related theories of M&A motivation and cross-border M&A, taking Weichai Power's acquisition of KION GmbH project as an example, analyzes the M&A strategy of Weichai Power. KION GmbH held the world's second largest forklift business and Linde Hydraulics' high-end hydraulic business. The acquisition of KION GmbH's plan consists of the demerger and acquisition of Linde Hydraulics, the acquisition of the KION Group after the demerger of Linde Hydraulics. After the completion of the acquisition, Weichai Power holds a 43.26% stake in KION GmbH and holds a 90% stake in Linde Hydraulics. The drivers of the acquisition include: acquiring high-end brands and technical resources of KION Group and Linde Hydraulics, promoting the company's transformation and upgrading; further extending the company's industrial chain; diversifying the downstream market of Weichai Power, improving the company's overall risk resistance; and accelerating enterprise expansion, achieve scale effect and leverage capital to realize the financial synergy between Weichai Power and KION Group and Linde Hydraulics. According to the study on this case, we can find that Weichai Power's selection criteria for M&A targets are in line with the company's development strategy, and can have strong synergies with Weichai Power's existing business, while being a leader in the industry and with core technological advantages. In terms of the acquisition of controlling shares, Weichai Power prefers to use capital increase means, combined with warrants, to achieve shareholding step by step, reduce acquisition risk. Weichai Power is willing to pay a high premium for the targets with industry-leading and core technology advantage, and with strong synergy with the company's development strategy and existing business of Weichai Power. Weichai Power acquires KION GmbH and pays in cash, and solves the funds by combining its own funds and bank loans, and most of the funds comes from the overseas M&A loans obtained by foreign loans assured in domestic. In the post-acquisition integration, Weichai Power integrates KION Group and Linde Hydraulics from the corporate culture, and provides funds for business synergy, support scale expansion and joint development of products for the Chinese market and "German quality + Chinese cost" oriented production supporting collaboration. This acquisition case has achieved a win-win situation. Benefiting from the synergy of operation, the operational efficiency of Weichai Power and KION Group has been improved. Weichai Power has exported low- cost funds to KION Group, effectively reducing the financial expenses of KION Group, and the financial synergy is obvious. After the completion of the acquisition, KION Group and Linde Hydraulics are more focused on business and strategy, and the profitability of KION Group has big increase. Meanwhile, Weichai Power has a good return on the investment. Weichai Power's acquisition of KION GmbH has achieved good results, but there are also some problems, including: (1) Linde Hydraulic's high-end hydraulic core technology failed to transfer to China, (2) The operation and management synergy was lower than the anticipation ,(3) The acquisition of KION GmbH is overvalued, resulting in high goodwill and high risk of impairment, (4) high valuation causes PPA depreciation and amortization expenses are too high , affecting profits negatively,(5) debt purchases led to a significant increase in the long-term debt risk of Weichai Power. The reason for Weichai Power's acquisition of KION GmbH's strategy problem is various. The main reasons include the lack of cross- border mergers and acquisitions and global business experience, cross- industry mergers and acquisitions bringing integration challenges, relatively weak overseas mergers and acquisitions bargaining power and management overconfidence. In response to existing problems, the recommended measures are: (1) adhering to the strategy and focusing on the main business; (2) increasing investment and mergers and acquisitions of new energy core technologies; (3) strengthening management synergy and management synergy, and promoting the development of KION Group and Linde Hydraulics in China; (4) enhancing global business management and cross-border M&A talent reserve; (5) Weichai Power should properly carry out equity financing and control debt levels. Based on the analysis of Weichai Power M&A strategy, the paper puts forward suggestions for Chinese companies to conduct overseas mergers and acquisitions: (1) have clear acquisition objectives; (2) carefully select acquisition targets; (3) timely integrate management (4) Prevent th