中国烟草跨国并购的路径分析

中国烟草通过三十多年的改革发展，取得了巨大的成绩。但世界烟草市场仍被大型跨国公司垄断，中国烟草企业2012年在除中国以外的国际卷烟市场份额仅为1.7%。随着烟草控制形势更加严峻、烟草市场集中度持续提高、国际竞争的压力不断增强，“走出去”发展战略逐步上升为中国烟草未来发展的重大改革举措。跨国并购作为“走出去”战略的主要方式之一，对中国烟草企业实现品牌扩张和市场份额提升具有重要意义。本文试图从跨国并购的国际市场环境、风险分析及管控、中国烟草跨国并购的可行性路径分析入手，对未来目标市场、实施路径、国内法律监管等方面提出自己的一些思考。 

Path analysis on transnational merger & acquisition of China tobacco industry

After over 30 years’ development, China tobacco has gained huge achievements. But we can see that global tobacco market has been monopolized by those large international companies. China tobacco enterprises only have 1.7 percent of the international cigarette market share outside China. As the more serious situation of tobacco control, continuous growth of market concentration and huge pressure from international competition, the “going global” strategy become an important reform measure for China tobacco’s future. Transnational merger and acquisition, as one of the main method of “going global” strategy, is of great significance to develop our brand and grow our market share. The article tries to analyze the international market situation, risk management and feasibility of transnational merger & acquisition of China tobacco industry, so as to present the author’s consideration on future target market, paths and national legal supervision.