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论文编号：	11612
作者编号：	2220160812
上传时间：	2020/6/9 12:33:01
中文题目：	私募基金参与中国企业跨国并购的 作用机制研究——以中国天楹为例
英文题目：	Research on the Mechanism of Private Equity Fund''''''''''''''''s Participation in Cross-border M & A of Chinese Enterprises-Taking China Tianying as an Example
指导老师：	张玉利
中文关键字：	私募股权基金；跨国并购；作用机制；上市公司+PE
英文关键字：	Private Equity Funds；Cross-border Mergers And Acquisitions；Mechanism；Listed Company + PE
中文摘要：	私募股权投资基金出现之前，企业融资的主要方式一般是通过银行贷款，或者企业经营满足较高标准后以IPO的形式融资，从私募股权基金参与了企业融资后，很大程度上推动了新兴中小企业的发展。私募股权投资在新兴市场的迅速兴起及发展，在全球化经济快速发展的背景下，各个国家都在积极寻找新的方法来发展本国经济，私募股权投资吸引了国际社会广泛关注。我国私募股权投资市场自2016年以来实现了迅速成长，得益于国家政策的支持，私募股权机构也更频繁地参与到了跨国并购市场。研究私募股权基金参与企业跨国并购的作用也正是基于这一背景。 首先，本文在文献梳理及理论分析的基础上，对企业并购基金的概念、分类、方式进行详细的论述，之后对私募基金的概念、分类、发展趋势也进行了介绍，从而对私募股权基金参与并购的有一定的理解，并结合实际情况发现了私募基金并购过程中的一些突出问题，包括：并购基金利益分配目标不统一、私募能力良莠不齐尽调能力偏弱、监管的体系不完整。 然后，选取了中国天楹并购Urbaser的案例，分析其并购背景、并购过程和私募基金参与的过程。分析发现，中国天楹的并购过程采用了“上市公司+PE”的这种模式，其主要发挥作用的方式是在于降低了私募机构参与并购的退出风险，同时保持了上市公司对标的和收购进程的影响力，并且解决了上市公司募资难、资金周转压力大的难题。私募机构搭建的并购基金参与此次并购，不仅给中国天楹提供了充足的资金，也为其后发生的经营整合、处理国际并购交易和业务筹措贡献了丰富的意见和建议，这也是私募基金参与过程中实现的作用效果。 最后，结尾部分针对此次中国天楹并购Urbaser的典型案例，详细分析了此次私募股权基金参与的作用，最终结合本次案例，本文从并购基金和监管层面分别给出了建议：境外中介机构外包部分业务、建立内部审查和监督机制、完善对赌交易协议等；在监管层面，可以进一步加强信息的规范和公开披露、制定严格的并购基金监管的标准、优化基金治理的结构等。
英文摘要：	Prior to the advent of private equity funds, the main method of corporate financing was generally through bank loans, or the financing of IPOs after business operations met higher standards. Since private equity funds participated in corporate financing, they have largely promoted emerging small and medium-sized enterprises. Enterprise development. The rapid rise and development of private equity investment in emerging markets. In the context of the rapid development of the globalized economy, various countries are actively looking for new ways to develop their own economies. Private equity investment has attracted widespread attention from the international community. China's private equity investment market has achieved rapid growth since 2016. Thanks to the support of national policies, private equity institutions have also more frequently participated in the cross-border M & A market. It is also based on this background to study the role of private equity funds in participating in cross-border mergers and acquisitions of enterprises. Firstly, on the basis of literature review and theoretical analysis, and discusses the concepts, classification, and methods of corporate M & A funds in detail. Then, the concepts, classification, and development trends of private equity funds are also discussed Introduction, so as to have a certain understanding of private equity funds participating in mergers and acquisitions. Then, I selected the case of China Tianying M & A Urbaser and analyzed its M & A background, M & A process and private equity participation process. The analysis found that China Tianying's merger and acquisition process adopted the "listed company + PE" model. Its main role and advantage is to reduce the exit risk of private equity institutions participating in mergers and acquisitions, while maintaining the listed companies' bid and acquisition The influence of the process and solved the difficulties of listed companies in raising funds and the pressure of capital turnover. The M & A fund built by private equity institutions participated in this M & A, which not only provided China Tianying with sufficient funds, but also contributed a wealth of opinions and suggestions to the subsequent operation integration, handling international M & A transactions and business financing. Finally, in the end, for the typical case of China Tianying M & A Urbaser, the role of private equity fund participation is analyzed in detail, and some outstanding problems in the process of private equity fund M & A are found in light of the actual situation, including: M & A fund benefit allocation The goals are not uniform, the private equity capabilities are uneven, the ability to adjust is weak, and the supervision system is incomplete; finally in conjunction with this case, this article gives specific suggestions from the M & A fund and the regulatory level: at the M & A fund level, foreign intermediaries can be further introduced Institutions, establish internal review and supervision mechanisms, and improve gambling transaction agreements; at the regulatory level, you can further strengthen the standardization and public disclosure of information, develop strict standards for M & A fund supervision, and optimize the structure of fund governance.
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