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论文编号：	1181
作者编号：	2120072162
上传时间：	2009/6/10 8:56:38
中文题目：	我国上市公司并购中的融资问题研
英文题目：	The research of China corporat
指导老师：	李莉
中文关键字：	公司并购 并购融资 全流通tl
英文关键字：	Mergers and Acquisitions (M&A)
中文摘要：	并购作为公司资本运营的核心方式，涉及大量资产的有偿转移，一项成功的并购活动离不开强有力的资金支持，融资也就成为并购关键问题之一。由于现阶段国内资本市场发展不完善，金融体制还不健全，并购融资还存在许多问题尚待解决。在全流通背景下，研究公司并购融资，借鉴成功的并购经验，对于促进当前国内并购融资发展具有重要的现实意义。 论文以公司在并购融资方案的构建选择作为主要研究内容。全文共分六部分，第一部分对本文的研究目的和研究意义作了基本的阐述，并明确了研究内容和研究方法；第二部分为相关理论回顾，对融资的经典理论作了回顾并对融资渠道和并购融资的基本内容作了概述，该部分内容形成了对后文的理论支撑；第三部分对我国上市公司并购融资状况进行了分析，分别从全流通的并购特征，我国上市公司并购中的融资特征，及并购融资中的问题和成因分析三方面对本章内容进行了阐述，全流通的股权市场为大规模并购活动的开展提供了契机，但同时应该注意到我国上市公司融资并购存在的问题，而对问题成因的分析更能使融资方案的构建具有针对性；第四部分是本文的核心章节，提出上市公司并购融资方案的构建，围绕构建原则，对上市公司并购融资方案进行了设计，并指出了融资方案实施中需要关注的问题；第五部分在前文的研究基础之上，指出了不同并购融资方案在实施中应注意的问题；最后是论文的结论部分，给出了关于并购融资问题的建议和展望。 在当前我国资本市场发展亟待完善的情况下，并购公司、金融中介机构和金融监管机构一起根据我国具体情况寻求现有融资方式的发展和创新。在借鉴成功的公司并购融资经验的基础上，总结适用我国上市公司并购融资的方法，根据并购公司状况选择融资方式、安排融资结构、合理的控制融资风险，保证并购融资乃至整个并购项目的顺利完成。
英文摘要：	Mergers and Acquisitions (M&A), as a core method of enterprise capital operation, involves the flow of large amount of assets, therefore strong capital supports play an important role in a successful M&A case and financing becomes a key issue in M&A study. Since at the present stage the development of domestic capital markets are imperfect, not a sound financial system, acquisition of financing, there are still many issues to be resolved. In the complete circulation background, the researching the firm M & A financing, drawing on the experience of successful acquisitions, are significant for M & A financing to promote the development of the current practical . Thesis mainly concern about building the model of M&A financing. The full thesis is divided into six parts, the first part of this thesis focuses on the purpose and significance of research and clears the contents of the study and research methods; the second part gives a review of the correlation theory，including financing classical theory and financing channels and M&A financing，formed theory support the after chapters; the third part does the nalysis for M&A financing situation about the listed companies in China, setting forth form three sections, such as the complete circulation features of the M&A, the M&A financing characteristics China's listed corporations, and the causes analysis. There is a huge opportunity for large-scale mergers and acquisitions activities in complete circulation, meanwhile, the cause’s analysis makes the financing program be more targeted building; the fourth part of the thesis focuses on building the model of the listed companies in China M&A financing, including the principle and designing and assessing of building; the fifth part point out the problem during financing program executing; Finally, the conclusions of thesis. Under the restriction of less developed capital market, those enterprises embarking on M&A should seek together with financial supervision authorities the development and innovation of present M&A financing methods considering our country’s conditions. They should also give enough attention to pre-M&A asset evaluation and relative studies considering foreign experiences, choose M&A financing methods and arrange M&A financing structure which suit their own conditions and control M&A financing risk reasonably to ensure that the M&A project be successfully carried out.
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