联系我们

论文查询结果	返回搜索

论文编号：	9122
作者编号：	2120142836
上传时间：	2017/6/7 17:41:02
中文题目：	我国企业海外并购融资的并购基金研究 ——以梅泰诺公司收购BBHI集团为例
英文题目：	The Research on the M&As Fund of Chinese Enterprises’ Oversea M&As Financing ——Basing on the Case of Miteno Acquiring BBHI
指导老师：	王全喜
中文关键字：	海外并购 并购融资 并购基金 杠杆收购
英文关键字：	oversea M&As; M&As financing; M&As fund; leveraged buyout
中文摘要：	美国著名经济学家、诺贝尔奖得主乔治·斯蒂格勒曾公开表示：美国大型公司的成长都经历过某种方式或某种程度的收购及兼并，以实现规模、效益的快速增长。从某种程度讲，这也是对企业发展规律的阐述。国内企业并购出现于二十世纪90年代，经历了萌芽阶段、快速发展阶段和规范化发展阶段。企业的战略发展规划决定了其资本运作的动机和方式，随着市场经济的良性发展，越来越多的企业将并购动机从获得短期的投机性收益逐渐转向实现协同效应和提升核心竞争力上来，着眼于全球性资源、品牌价值、技术优势以及先进管理经验的海外并购成为我国企业“走出去”的重要途径。 本文的研究意义是在我国目前的金融管理体制背景下找出适用的并购融资途径，对我国企业海外并购的融资问题具有借鉴意义和参考价值。本文先是回顾了并购融资及并购基金的研究文献，通过对现有研究成果的回顾可知，企业进行融资决策时需要对资本结构进行合理安排，资本结构对企业价值及控制权产生重要影响。其次，本文介绍了并购融资的概念和分类，并分析了企业并购融资的决策过程，其中包含对资金用途、资本结构、融资风险以及公司治理等因素的综合考虑。本文通过对比研究，阐述了中西方企业海外并购融资方式的发展情况，研究了西方企业的海外并购融资经验。近十年，国外私募股权投资机构（Private Equity,PE）通过设立并购基金为海外并购融资拓宽了渠道，我国企业开始与国内外PE合作，以杠杆收购的形式成功获得目标公司的控制权。我国本土的国际性并购基金也产生萌芽并逐步发展起来，积极参与到海外并购的实践中去。最后，本文分析了并购基金在我国上市公司梅泰诺收购BBHI集团中的应用，梅泰诺通过设立并购基金以杠杆收购的方式成功获得了海外目标公司股权，并购基金多层次的交易结构设计以及对多种融资工具的应用，能够助力我国企业的海外并购发展之路。
英文摘要：	George Joseph Stigler, the famous economist of USA, the Nobelist of 2001 had ever said that:”There’s not any large enterprise in the United States grew up without the approach of M&As in one way or another. ” M&As implements the rapid expansion in scale and profits, which illustrates the law of the development of enterprises to some extent. The M&As of Chinese enterprises sprouted in 1990s, which were experiencing the stages of budding, fast development and normalized development. The strategic development plan of enterprises decide the motivation and approach of their capital operations. In accordance with the benign development of market oriented economy, an increasing number of Chinese enterprises transfer its motivation of M&As from the capture of short-term speculative benefits to the realization of synergy and the promotion of core competitiveness. The oversea M&As which aim at global resources, brand value, technical strength and advanced experience of business administration, become the critical approaches for the implementation of go global policy. The meaning of this study is trying to find the applicative financing approaches under the background of financial administrative system of China nowadays, so as to provide reference for the oversea M&As of our enterprises. Firstly, the thesis reviews the theory of M&As financing and M&As fund, from which we learn that, managers need to make adjustments of capital structure reasonably when making financing decisions, which has significant influence on the control and value of enterprises. Secondly, the thesis introduces the concept and category of M&As financing, and analyze the financing decision process.Those elements which influence the financing decision include the capital use, structure, financing risk and corporate governance . Thirdly, by way of comparison, we can acquire the experience of the oversea M&As financing in western enterprises. Foreign private equity institution through setting up M&As fund provide innovative financing approaches for oversea M&As in recent 10 years. Our enterprises starting to cooperate with foreign PE, by means of leveraged buyout, acquire the control of foreign target company successfully. Domestic international M&As funds sprout and grow up gradually, which take part in the oversea M&As positively. Finally, the thesis analyze the case of Mitemo, an A share public company, acquired 100% stock of BBHI by setting up M&As fund. The innovative financing approach and the multilevel design of transaction structure in the M&As fund become an impetus for the development of oversea M&As financing of Chinese enterprises.
查看全文：	预览  下载(下载需要进行登录)