1624.企业并购手段之融资方式分析毕业论文 .doc

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1、本科毕业论文（设计）论文题目：企业并购手段之融资方式分析 学生姓名： 所在学院： 电 子 商 务 学 院 专 业： 财 务 管 理 专 业 学 号： 指导教师： 成 绩： 摘要兼并与收购，简称并购，是社会资源再配置的重要方式，在西方已发展了近百年。目前我国正处于经济存量调整和产业结构优化的攻坚阶段，并购对国有资产战略重组、提高企业经营管理水平和增强国际竞争力具有重要战略意义。而融资是并购的关键环节，虽然我国企业并购已发展了十多年，但并购融资的渠道并不通畅，阻碍了并购的发展和并购规模的扩大。西方并购经过近百年的发展，已形成一套成熟的理论和操作程序，在并购融资工具、中介服务和法律规范等方面都比较完

2、善，因此，借鉴其经验可以使我们少走很多弯路。西方关于并购融资的理论有MM定理、代理成本理论、信号传递理论、Pecking Order理论和公司控制权理论等，并购融资工具包括内部融资、金融机构贷款(商业银行、保险公司、基金公司)、商业票据、企业债券、股票、可转换债券、认股权证、杠杆收购、管理层收购、员工持股计划和卖方融资等。在我国，票据、债券、股票等金融工具都有，但具体到并购，企业可使用的融资工具却十分有限。例如：商业银行贷款用于并购被法律禁止;商业票据融资市场不存在；企业债券和可转换债券的发行门槛高，一般企业难以达到要求，并且发行规模、资金用途和利率等受到限制；客观上不存在发行垃圾债券的可能：

3、股票发行、配股和增发的要求较高，只有少数企业可以达到；卖方融资被法律禁止。此外，我国并购融资中还存在中小企业、绩差企业融资难，不规范操作现象严重，MBO和员工持股计划融资瓶颈等问题。产生上述并购融资问题的原因在于:法律法规对并购中贷款、股票、债券、可转换债券、配股增发、卖方融资、股权抵押、管理层收购和员工持股计划等融资工具的限制;金融市场不发达，企业债券市场规模小并且发行资格和用途受到限制，商业票据、衍生工具等在并购融资中的应用几乎空白;股权割裂和国有股一股独大的现实，加上相关法律法规不健全，导致并购融资中不规范操作现象严重;受长期计划经济体制下企业利润上缴制度的影响，企业内部资源和内部资金积

4、累不足；机构投资者不成熟、投资银行业不发达、和管理人员长期实行低工资制等原因，阻碍了管理层收购融资的发展。根据上述对我国企业并购融资问题和原因的分析，借鉴西方企业并购融资理论及其市场实践，本文提出了以下发展我国企业并购融资市场的策略：首先要放松金融管制，包括对商业银行贷款用于并购、债券发行资格和用途、卖方融资等的法律法规限制；建立创业板块证券市场，为中小企业并购融资创造更多机会；推行股份全流通改革、打破股权割裂局面是消除并购融资中不规范操作现象的正本清源之举；发展换股并购，为产业并购的兴起和大规模并购融资创造条件；发展管理层收购融资，修订关于MBO收购主体、债券发行和股权抵押贷款等的法律限制，

5、建立MBO基金，发展信托MBO；培育机构投资者，制定税收优惠政策鼓励金融机构进入ESOP融资领域;扶持本地投资银行业务的发展；发展可转换债券、认股权证等衍生金融工具在并购融资中的应用，推动企业并购的发展。关键词: 并购理论 融资渠道 法规问题研究 发展策略AbstractM&A (Merger and Acquisition) are important ways of social resource reallocation. Chinas economy is in the stage of quantity adjustment and industrial structures exc

6、ellent turn. M&A have important strategic meaning to the reorganization of the state-owned property and our companys international competition ability. In M&A, financing is a key factor. But in China financing is still the bottleneck of merger and acquisition transactions.Merger and Acquisition have

7、 developed for hundred years in the west, and have established a set of mature theories and operation procedures. These theories include MMs proposition, agency cost theory, signaling theory, Peeking order theory and corporate control theories etc. Financing tools for mergers and acquisitions includ

8、e internal financing, commercial loan, commercial paper, corporate bond, stock, convertible bond, stock options etc. Leveraged buyouts(LBO), management buyout(MBO), and employee stock ownership plans(ESOP) are also used.in China，financial tools do exist，such as commercial loan，notes，bond，stock etc,

9、but financing tools for M&A is limited: commercial bank loan is not allowed to be used in M&A; commercial paper market does not exist; corporate bond and convertible bond are strictly supervised and most enterprises do not have access to; Junk bond is Prohibited; stock issue have high request and on

10、ly a handful of business enterprises can attain; selling part financing is also forbid by the law. M&A financing for small and medial enterprises, MBO and ESOP is especially difficult. Furthermore, there are many illegal ways of doing in Practice.The reasons of the above Problems lie in: Supervision

11、 by the law is too strict in areas like loan, stock, bond, convertible bond, selling part financing, share mortgage loan, MBO and ESOP; The financial market is incomplete, having no market for commercial paper; The business enterprises and investors do not have enough ability to handle the risk they

12、 are running into, which holds back the application of derivatives in M&A financing; The ownership split of share in listing companies and the nonpefection of the law system are the reason of al1 kinds of incorrect practice in merger and acquisition financing; In past decades Chinese companies had p

13、aid most of their profit to state, therefore, do not have enough internal financing recourses: lack of organization investors，finance not flourishing, and low wages system of manager etc, aggravated the MBO financing Problem. Aimed at above-mentioned problems and the reason analyzed, draw lessons fr

14、om the west M&A financing theories and practice, we should adopt the following strategies to develop Chinas M&A financing markets: Relax the finance control, include application of loan in merger and acquisition, bond issue qualifications and use limit, selling party f1naneing limit etc. Builds up s

15、tarting business sector in stock exchange, provide IPO opportunities for medium and small business enterprises, promote excellent medium and small business enterprises expansion and development; Promote the full share circulation reform, breaking the situation of share ownership split which is the headspring of all kinds of substandard operations and practices; develop merger and acquisition financed by exchanging stock, spring up larger scale strategic industrial M&A: Revise the law, sweep away obstacles in law system for management buyouts. Set up MBO funds and trust fund to pr