本文關(guān)鍵詞：HEP并購(gòu)SY融資方式研究　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 并購(gòu) 并購(gòu)融資 融資方式

【摘要】：西方發(fā)達(dá)國(guó)家先后掀起了五次并購(gòu)浪潮,并購(gòu)活動(dòng)的涌現(xiàn)給各企業(yè)實(shí)現(xiàn)資本擴(kuò)張?zhí)峁┝舜罅康臋C(jī)會(huì)。近年來,我國(guó)的并購(gòu)市場(chǎng)愈發(fā)活躍,大額交易屢見不鮮,海外交易量也迅猛增長(zhǎng)。并購(gòu)活動(dòng)成為了各企業(yè)實(shí)現(xiàn)規(guī)模擴(kuò)張,開拓市場(chǎng)的有力手段。并購(gòu)交易是一個(gè)系統(tǒng)復(fù)雜的經(jīng)濟(jì)行為,任何一個(gè)環(huán)節(jié)的決策失誤都可能影響并購(gòu)活動(dòng)的順利進(jìn)行,而并購(gòu)融資方式?jīng)Q策在并購(gòu)交易中占據(jù)了重要的地位,很大程度上直接決定著并購(gòu)交易的成敗。企業(yè)間的并購(gòu)活動(dòng)往往需要大量的資金,資金的來源是并購(gòu)交易中需要考慮的關(guān)鍵問題,選擇哪種融資方式成為了并購(gòu)交易成敗的決定因素之一。我國(guó)的資本市場(chǎng)和經(jīng)濟(jì)體制還不完善,與發(fā)達(dá)國(guó)家相比,我國(guó)企業(yè)融資渠道較為狹窄,融資方式單一,嚴(yán)重制約了并購(gòu)融資規(guī)模從而限制了企業(yè)的發(fā)展。所以,有必要針對(duì)企業(yè)并購(gòu)融資方式?jīng)Q策展開研究,吸收經(jīng)驗(yàn)為完善融資機(jī)制提供參考價(jià)值。本文共有五個(gè)部分。第一章介紹了國(guó)內(nèi)外并購(gòu)交易的發(fā)展現(xiàn)狀,強(qiáng)調(diào)融資方式的選擇在并購(gòu)活動(dòng)中的重要性。對(duì)國(guó)內(nèi)外并購(gòu)融資理論進(jìn)行了梳理和總結(jié),同時(shí)對(duì)本文研究的目的、意義、內(nèi)容方法等做了概括。第二章先介紹了并購(gòu)及并購(gòu)融資相關(guān)的概念,然后闡述了并購(gòu)的不同融資方式及其特點(diǎn)。第三章主要是針對(duì)一個(gè)具體案例HEP公司并購(gòu)SY公司進(jìn)行展開。首先對(duì)并購(gòu)交易雙方的基本情況進(jìn)行了概括,并對(duì)其并購(gòu)動(dòng)因做了簡(jiǎn)要分析。其次針對(duì)本次并購(gòu)融資方式分別從可行性、合理性、優(yōu)劣以及對(duì)并購(gòu)交易主體的影響等方面做了具體探討。第四章從HEP并購(gòu)SY過程中做出的融資決策引出了一些經(jīng)驗(yàn)啟示,不僅是在并購(gòu)交易中,在企業(yè)其他投資決策項(xiàng)目上的融資都具有借鑒意義。第五章是對(duì)本文的研究和探討做出概括性的總結(jié),并對(duì)以上研究結(jié)果做出了展望。本文的創(chuàng)新在于從微觀層面著手,將理論研究落實(shí)到具體企業(yè)上,很好地將理論與實(shí)踐相結(jié)合,通過具體的案例HEP并購(gòu)SY,對(duì)其并購(gòu)融資方式展開了探討,并得出了具有實(shí)際意義的經(jīng)驗(yàn)與啟示。文中主要運(yùn)用了文獻(xiàn)研究法、案例分析法、調(diào)查法等,分析表明HEP從集團(tuán)取得貸款的方式高效迅速,融資成本低,風(fēng)險(xiǎn)小。企業(yè)在選擇融資方式時(shí)要兼顧自身?xiàng)l件和外部環(huán)境,才能保證并購(gòu)交易的順利進(jìn)行。希望本文的研究能豐富該領(lǐng)域的研究?jī)?nèi)容,為后期企業(yè)在并購(gòu)融資方式選擇的實(shí)踐性操作上提供指導(dǎo)。
[Abstract]:Western developed countries have set off five waves of mergers and acquisitions, the emergence of M & A activities to provide a large number of opportunities for enterprises to achieve capital expansion. In recent years, the M & A market in China has become increasingly active, large-scale transactions are common. M & A activities have become a powerful means for enterprises to achieve scale expansion and open up markets. M & A transactions are a systematic and complex economic behavior. Any link of decision-making mistakes may affect the smooth progress of M & A activities, and M & A financing decision-making plays an important role in M & A transactions. To a large extent, the success or failure of M & A transactions is directly determined. M & A activities between enterprises often need a lot of funds, the source of funds is the key issue to be considered in M & A transactions. The capital market and economic system of our country are not perfect, compared with the developed countries, the financing channel of our enterprises is narrower and the financing way is single. Therefore, it is necessary to study the decision of M & A financing mode. Absorbing experience provides reference value for perfecting financing mechanism. There are five parts in this paper. The first chapter introduces the current situation of M & A at home and abroad. It emphasizes the importance of the choice of financing mode in M & A activities. It also summarizes the theory of M & A financing at home and abroad, and at the same time, the purpose and significance of this study. The second chapter introduces the concepts of M & A and M & A financing. The third chapter mainly focuses on a specific case of merger and acquisition of sy company by HEP. First of all, the basic situation of both sides of M & A transaction is summarized. And the reasons of M & A are briefly analyzed. Secondly, the feasibility and rationality of the M & A financing methods are analyzed. The 4th chapter draws some lessons from the financing decisions made in the process of HEP merger and acquisition sy, not only in the M & A transaction. The financing in other investment decision-making projects has reference significance. Chapter 5th is a summary of the research and discussion of this paper. The innovation of this paper is to start from the micro level, to implement the theoretical research on specific enterprises, and to combine theory with practice. Through the specific case of HEP M & A, this paper discusses the financing mode of M & A, and draws the practical experience and inspiration. In this paper, we mainly use the literature research method, case analysis method, investigation method and so on. The analysis shows that HEP obtains loans from the group in an efficient and rapid manner, with low financing costs and low risk. Enterprises should take account of their own conditions and external environment when choosing financing methods. It is hoped that the research in this paper can enrich the research content in this field and provide guidance for the practical operation of the choice of M & A financing mode in the later period.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F416.6

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