本文選題：跨國并購 + 杠桿并購��； 參考：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：近年來,伴隨著我國經(jīng)濟(jì)的高速增長與經(jīng)濟(jì)全球化程度的提高,全球并購市場(chǎng)日趨活躍,我國很多企業(yè)選擇跨國并購作為邁向全球發(fā)展的主要途徑。由于跨國杠桿并購具有易實(shí)現(xiàn)企業(yè)規(guī)模效益、能獲得經(jīng)營效益、財(cái)務(wù)效益和可實(shí)現(xiàn)多方共贏等特點(diǎn),跨國杠桿并購越來越受到重視,被很多國內(nèi)外企業(yè)所采用,而且實(shí)踐證明這種“以小博大”的并購方式對(duì)企業(yè)的規(guī)模發(fā)展具有很大意義,同時(shí)對(duì)國民經(jīng)濟(jì)具有積極作用,其中包括有利于提高企業(yè)的經(jīng)濟(jì)效益、有利于調(diào)整產(chǎn)業(yè)結(jié)構(gòu)、有利于促進(jìn)金融市場(chǎng)發(fā)展和有利于改變傳統(tǒng)經(jīng)營方式。因此,研究企業(yè)跨國杠桿并購具有較強(qiáng)的理論意義和實(shí)踐意義。本文選取了雙匯國際杠桿并購史密斯菲爾德公司作為案例研究了杠桿并購在我國企業(yè)跨國并購中的應(yīng)用。本文首先綜述了跨國并購、杠桿并購的相關(guān)理論,其中包括它們的涵義、分類、優(yōu)勢(shì)和風(fēng)險(xiǎn),并且簡(jiǎn)述了杠桿并購的基本程序,然后介紹了雙匯國際并購史密斯菲爾德公司具體過程,其中包括雙方公司情況簡(jiǎn)介、杠桿并購具體過程及步驟,接著分析了該杠桿并購成功的原因,最后根據(jù)該案例得到一些結(jié)論和啟示,希望它們對(duì)今后國內(nèi)企業(yè)跨國杠桿并購有一定參考價(jià)值。本文在分析該跨國杠桿并購案例的基礎(chǔ)上,認(rèn)為其杠桿并購成功的原因有以下幾點(diǎn):(1)具備實(shí)施杠杠并購的前提條件,其中包括擁有穩(wěn)定而充足的現(xiàn)金流、堅(jiān)實(shí)的抵押資產(chǎn)和專業(yè)的投資顧問(2)正確把握杠桿并購的時(shí)機(jī)與手段,其中包括選擇適當(dāng)?shù)牟①彆r(shí)機(jī)、正確選擇目標(biāo)公司和連續(xù)抵押的并購方式;(3)多渠道地進(jìn)行了外部融資。通過對(duì)雙匯國際杠桿并購史密斯菲爾德公司的分析得到以下結(jié)論:(1)杠桿并購為企業(yè)解決收購資金提供了一種選擇;(2)杠桿并購為我國企業(yè)“走出去”提供了便利;(3)杠桿并購的實(shí)質(zhì)在于通過改變產(chǎn)權(quán)結(jié)構(gòu)實(shí)現(xiàn)企業(yè)重組。同時(shí)通過對(duì)雙匯國際杠桿并購史密斯菲爾德公司的分析可以得到以下啟示:(1)杠桿并購時(shí)應(yīng)注意多渠道融資;(2)杠桿并購過程中在利用杠桿效應(yīng)的時(shí)候要注意控制風(fēng)險(xiǎn);(3)可借助杠桿并購?fù)瓿善髽I(yè)股權(quán)結(jié)構(gòu)的優(yōu)化;(4)為增加杠桿并購的成功率,并購過程中的融資應(yīng)充分利用國際風(fēng)險(xiǎn)投資基金。
[Abstract]:In recent years, with the rapid growth of China's economy and the improvement of the degree of economic globalization, the global M & a market is becoming more and more active. Many enterprises in China have chosen transnational mergers and acquisitions as the main way to move towards global development. The transnational leveraged merger and acquisition have been paid more and more attention and adopted by many domestic and foreign enterprises. Moreover, the practice has proved that this "small and large" M & A is of great significance to the scale development of the enterprise, and has a positive effect on the national economy, including the improvement of the economic benefit of the enterprise and the adjustment of the production. The industry structure is beneficial to the development of the financial market and to the change of the traditional way of management. Therefore, it is of great theoretical and practical significance to study the transnational leveraged merger and acquisition of enterprises. This paper selects the double foreign exchange international leveraged M & a Smith field as a case study of the application of leveraged mergers and acquisitions in Chinese enterprises' transnational mergers and acquisitions. This article first summarizes the related theories of transnational merger and acquisition and leveraged merger and acquisition, including their meaning, classification, advantages and risks, and briefly introduces the basic procedures of leveraged merger and acquisition, and then introduces the specific process of the merger and acquisition of Smith field company in Shuanghui international, including the brief introduction of the two companies, the specific process and steps of leveraged mergers and acquisitions, and the connection of the process and steps of leveraged mergers and acquisitions. The reasons for the success of the leveraged merger and acquisition are analyzed. Finally, some conclusions and revelations are obtained according to the case. It is hoped that they have some reference value for the transnational leveraged merger and acquisition in the future. Based on the analysis of the transnational leveraged merger and acquisition cases, the reasons for the success of the leveraged merger and acquisition are as follows: (1) have the implementation of the leveraged merger and acquisition. The premise, including a stable and sufficient cash flow, solid mortgage assets and professional investment consultants (2) correctly grasp the timing and means of leveraged mergers and acquisitions, including the choice of appropriate timing of mergers and acquisitions, the correct choice of the way of merger and acquisition of Target Corp and continuous mortgage; (3) through the external financing through multiple channels. The analysis of Smith field company of foreign leveraged mergers and acquisitions (M & A) obtains the following conclusions: (1) leveraged M & A provides a choice for enterprises to solve the acquisition funds; (2) leveraged M & A provides convenience for Chinese enterprises to "go out"; (3) the essence of leveraged M & A is to restructure the enterprise by changing the property right structure. The analysis of leveraged M & D Smith field company can get the following enlightenment: (1) we should pay attention to multi channel financing in leveraged merger and acquisition; (2) in the process of leveraged M & A, we should pay attention to control the risk when using leverage effect; (3) we can optimize the ownership structure of enterprises by leveraged merger and acquisition; (4) in order to increase the success rate of leveraged merger and acquisition, and in the process of merger and acquisition The financing of the international venture capital fund should be fully utilized.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F426.82

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本文編號(hào)：2079319