本文關(guān)鍵詞：我國企業(yè)換股并購的原因及問題分析　出處：《河北師范大學》2012年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 換股并購 股權(quán)分置改革 借殼上市

【摘要】：近年來，全球范圍內(nèi)的并購浪潮風起云涌，中國也正在經(jīng)歷一場前所未有的并購熱潮。企業(yè)并購是提升企業(yè)整體競爭力、優(yōu)化資源配置的重要手段，也是促使中國企業(yè)盡快融入國際經(jīng)濟大格局、獲取有利位置的重要途徑，因而具有重要的現(xiàn)實意義和理論研究價值。在新《公司法》和《證券法》頒布、股權(quán)分置改革取得實質(zhì)性成果、相關(guān)法律法規(guī)相繼出臺后以及以國際股權(quán)私募基金為代表的金融資本活躍等幾股“春風”的推動下，我國上市公司并購市場進入了一個新時代，呈現(xiàn)出“千樹萬樹梨花開”的嶄新局面。2010年已公布的交易數(shù)為3800宗，2010年我國并購交易總額達1549億美元，并購數(shù)量我國位居第二，由此可見，并購已成為實現(xiàn)資源優(yōu)化配置、產(chǎn)業(yè)整合、改善經(jīng)營管理、提高經(jīng)濟效益的重要方式和手段。隨著企業(yè)間并購規(guī)模的不斷擴大，單筆并購所涉及到的金額巨大，這使在并購交易中需要巨額的資金支持，從而現(xiàn)金并購方式受到了約束，這時換股并購這一并購方式就得到了廣泛的運用，因為它能擺脫因巨額的并購交易給企業(yè)帶來的資金壓力而且不受并購規(guī)模的限制。無論從政策方面還是市場環(huán)境來看，換股并購面臨著前所未有的好機會，且隨著并購交易規(guī)模的擴大而越發(fā)受到重視。 本文的主要內(nèi)容如下：首先闡述了本文研究的大背景和研究意義，以及國內(nèi)外現(xiàn)狀的研究綜述，本文的主要內(nèi)容，難點和創(chuàng)新點。其次，闡述了并購和換股并購的定義及并購的理論基礎(chǔ)。還通過與混合并購和現(xiàn)金并購相比較，，總結(jié)出以換股并購為支付方式的優(yōu)點：可以解除企業(yè)在進行現(xiàn)金并購時資金方面帶來的壓力，換股并購沒有并購規(guī)模方面的限制；目標企業(yè)的股東會自動的轉(zhuǎn)變?yōu)椴①徍笮缕髽I(yè)的股東，并購企業(yè)和目標企業(yè)之間相互持股，形成一個利益共同體；目標企業(yè)沒得到現(xiàn)金方面的收益，所以避免了稅收方面的支出。結(jié)合我國換股并購的發(fā)展情況，同時考慮我國特有的證券市場背景，將換股并購在我國的發(fā)展分成三個階段:股權(quán)分置時期、股權(quán)分置改革時期和全流通時期，并結(jié)合各階段的發(fā)展分析出換股并購的特點以及優(yōu)缺點。最后，本文從換股并購的基本理論出發(fā)，在對上述理論研究進行綜述的基礎(chǔ)上展開對換股并購的分析。并使用理論與案例相結(jié)合，研究企業(yè)進行換股并購的真正原因并找出問題。整篇文章理論與實際相結(jié)合，互相印證，以期總結(jié)出換股并購的一般原因并以此來提出問題。本研究對尋求換股并購的原因和并購過程中存在的問題，完善相關(guān)法規(guī)政策，推進換股并購在我國的運用具有一定的理論和實踐意義。
[Abstract]:In recent years, the worldwide wave of mergers and acquisitions are also experiencing the Chinese raging like a storm, a hitherto unknown merger boom. The enterprise merger is an important means to enhance the overall competitiveness of enterprises, optimize the allocation of resources, but also promote Chinese enterprises into the pattern of international economy as soon as possible, an important way to obtain a favorable position, so it has important practical significance and research value the promulgation of the new company law. < > and < > Securities Law, equity division reform has made substantial achievements, relevant laws and regulations promulgated by the international and private equity funds as the representative of the financial and other active "spring" under the impetus of market mergers and acquisitions of Listed Companies in China has entered a new the times, showing the number of transactions of pear blossoms "new situation in.2010 has been published for 3800 cases, in 2010 China's total transactions amounted to $154 billion 900 million, and the number of my purchase China ranked second, thus, mergers and acquisitions have become to optimize the allocation of resources, industrial integration, improve management, improve the ways and means of economic benefits. With the continuous expansion of the scale of enterprise mergers and acquisitions, mergers and acquisitions single involved a huge amount of money, which makes the purchase and it needs huge amounts of money to cash transactions, M & A by the constraints, then the merger convertible merger is widely used, because it can get rid of the deal because of the huge funds to bring pressure on enterprises and is not affected by the scale of mergers and acquisitions restrictions. In terms of policy or market environment, convertible merger face a great opportunity hitherto unknown, and with the expansion the size of the transaction is getting more and more attention.
The main contents of this paper are as follows: firstly, the background and significance of this study, and summarizes the domestic and foreign research status, the main contents of this paper, difficulties and innovation. Secondly, expounds the theoretical basis and the definition of mergers and acquisition of the convertible. Also compared with mixed mergers and acquisitions cash, summary with the advantages of convertible merger payment: lift can bring enterprises in mergers and acquisitions cash funding pressures, convertible merger no M & a size limit; the shareholders of the target companies will automatically change and post purchase new corporate shareholders, mutual shareholding merger enterprise and target enterprise, to form a community of interests the goal of enterprise; didn't get the cash income, so avoid the tax expenses. With the development of China's stock exchange merger, considering our special permit The stock market background, the stock exchange in the development of our country is divided into three stages: the period of split share structure, period of the non tradable shares reform and full circulation period, combined with the development of each stage of the acquisition of the convertible and the advantages and disadvantages. Finally, starting from the basic theory of the convertible merger theory, based on the review on the basis of the above theory analysis of convertible merger. And use the combination of theory and case study, the real reason for the acquisition of the convertible company and find out the problems. This paper combined with the theory and actual each other, in order to summarize the general reason for the acquisition of the convertible and to propose the existence problem. For the acquisition of the convertible the reasons of M & A and problems in the process of this research, improve the relevant policies and regulations, promote the convertible merger has certain theoretical and practical significance in the use of our country.

【學位授予單位】：河北師范大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51

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