并購重組中融資問題的研究
發(fā)布時間：2018-03-02 06:10
本文關(guān)鍵詞： 并購市場 杠桿收購 并購基金 高收益?zhèn)?/strong> 出處：《上海交通大學》2012年碩士論文 論文類型：學位論文
【摘要】：并購作為企業(yè)融資來源和資源有效配置的手段之一，在近些年的經(jīng)濟社會發(fā)展中起到越來越重要的作用。在國家促進企業(yè)并購重組及十二五規(guī)劃產(chǎn)業(yè)整合的政策支持下，并購將成為下一個中國經(jīng)濟快速發(fā)展浪潮的主要特征之一。相比于國外并購市場，國內(nèi)并購無論是在并購規(guī)模、成熟度，還是資金配套，相關(guān)法律環(huán)境體系方面都還有待成熟。本文系統(tǒng)的分析了國外并購市場，結(jié)合了其發(fā)展的經(jīng)驗及中國目前的實際情況，，歸納了中國并購市場存在的問題，并總結(jié)出并購資金來源是當前該行業(yè)發(fā)展的主要瓶頸。在當前的中國經(jīng)濟發(fā)展形勢下，通過各方面的支持推出并購基金將能促進并購行業(yè)的極大發(fā)展。 本文首先梳理了并購中常用的概念及文獻綜述，界定了杠桿收購、債務型融資、并購基金相關(guān)概念，然后總結(jié)分析了中西并購市場發(fā)展的狀況；后一部分探討了并購基金在中國沒有廣泛形成的原因，并根據(jù)目前現(xiàn)狀對各方共同推出并購基金提供了相關(guān)的建議。作者希望通過本文的研究，使大家對中國并購市場及并購基金的發(fā)展有一個清晰的認識，并能對我國從事并購的業(yè)內(nèi)人士提供有益的幫助。
[Abstract]:M & A, as one of the effective means of financing and resource allocation, plays a more and more important role in the economic and social development in recent years. With the support of the national policy of promoting the merger and reorganization of enterprises and the industrial integration of the 12th Five-Year Plan, M & A plays a more and more important role in the economic and social development. M & A will become one of the main characteristics of the next wave of rapid economic development in China. Compared with the foreign M & A market, domestic M & A is not only in M & A scale, but also in maturity and capital matching. The related legal environment system is still to be mature. This paper systematically analyzes the foreign M & A market, combined with its development experience and China's current actual situation, summarizes the existing problems in the Chinese M & A market. It is concluded that the source of M & A funds is the main bottleneck of the current development of the industry. Under the current situation of China's economic development, the introduction of M & A funds through various aspects of support will promote the development of M & A industry. This paper firstly combs the commonly used concepts and literature reviews in M & A, defines the concepts of leveraged buy-out, debt financing and M & A fund, and then summarizes and analyzes the development of M & A market between China and the West. The latter part discusses the reasons why M & A funds have not been widely formed in China, and provides relevant suggestions for the joint introduction of M & A funds according to the present situation. So that everyone has a clear understanding of the M & A market and the development of M & A funds in China, and can provide beneficial help to the industry engaged in M & A in China.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F271;F832.51
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