本文選題：并購基金　切入點(diǎn)：杠桿收購　出處：《中國社會科學(xué)院研究生院》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：國內(nèi)并購基金處于發(fā)展階段，其歷史不超過10年。證監(jiān)會于2012年提出大力發(fā)展券商并購基金的工作目標(biāo)，引起了市場對并購基金發(fā)展的關(guān)注。 在國外市場，并購基金主要從事杠桿收購。杠桿收購的根源可以追溯到二十世紀(jì)初在歐洲就存在的“鞋帶交易”。杠桿收購的特點(diǎn)在于，并購基金在整個(gè)收購價(jià)格中僅支付較少部分資金；并購基金以目標(biāo)企業(yè)的資產(chǎn)和未來現(xiàn)金流作為抵押，向銀行、保險(xiǎn)等金融機(jī)構(gòu)融資。并購基金在收購企業(yè)的同時(shí)，要求目標(biāo)企業(yè)的管理層購買部分企業(yè)股權(quán),由此將整個(gè)公司的債務(wù)約束傳遞至目標(biāo)企業(yè)的管理層。并購基金控制董事會，，以監(jiān)督管理層；利用債務(wù)融資與管理層持股完成對管理層的激勵與約束。 并購基金利用杠桿收購創(chuàng)造財(cái)富的過程中，常常涉及目標(biāo)公司資產(chǎn)的剝離、業(yè)務(wù)重組以及人員解雇等事件，從而引發(fā)社會公眾關(guān)于并購基金獲利是否道德等類似疑慮。學(xué)術(shù)以及實(shí)證研究均表明，杠桿收購本身并不顯著破壞被收購公司的利益。事實(shí)上，杠桿收購需要并購基金專注于長期改善企業(yè)的經(jīng)營狀況，從而實(shí)現(xiàn)高效的投資變現(xiàn)。從著名并購基金凱雷集團(tuán)收購美國租車企業(yè)赫茲，提高該公司運(yùn)營水平、改善資本結(jié)構(gòu)并將其成功推動上市的案例中可以看到并購基金創(chuàng)造價(jià)值的過程。 國內(nèi)并購市場近幾年發(fā)展迅速，然而,國內(nèi)并購基金卻沒有得到相應(yīng)的發(fā)展。國內(nèi)產(chǎn)業(yè)發(fā)展環(huán)境與金融發(fā)展環(huán)境現(xiàn)實(shí)條件限制了國內(nèi)并購基金的成長。國內(nèi)企業(yè)并購普遍處于橫向、縱向并購階段，并購的主角仍然是企業(yè)本身。完全獨(dú)立于產(chǎn)業(yè)的并購基金在國內(nèi)并不存在。資產(chǎn)轉(zhuǎn)讓市場的不發(fā)達(dá)也是限制并購基金發(fā)展的一個(gè)重要原因。同時(shí)，限制國內(nèi)并購基金發(fā)展的另一個(gè)主要因素是國內(nèi)缺少對并購、尤其是杠桿并購有效的資金支持。國內(nèi)的金融法規(guī)對并購融資仍然存在顯著的限制。 券商發(fā)展并購基金具有一定的優(yōu)勢。例如，券商處于資本市場的核心，在交易信息的獲取方面擁有天然的優(yōu)勢。同時(shí)，券商投資銀行業(yè)務(wù)也為并購基金儲備了大量的人才。未來券商通過業(yè)務(wù)創(chuàng)新，將發(fā)行多種融資產(chǎn)品，可滿足部分并購交易的融資需求。然而，在目前國內(nèi)環(huán)境下，券商發(fā)展并購基金也需要面對現(xiàn)實(shí)，適合并購基金并購的標(biāo)的資產(chǎn)市場仍然處于初始階段，國內(nèi)法規(guī)允許并購交易發(fā)生的行業(yè)也存在限制。因此，在券商并購基金發(fā)展的起步階段，券商應(yīng)該學(xué)習(xí)、模仿國內(nèi)并購基金的成功經(jīng)驗(yàn)。國企改制、協(xié)助行業(yè)龍頭企業(yè)產(chǎn)業(yè)整合等都是券商并購基金可關(guān)注的商業(yè)機(jī)會。在逐漸積累并購經(jīng)驗(yàn)之后，券商并購基金可將并購交易拓寬至海外市場，無論是產(chǎn)業(yè)并購還是復(fù)雜的杠桿收購，都是券商并購基金可以實(shí)現(xiàn)的運(yùn)作模式。
[Abstract]:Domestic M & A fund is in the development stage, its history is not more than 10 years. In 2012, CSRC put forward the work goal of developing securities firm M & A fund, which caused the market to pay attention to the development of M & A fund. In foreign markets, M & A funds are mainly involved in leveraged buyouts. The roots of leveraged buyouts can be traced back to the "shoelace trade" that existed in Europe in early 20th century. M & A funds pay only a small portion of the total purchase price; the M & A funds use the assets and future cash flows of the target enterprise as collateral to finance banks, insurance and other financial institutions. The management of the target enterprise is required to purchase part of the stock right of the enterprise, thus the debt constraint of the whole company is transferred to the management of the target enterprise, and the M & A fund controls the board of directors in order to supervise the management; Using debt financing and management ownership to complete the incentive and constraints to the management. In the process of using leveraged buyouts to create wealth, M & A funds often involve the divestiture of the assets of the target company, the reorganization of the business and the dismissal of personnel, etc. Academic and empirical studies show that LBO itself does not significantly undermine the interests of the acquired company. Leveraged buyouts require M & A funds to focus on long-term improvements in the performance of their businesses in order to achieve efficient investment realisation. The acquisition of Hertz, a US car rental company, from Carlyle Group, a well-known M & A fund, has raised the company's operating level. The process of creating value for M & A funds can be seen in the case of improving capital structure and successfully promoting listing. The domestic M & A market has developed rapidly in recent years, however, However, the domestic M & A fund has not been developed correspondingly. The domestic industrial development environment and the financial development environment have restricted the growth of domestic M & A fund. The domestic enterprise M & A is generally in horizontal and vertical M & A stage. The main role of M & A is still the enterprise itself. M & A funds, which are completely independent of industry, do not exist in China. The underdevelopment of the asset transfer market is also an important reason for restricting the development of M & A funds. Another major factor limiting the development of domestic M & A funds is the lack of effective financial support for M & A, especially leveraged M & A. domestic financial regulations still have significant restrictions on M & A financing. Security firms have certain advantages in developing M & A funds. For example, securities firms are at the core of the capital market and have a natural advantage in obtaining trading information. At the same time, The investment banking business of securities firms also reserves a large number of talents for M & A funds. In the future, brokers will issue a variety of financing products through business innovation, which can meet the financing needs of some M & A transactions. However, in the current domestic environment, The market of underlying assets suitable for M & A fund M & A is still in its initial stage, and there are also restrictions on the industries in which M & A transactions are permitted by domestic laws and regulations. In the initial stage of the development of securities firms'M & A funds, securities firms should learn and imitate the successful experiences of domestic M & A funds. Assisting the leading enterprises in the industry, such as industrial integration, is a business opportunity for securities companies to pay close attention to M & A funds. After gradually accumulating experiences in mergers and acquisitions, brokerage M & A funds can expand their M & A transactions to overseas markets. Both industrial M & A and complex leveraged buyouts are the operational modes that can be realized by brokerage M & A funds.
【學(xué)位授予單位】：中國社會科學(xué)院研究生院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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