RK公司并購SY公司虧損資產(chǎn)包的交易設(shè)計研究
發(fā)布時間：2018-12-13 21:37
【摘要】：縱觀全球經(jīng)濟發(fā)展的趨勢,自20世紀(jì)以來,并購成為了世界經(jīng)濟生活中重要的組成部分之一,歐美作為經(jīng)濟發(fā)達國家,其并購的歷史也從最早期的規(guī)模擴張為目的的并購,逐步發(fā)展出了縱向并購、多元化并購以及核心戰(zhàn)略競爭力強化的不同階段,而并購的方式也從最初的自有資金并購,傳統(tǒng)借貸并購發(fā)展到了多元融資結(jié)構(gòu)的杠桿并購。國內(nèi)的并購自2014年以來得到了顯著的發(fā)展,在并購數(shù)量、并購規(guī)模上不斷翻升,在并購方式上也隨著國內(nèi)金融體系的健全不斷創(chuàng)新。但是國內(nèi)外學(xué)者的對于并購的研究主要集中在優(yōu)質(zhì)資產(chǎn)之間,對于虧損資產(chǎn)并購研究極少,且有限的不良資產(chǎn)并購研究主要集中在金融機構(gòu)的不良資產(chǎn),而對于非金融機構(gòu)的不良資產(chǎn)并購鮮有研究。實際上,由于經(jīng)濟轉(zhuǎn)型、產(chǎn)能過剩等種種原因,國內(nèi)大量的虧損企業(yè)被忽視,國有虧損企業(yè)由于其主要的債務(wù)由銀行承擔(dān),銀行不得不面對債轉(zhuǎn)股的尷尬。非金融機構(gòu)的不良資產(chǎn)并購正在面臨并購的黃金周期。本文以RK集團通過下屬KW基金以契約型基金的形式并購SY集團部分不良資產(chǎn)(虧損資產(chǎn)是不良資產(chǎn)的一類)的并購策略制定及實施過程作為研究對象,結(jié)合并購相關(guān)理論,對該類并購的標(biāo)的選擇標(biāo)準(zhǔn),策略原則進行了剖析,并進行提煉和歸納,在本文中,筆者通過采取對比研究法和邏輯歸納,結(jié)合本案例的研究和國內(nèi)外的案例的對比分析,對該類并購的并購策略中的關(guān)鍵控制要點進行了明確。本文主要的創(chuàng)新點為:首先明確了該類可并購不良資產(chǎn)的特性,其次對并購過程中的包括交易動機、融資結(jié)構(gòu)等相關(guān)系統(tǒng)的策略原則進行了闡述,最后對項目的退出策略提出了自己的判斷標(biāo)準(zhǔn)。本文試圖為具有特定稟賦的并購基金或者企業(yè)通過協(xié)同不良資產(chǎn)的低估優(yōu)勢,以合理的并購形式獲得雙贏提供了一種有效的、相對具體的判斷標(biāo)準(zhǔn)。希望本案例的研究能對今后國內(nèi)企業(yè)并購虧損或者低估資產(chǎn)提供一定的借鑒意義。一方面,可以通過以較低的價格并購具有核心競爭力的不良資產(chǎn)或者被低估資產(chǎn),實現(xiàn)主并購企業(yè)的快速規(guī)模擴張或者財務(wù)投資的實現(xiàn)的同時有效的盤活不良資產(chǎn),另一方嘗試為該類的并購在實務(wù)的層面總結(jié)出具有一定指導(dǎo)意義的,具有可操作性的判斷標(biāo)準(zhǔn)及操作策略,提高相關(guān)并購的成功率。從而實現(xiàn)資源和資產(chǎn)的合理整合,為經(jīng)濟轉(zhuǎn)型中的企業(yè)并購及盤活提供一種全新的發(fā)展思維。
[Abstract]:Throughout the global economic development trend, since the 20th century, M & A has become an important part of the world economic life, Europe and the United States as an economic developed country, its M & A history from the earliest expansion of the scale of the purpose of M & A. Gradually developed vertical mergers and acquisitions, diversified mergers and acquisitions as well as the core strategic competitiveness of different stages, and mergers and acquisitions from the initial own funds M & A, traditional lending M & A developed to the multiple financing structure of leveraged mergers and acquisitions. Domestic M & A has made remarkable development since 2014. The quantity and scale of M & A have been increasing and the way of M & A has been innovated with the sound of domestic financial system. However, the research on M & A by domestic and foreign scholars is mainly focused on the high-quality assets, and on the loss assets M & A, and the limited research on the non-performing assets M & A mainly focuses on the non-performing assets of the financial institutions. However, there is little research on non-financial institutions' non-performing assets merger and acquisition. In fact, due to economic transformation, overcapacity and other reasons, a large number of loss-making enterprises in China have been neglected, and state-owned loss-making enterprises have to face the embarrassment of debt-to-equity swap because their main debts are borne by banks. M & A of non-financial institutions is facing the golden cycle of M & A. This paper takes the M & A strategy formulation and implementation process of RK Group through its subordinated KW Fund as the form of contractual fund to acquire some non-performing assets of SY Group (loss-making assets is a kind of non-performing assets) as the research object, combined with the relevant theory of M & A. In this paper, the author adopts comparative research method and logic induction, combined with the case study and the comparative analysis of domestic and foreign cases. The key control points in M & A strategy of this kind of M & A are clarified. The main innovation points of this paper are as follows: firstly, the characteristics of this kind of non-performing assets are defined, and then the strategic principles of related systems, such as transaction motivation, financing structure and so on, are expounded in the process of M & A. Finally, the project exit strategy put forward their own criteria. This paper attempts to provide an effective and relatively specific judgment standard for M & A funds or enterprises with specific endowment to obtain a win-win situation in the form of reasonable M & A through the undervalued advantage of synergetic non-performing assets. It is hoped that this case study can provide some reference for domestic enterprises in the future M & A losses or undervalued assets. On the one hand, through the acquisition of non-performing assets with core competitiveness or undervalued assets at a relatively low price, the main M & A enterprises can achieve rapid expansion of scale or the realization of financial investment, while effectively invigorating non-performing assets. The other side tries to sum up some guiding criteria and operational strategies for this kind of M & A in practice to improve the success rate of M & A. So as to realize the rational integration of resources and assets and provide a new development thinking for the M & A and revitalization of enterprises in the economic transformation.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F299.233.4;F271
本文編號：2377283
[Abstract]:Throughout the global economic development trend, since the 20th century, M & A has become an important part of the world economic life, Europe and the United States as an economic developed country, its M & A history from the earliest expansion of the scale of the purpose of M & A. Gradually developed vertical mergers and acquisitions, diversified mergers and acquisitions as well as the core strategic competitiveness of different stages, and mergers and acquisitions from the initial own funds M & A, traditional lending M & A developed to the multiple financing structure of leveraged mergers and acquisitions. Domestic M & A has made remarkable development since 2014. The quantity and scale of M & A have been increasing and the way of M & A has been innovated with the sound of domestic financial system. However, the research on M & A by domestic and foreign scholars is mainly focused on the high-quality assets, and on the loss assets M & A, and the limited research on the non-performing assets M & A mainly focuses on the non-performing assets of the financial institutions. However, there is little research on non-financial institutions' non-performing assets merger and acquisition. In fact, due to economic transformation, overcapacity and other reasons, a large number of loss-making enterprises in China have been neglected, and state-owned loss-making enterprises have to face the embarrassment of debt-to-equity swap because their main debts are borne by banks. M & A of non-financial institutions is facing the golden cycle of M & A. This paper takes the M & A strategy formulation and implementation process of RK Group through its subordinated KW Fund as the form of contractual fund to acquire some non-performing assets of SY Group (loss-making assets is a kind of non-performing assets) as the research object, combined with the relevant theory of M & A. In this paper, the author adopts comparative research method and logic induction, combined with the case study and the comparative analysis of domestic and foreign cases. The key control points in M & A strategy of this kind of M & A are clarified. The main innovation points of this paper are as follows: firstly, the characteristics of this kind of non-performing assets are defined, and then the strategic principles of related systems, such as transaction motivation, financing structure and so on, are expounded in the process of M & A. Finally, the project exit strategy put forward their own criteria. This paper attempts to provide an effective and relatively specific judgment standard for M & A funds or enterprises with specific endowment to obtain a win-win situation in the form of reasonable M & A through the undervalued advantage of synergetic non-performing assets. It is hoped that this case study can provide some reference for domestic enterprises in the future M & A losses or undervalued assets. On the one hand, through the acquisition of non-performing assets with core competitiveness or undervalued assets at a relatively low price, the main M & A enterprises can achieve rapid expansion of scale or the realization of financial investment, while effectively invigorating non-performing assets. The other side tries to sum up some guiding criteria and operational strategies for this kind of M & A in practice to improve the success rate of M & A. So as to realize the rational integration of resources and assets and provide a new development thinking for the M & A and revitalization of enterprises in the economic transformation.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F299.233.4;F271
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