本文選題：融資方式 + 信托融資��； 參考：《北京交通大學(xué)》2014年碩士論文

【摘要】：摘要：并購是企業(yè)資源重新配置的重要方式,對活躍市場經(jīng)濟(jì),提高產(chǎn)業(yè)集中度具有重要的作用。中國企業(yè)要想提高自身的競爭力,通過并購重組做大做強(qiáng)是非常有效的途徑,同時(shí)并購也是中國企業(yè)進(jìn)軍海外市場的重要途徑,中國經(jīng)濟(jì)的發(fā)展即將迎來一輪并購浪潮。財(cái)務(wù)領(lǐng)域中關(guān)于并購的研究更多集中于并購后的整合、支付方式與并購績效等方面,對并購成功的關(guān)鍵要素融資能力有所忽視。企業(yè)并購需要巨額的資金支持,但在我國,很多企業(yè)由于無法及時(shí)籌集到足夠的資金而放棄最終的收購。企業(yè)面臨的融資瓶頸既有自身的原因,也與我國企業(yè)的融資渠道不暢有關(guān)。在我國現(xiàn)行的金融環(huán)境下,企業(yè)普遍面臨“融資難、融資貴”的問題,并購融資更加困難,并購融資不僅需要考慮融資規(guī)模,還需要考慮融資速度、融資成本等方面。 2007年,隨著“新兩規(guī)”的頒布,中國的信托業(yè)得到了飛速的發(fā)展,并逐步走上了并購重組的舞臺。信托公司憑借著“混業(yè)經(jīng)營”的制度優(yōu)勢和強(qiáng)大的資金基礎(chǔ),在并購融資中開始發(fā)揮重要的作用。本文采用了對比研究的方法,將信托融資方式與并購貸款、債券融資和股票融資進(jìn)行比較,并深入進(jìn)行了案例層面的對比研究,來探討信托參與并購融資的競爭力,致力于解決我國企業(yè)面臨的并購融資難題,提高我國并購市場的活躍度。案例研究部分采用了排序打分的方法,對四種不同融資方式下的并購案例按照設(shè)計(jì)的指標(biāo)分別進(jìn)行排序打分,最后進(jìn)行綜合得出結(jié)論。文章認(rèn)為,信托融資方式在并購融資中具有一定的優(yōu)勢,尤其表現(xiàn)在抵押擔(dān)保靈活性、發(fā)行手續(xù)費(fèi)低、能夠提高并購隱蔽性等方面。
[Abstract]:Absrtact: M & A is an important way to reconfigure enterprise resources, which plays an important role in activating market economy and improving industrial concentration. If Chinese enterprises want to improve their own competitiveness, it is a very effective way to increase and strengthen by M & A. At the same time, M & A is also an important way for Chinese enterprises to enter the overseas market. The development of Chinese economy is about to ushered in a wave of M & A. The research on M & A in the field of finance focuses on the integration after M & A, the way of payment and the performance of M & A, and neglects the financing ability of the key element of M & A success. M & A needs a huge amount of capital support, but in our country, many enterprises give up the final acquisition because they can not raise enough funds in time. The financing bottleneck faced by enterprises not only has its own reasons, but also has something to do with the poor financing channels of Chinese enterprises. In the current financial environment of our country, enterprises generally face the problem of "financing difficult, financing expensive", M & A financing is more difficult, M & A financing not only needs to consider the scale of financing, but also need to consider financing speed, financing cost and other aspects. In 2007, with the promulgation of "two new rules", the trust industry of China developed rapidly and gradually stepped onto the stage of merger and acquisition. Depending on the system advantage and strong capital foundation of "mixed operation", trust companies begin to play an important role in M & A financing. This paper compares trust financing with M & A loan, bond financing and stock financing, and makes a case study in order to explore the competitiveness of trust participation in M & A financing. It is committed to solve the problem of M & A financing faced by Chinese enterprises and to improve the activity of M & A market in China. In the part of case study, the method of ranking and scoring is adopted, and the M & A cases under four different financing methods are ranked according to the designed index, and finally the conclusion is drawn. The paper holds that the trust financing method has some advantages in M & A financing, especially in the aspects of flexibility of mortgage guarantee, low issue fee, and the ability to improve the concealment of M & A.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F271;F275;F832.49

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