中航信托參與華成燃?xì)獠①彴咐治?/H1>
發(fā)布時(shí)間：2018-08-03 11:05
【摘要】：我國信托公司近年來為了突破傳統(tǒng)業(yè)務(wù)模式,積極探索業(yè)務(wù)創(chuàng)新,形成了信托公司參與并購業(yè)務(wù)、信貸資產(chǎn)證券化業(yè)務(wù)、家族財(cái)富管理業(yè)務(wù)等新趨勢。企業(yè)并購業(yè)務(wù)作為信托公司大力開拓的新方向之一,有著巨大的市場空間和市場前景。本文從信托公司的角度,以案例分析的形式,探討了信托參與企業(yè)并購業(yè)務(wù)的模式和成效,對其中存在的一些問題提出了解決辦法和政策建議。本文第一部分介紹了信托與并購的背景知識,對我國信托業(yè)的發(fā)展現(xiàn)狀和創(chuàng)新趨勢做了梳理,并對既有研究成果做了歸納,發(fā)現(xiàn)信托參與企業(yè)并購有著政策、操作、資金等優(yōu)勢,對幾種信托參與企業(yè)并購模式做了重點(diǎn)闡述,分別是自身收購模式、債權(quán)融資模式、股權(quán)融資模式和主動管理模式。第二部分詳細(xì)介紹了中航信托入股華成燃?xì)獠①彴?對并購案例交易方做了簡介,深度挖掘了案例的交易結(jié)構(gòu)和交易流程,對交易合同中的重要細(xì)節(jié)進(jìn)行了提煉整理,對整個(gè)并購實(shí)施過程和退出過程做了完整闡述。第三部分分析了案例發(fā)生的動因,對案例交易模式中的嵌套有限合伙和嵌套殼公司行為進(jìn)行了深入考究,對中航信托在并購案例中獲得的階段性投資成果做了判定。在并購成果分析中發(fā)現(xiàn),這種信托股權(quán)融資并購模式為企業(yè)快速籌集到了所需資金,信托公司依托自身優(yōu)勢參與企業(yè)并購活動,在拓展創(chuàng)新業(yè)務(wù)的同時(shí),也實(shí)現(xiàn)了信托公司與企業(yè)之間互利共贏。第四部分探討了案例的幾點(diǎn)不足之處,包括優(yōu)先股股利支付風(fēng)險(xiǎn)、優(yōu)先股估值折價(jià)風(fēng)險(xiǎn)、信托產(chǎn)品風(fēng)險(xiǎn)收益不匹配、主動管理能力欠缺,對不足之處進(jìn)行了完善,例如增加優(yōu)先股股利擔(dān)保方、重新估算權(quán)益退出價(jià)值、優(yōu)化信托產(chǎn)品風(fēng)險(xiǎn)收益匹配度、優(yōu)化華成燃?xì)夤局卫斫Y(jié)構(gòu)。本文最后總結(jié)了以上內(nèi)容,并在對信托公司參與企業(yè)并購的啟示建議中,給出了完善信托監(jiān)管制度、建設(shè)全國性信托產(chǎn)品轉(zhuǎn)讓系統(tǒng)、提升信托公司主動管理水平的建議。
[Abstract]:In recent years, in order to break through the traditional business model and actively explore business innovation, trust companies have formed a new trend of participating in M & A business, credit asset securitization business, family wealth management business and so on. As one of the new directions of trust companies, M & A has great market space and prospect. From the point of view of trust company, this paper discusses the mode and effect of trust participation in M & A in the form of case study, and puts forward some solutions and policy suggestions. The first part of this paper introduces the background knowledge of trust and M & A, combs the status quo and innovation trend of trust industry in China, and summarizes the existing research results, and finds that trust participation in M & A has policies and operations. Capital and other advantages, this paper focuses on several kinds of trust participating enterprise M & A mode, which are their own acquisition mode, debt financing mode, equity financing mode and active management mode. In the second part, the author introduces in detail the case of CNAC Trust's acquisition of Huacheng Gas, introduces the parties involved in the merger and acquisition case, excavates deeply the transaction structure and process of the case, and refines and collates the important details in the transaction contract. The whole process of implementation of M & A and the process of withdrawal have been fully elaborated. The third part analyzes the causes of the case, makes a thorough study on the behavior of nested limited partnership and nested shell company in the case trading model, and makes a judgment on the phased investment results obtained by the China Aviation Trust in the M & A cases. In the analysis of M & A results, it is found that this kind of trust equity financing M & A mode can quickly raise the required funds for enterprises, and trust companies participate in M & A activities by relying on their own advantages, while expanding innovative business. It also realizes mutual benefit between trust company and enterprise. The fourth part discusses several deficiencies of the case, including preferred stock dividend payment risk, preference stock valuation discount risk, trust product risk income mismatch, lack of active management ability. For example, increase preferred stock dividend guarantee party, reestimate equity exit value, optimize trust product risk income matching degree, optimize governance structure of Huacheng Gas Company. Finally, this paper summarizes the above contents, and gives some suggestions on how to perfect the trust supervision system, build a nationwide trust product transfer system and promote the active management level of trust companies in the enlightening suggestions for trust companies to participate in mergers and acquisitions.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.39;F271;F299.24
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 陳眾;李爽;;“泛資產(chǎn)管理”框架下信托公司介入并購的模式研究[J];現(xiàn)代管理科學(xué);2015年11期
2 崔繼培;;信托轉(zhuǎn)型新機(jī)遇——信托介入并購的六種形式[J];金融市場研究;2014年05期
3 陳偉男;;議信托機(jī)制對我國國有企業(yè)管理層收購的適用性[J];北方經(jīng)濟(jì);2012年18期
4 王潤華;;信托參與管理層收購后相關(guān)各方收益和風(fēng)險(xiǎn)分析[J];財(cái)會研究;2011年07期
5 周云;;試析企業(yè)管理層收購中的信托融資[J];江西社會科學(xué);2010年06期
6 吳斌忠;施放;;基于信托的MBO運(yùn)作模式研究[J];現(xiàn)代經(jīng)濟(jì)(現(xiàn)代物業(yè)下半月刊);2009年08期
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相關(guān)會議論文 前1條
1 羅靖;陶斐斐;;2014年信托公司年報(bào)分析之六:創(chuàng)新業(yè)務(wù)篇[A];2014年信托公司年報(bào)分析[C];2015年
相關(guān)碩士學(xué)位論文 前7條
1 陳琛;信托在企業(yè)并購融資中的應(yīng)用分析[D];江西財(cái)經(jīng)大學(xué);2016年
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3 呂延杰;信托在企業(yè)并購融資中的應(yīng)用研究[D];山東財(cái)經(jīng)大學(xué);2014年
4 宋曉金;信托參與并購融資的競爭力研究[D];北京交通大學(xué);2014年
5 程熹;我國信托型私募股權(quán)基金制度困境及完善研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2014年
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，
本文編號：2161549
本文鏈接：http://sikaile.net/jingjilunwen/huobiyinxinglunwen/2161549.html
[Abstract]:In recent years, in order to break through the traditional business model and actively explore business innovation, trust companies have formed a new trend of participating in M & A business, credit asset securitization business, family wealth management business and so on. As one of the new directions of trust companies, M & A has great market space and prospect. From the point of view of trust company, this paper discusses the mode and effect of trust participation in M & A in the form of case study, and puts forward some solutions and policy suggestions. The first part of this paper introduces the background knowledge of trust and M & A, combs the status quo and innovation trend of trust industry in China, and summarizes the existing research results, and finds that trust participation in M & A has policies and operations. Capital and other advantages, this paper focuses on several kinds of trust participating enterprise M & A mode, which are their own acquisition mode, debt financing mode, equity financing mode and active management mode. In the second part, the author introduces in detail the case of CNAC Trust's acquisition of Huacheng Gas, introduces the parties involved in the merger and acquisition case, excavates deeply the transaction structure and process of the case, and refines and collates the important details in the transaction contract. The whole process of implementation of M & A and the process of withdrawal have been fully elaborated. The third part analyzes the causes of the case, makes a thorough study on the behavior of nested limited partnership and nested shell company in the case trading model, and makes a judgment on the phased investment results obtained by the China Aviation Trust in the M & A cases. In the analysis of M & A results, it is found that this kind of trust equity financing M & A mode can quickly raise the required funds for enterprises, and trust companies participate in M & A activities by relying on their own advantages, while expanding innovative business. It also realizes mutual benefit between trust company and enterprise. The fourth part discusses several deficiencies of the case, including preferred stock dividend payment risk, preference stock valuation discount risk, trust product risk income mismatch, lack of active management ability. For example, increase preferred stock dividend guarantee party, reestimate equity exit value, optimize trust product risk income matching degree, optimize governance structure of Huacheng Gas Company. Finally, this paper summarizes the above contents, and gives some suggestions on how to perfect the trust supervision system, build a nationwide trust product transfer system and promote the active management level of trust companies in the enlightening suggestions for trust companies to participate in mergers and acquisitions.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.39;F271;F299.24
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 陳眾;李爽;;“泛資產(chǎn)管理”框架下信托公司介入并購的模式研究[J];現(xiàn)代管理科學(xué);2015年11期
2 崔繼培;;信托轉(zhuǎn)型新機(jī)遇——信托介入并購的六種形式[J];金融市場研究;2014年05期
3 陳偉男;;議信托機(jī)制對我國國有企業(yè)管理層收購的適用性[J];北方經(jīng)濟(jì);2012年18期
4 王潤華;;信托參與管理層收購后相關(guān)各方收益和風(fēng)險(xiǎn)分析[J];財(cái)會研究;2011年07期
5 周云;;試析企業(yè)管理層收購中的信托融資[J];江西社會科學(xué);2010年06期
6 吳斌忠;施放;;基于信托的MBO運(yùn)作模式研究[J];現(xiàn)代經(jīng)濟(jì)(現(xiàn)代物業(yè)下半月刊);2009年08期
7 尹曠怡;;信托在中國管理層收購中應(yīng)用淺析[J];華北金融;2008年08期
8 周鮮華,田金信,周愛民;上市公司并購融資的問題及發(fā)展策略[J];商業(yè)研究;2005年11期
9 馬亞明;發(fā)揮信托在收購業(yè)務(wù)中的綜合優(yōu)勢[J];經(jīng)濟(jì)導(dǎo)刊;2004年09期
10 操仲春,張河壯;產(chǎn)權(quán)、所有權(quán)安排與融資偏好[J];中央財(cái)經(jīng)大學(xué)學(xué)報(bào);2004年04期
相關(guān)會議論文 前1條
1 羅靖;陶斐斐;;2014年信托公司年報(bào)分析之六:創(chuàng)新業(yè)務(wù)篇[A];2014年信托公司年報(bào)分析[C];2015年
相關(guān)碩士學(xué)位論文 前7條
1 陳琛;信托在企業(yè)并購融資中的應(yīng)用分析[D];江西財(cái)經(jīng)大學(xué);2016年
2 潘澤東;并購資金來源對并購績效的影響[D];浙江大學(xué);2016年
3 呂延杰;信托在企業(yè)并購融資中的應(yīng)用研究[D];山東財(cái)經(jīng)大學(xué);2014年
4 宋曉金;信托參與并購融資的競爭力研究[D];北京交通大學(xué);2014年
5 程熹;我國信托型私募股權(quán)基金制度困境及完善研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2014年
6 馬志博;我國民營企業(yè)的并購融資方式研究[D];北京交通大學(xué);2009年
7 馬海娜;我國管理層收購信托融資的法律問題研究[D];廈門大學(xué);2009年
，本文編號：2161549
本文鏈接：http://sikaile.net/jingjilunwen/huobiyinxinglunwen/2161549.html
