發(fā)布時(shí)間：2018-03-07 03:16

  本文選題：杠桿收購(gòu)融資　切入點(diǎn)：優(yōu)先權(quán)債務(wù)融資　出處：《新疆大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：經(jīng)過(guò)五次并購(gòu)大浪潮的檢驗(yàn)，并購(gòu)在企業(yè)整合上所表現(xiàn)出的力量和作用，是重組、分拆等方式所不能望其項(xiàng)背的，但是并購(gòu)融資的實(shí)現(xiàn)渠道和方法限制了并購(gòu)的發(fā)展。并購(gòu)對(duì)資金的需求量大，要求企業(yè)有雄厚的資金基礎(chǔ)，否則，一切都無(wú)從開(kāi)展。杠桿收購(gòu)的出現(xiàn)為企業(yè)沖破并購(gòu)的資金瓶頸找到了新的方法，拓寬了并購(gòu)渠道，將并購(gòu)?fù)葡蛄诵碌母叱薄?杠桿收購(gòu)就是充分利用資金的杠桿作用，企業(yè)用自身少量的資本，通過(guò)舉債融資來(lái)加強(qiáng)杠桿作用，完成對(duì)大目標(biāo)公司的收購(gòu)。在收購(gòu)中債務(wù)和股本的比例就是融資結(jié)構(gòu)。杠桿收購(gòu)融資就是要解決企業(yè)的融資結(jié)構(gòu)和資金的來(lái)源問(wèn)題，不同的融資結(jié)構(gòu)決定了企業(yè)未來(lái)的發(fā)展?jié)摿拓?cái)務(wù)負(fù)擔(dān)，關(guān)系著杠桿收購(gòu)的成敗。 本文對(duì)杠桿收購(gòu)的融資方式進(jìn)行了分析，將各種可利用融資方式的優(yōu)勢(shì)與不足作了闡述，通過(guò)加權(quán)平均的方法對(duì)杠桿融資的資金成本進(jìn)行了簡(jiǎn)單模型分析，，通過(guò)利率、稅率對(duì)資金成本的影響，定向分析了影響融資成本的因素和降低成本的方法。由于受到法律法規(guī)的限制，西方杠桿收購(gòu)融資方式在中國(guó)無(wú)法進(jìn)行操作，本文通過(guò)國(guó)內(nèi)典型的杠桿收購(gòu)案例分析，歸納出了目前我國(guó)適用的變通杠桿融資渠道。同時(shí)通過(guò)借鑒金融租賃的模式，提出了租憑方式的杠桿融資模式。
[Abstract]:After testing the five waves of mergers and acquisitions, the strength and role shown by mergers and acquisitions in the integration of enterprises are beyond the reach of the methods of reorganization and separation. However, the channels and methods of realizing M & A financing restrict the development of M & A. M & A has a large demand for capital and requires enterprises to have a strong capital base, otherwise, The emergence of leveraged buyouts (LBO) has found a new way for enterprises to break through the capital bottleneck of M & A, widen the channels of M & A, and push M & A to a new climax. Leveraged buy-out is to make full use of the leverage of funds. Enterprises use a small amount of their own capital to enhance their leverage through borrowing and financing. To complete the acquisition of a large target company. The debt to equity ratio in the acquisition is the financing structure. Leveraged buy-out financing is to solve the financing structure of the enterprise and the source of funds. Different financing structure determines the future development potential and financial burden of enterprises, and relates to the success or failure of LBO. This paper analyzes the financing methods of leveraged buyouts, expounds the advantages and disadvantages of various available financing methods, analyzes the capital cost of leveraged financing by weighted average method, and analyzes the cost of leveraged financing by interest rate. The influence of tax rate on the cost of capital is analyzed, and the factors that affect the cost of financing and the methods to reduce the cost are analyzed. Due to the restriction of laws and regulations, the western leveraged buy-out financing method can not be operated in China. Based on the analysis of domestic typical leveraged buy-out cases, this paper sums up the suitable alternative leveraged financing channels in our country, and puts forward the leveraged financing mode of leasehold by using the model of financial lease for reference at the same time.
【學(xué)位授予單位】：新疆大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F275;F832.51

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本文編號(hào)：1577700