發(fā)布時間：2018-01-11 11:10

  本文關(guān)鍵詞：我國并購基金的發(fā)展路徑研究　出處：《云南財經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 私募股權(quán)投資基金 并購基金 發(fā)展模式

【摘要】：現(xiàn)在我國很多行業(yè)產(chǎn)能過剩嚴(yán)重，重復(fù)建設(shè)問題突出，這浪費了我國的資源，污染了環(huán)境，嚴(yán)重威脅著我國經(jīng)濟(jì)的健康發(fā)展。為此，政府提出要在保增長的過程中更加注重推進(jìn)經(jīng)濟(jì)結(jié)構(gòu)調(diào)整，抑制產(chǎn)能過剩，引導(dǎo)產(chǎn)業(yè)健康發(fā)展，有關(guān)部門也連續(xù)出臺了一系列措施來鼓勵企業(yè)兼并重組，支持金融結(jié)構(gòu)參與企業(yè)的并購活動，鼓勵股權(quán)投資基金等其他金融機(jī)構(gòu)參與到并購活動中來，鼓勵券商設(shè)立并購基金。 在過去的一年里，我國也在上演一系列的并購大戲，并購案例數(shù)和并購金額都達(dá)到歷史最高點，并購手法也在不斷翻新，并購技巧、交易架構(gòu)的設(shè)計等方面都有長足的進(jìn)步。隨著并購市場規(guī)模的擴(kuò)大，我國的并購基金也在蓬勃發(fā)展，弘毅投資先聲藥業(yè)、中聯(lián)重科收購意大利CIFA、三一收購德國普茨邁斯特、吉利收購沃爾沃、山東重工收購意大利法拉帝、蒙牛收購現(xiàn)代牧業(yè)，這中間都有我國并購基金的參與。 本土并購基金的發(fā)展對促進(jìn)我國的產(chǎn)業(yè)結(jié)構(gòu)升級、加速企業(yè)兼并重組、推動資本市場的發(fā)展等方面都有重要作用。但是我國的并購基金的發(fā)展程度跟國外著名并購基金相比，在資金規(guī)模、并購手法等方面都還存在較大差距。由于金融環(huán)境、法律條件、產(chǎn)權(quán)制度等方面的約束，我國并購基金運用杠桿收購的難度更大，而且募資渠道狹窄，投資模式還處于摸索階段。 在國內(nèi)學(xué)術(shù)界中，關(guān)于并購基金發(fā)展路徑的理論研究并不多，，如何學(xué)習(xí)國外一流的并購基金成功的經(jīng)驗，如何解決我國并購基金在成長過程中的難題，這些都亟待研究。所以，研究我國并購基金的發(fā)展路徑，可以為我國并購基金的發(fā)展提供理論借鑒。 本文共分為五個部分：第一部分是緒論，介紹選題背景與研究意義、國內(nèi)外研究概況及創(chuàng)新之處等；第二部分采用了定性分析法，介紹并購基金的特點、發(fā)展歷程、理論依據(jù)和組織形式等，并以著名的美國并購基金KKR為例，介紹國外一流并購基金的運作流程；第三部分先分析全球和國內(nèi)并購市場概況，再分析全球及國內(nèi)的并購基金發(fā)展的大致情況，然后介紹我國并購基金的六大派系及我國并購基金發(fā)展的機(jī)遇；第四部分采用案例分析法，分析幾個比較經(jīng)典的我國并購基金成功案例，對其成功發(fā)展路徑進(jìn)行歸納；第五部分分析我國并購基金在發(fā)展中碰到的困難，并提出改進(jìn)建議。
[Abstract]:At present, many industries in China have serious overcapacity and the problem of repeated construction is prominent. This has wasted our resources, polluted the environment and seriously threatened the healthy development of our economy. The government has proposed to pay more attention to promoting economic restructuring, restraining overcapacity and guiding the healthy development of the industry in the process of maintaining growth. The relevant departments have also continuously introduced a series of measures to encourage the merger and reorganization of enterprises. Support financial structure to participate in M & A activities, encourage other financial institutions such as equity investment funds to participate in M & A activities, and encourage securities firms to set up M & A funds. In the past year, China has also staged a series of M & A drama, the number of M & A cases and the amount of M & A have reached the highest point in history. With the expansion of M & A market scale, the M & A fund in China is also booming, Hony investment pioneer pharmaceutical industry, LianLiangke acquisition of Italy CIFA. Sany's acquisition of Germany's Putzmeister, Geely's acquisition of Volvo, Shandong's acquisition of Italy's Faraday and Mengniu's acquisition of modern animal husbandry all involved Chinese M & A funds. The development of local M & A funds will promote the upgrading of China's industrial structure and accelerate the merger and reorganization of enterprises. Promoting the development of capital market plays an important role, but the level of development of M & A funds in China is compared with that of famous M & A funds in foreign countries. Due to the constraints of financial environment, legal conditions, property rights system and so on, it is more difficult for M & A funds in China to use leveraged buyouts, and the channels for raising funds are narrow. The investment model is still in the groping stage. In the domestic academic circles, there are few theoretical studies on the development path of M & A funds. How to learn from the successful experiences of foreign first-class M & A funds and how to solve the problems in the process of the growth of M & A funds in China. Therefore, studying the development path of M & A funds in China can provide theoretical reference for the development of M & A funds in China. This paper is divided into five parts: the first part is an introduction, introducing the background and significance of the topic, the domestic and foreign research situation and innovation; The second part uses the qualitative analysis method, introduces the characteristics, the development course, the theory basis and the organization form of the M & A fund, and takes the famous American M & A fund KKR as an example. Introduce the operation process of foreign first-class M & A fund; The third part first analyzes the global and domestic M & A market situation, then analyzes the global and domestic M & A fund development, and then introduces the six major factions of China M & A funds and the opportunities for the development of Chinese M & A funds. Part 4th uses the case analysis method to analyze several classic successful cases of M & A fund in China, and sums up the successful development path of the M & A fund. Part 5th analyzes the difficulties encountered in the development of M & A funds in China, and puts forward some suggestions for improvement.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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