本文選題：跨國并購 + 融資策略��； 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：隨著國內(nèi)經(jīng)濟(jì)水平的不斷發(fā)展以及經(jīng)濟(jì)全球化進(jìn)程的加深,國內(nèi)市場開始出現(xiàn)產(chǎn)能過剩、人民幣承壓等經(jīng)濟(jì)壓力.與此同時國內(nèi)企業(yè)同行業(yè)之間的競爭也變得越來越激烈。越來越多的企業(yè)為了提升企業(yè)競爭力,開始實施“走出去戰(zhàn)略”�？鐕①徥瞧髽I(yè)“走出去戰(zhàn)略”的一種重要表現(xiàn)形式,跨國并購對于國內(nèi)企業(yè)來說既是一種機(jī)遇,也是一種挑戰(zhàn)。根據(jù)Wind并購庫的數(shù)據(jù)統(tǒng)計,2016年跨國并購案例數(shù)同比增長181%,但跨國并購案例的失敗率卻高達(dá)60%。作者首先介紹了選題的背景與當(dāng)前國內(nèi)外研究的現(xiàn)狀,歸納了跨國并購融資的相關(guān)理論。然后闡述并分析了雙匯國際并購史密斯菲爾德案例的國內(nèi)外背景、并購的過程與動因。之后針對雙匯國際的并購資金需求、并購支付方式、融資安排、融資風(fēng)險與融資效果深入分析。最后文章得出結(jié)論,通過對雙匯國際并購史密斯融資決策案例的分析發(fā)現(xiàn):并購融資決策是影響跨國并購成功實施的關(guān)鍵所在。同時還會對企業(yè)后續(xù)經(jīng)營產(chǎn)生深遠(yuǎn)影響,嚴(yán)重的會導(dǎo)致企業(yè)破產(chǎn)的可能。在跨國并購失敗案例比率較高的大環(huán)境下,準(zhǔn)確評估目標(biāo)企業(yè)價值,科學(xué)安排融資工具,合理利用并購后續(xù)融資等等策略是十分必要的,可以對我國企業(yè)的跨國并購的成功實施提供有力支持。文章的貢獻(xiàn)在于,總結(jié)了雙匯國際并購案例的成功融資經(jīng)驗,豐富了企業(yè)并購融資的文獻(xiàn)研究。所提的建議為我國未來企業(yè)實現(xiàn)成功的跨國并購提供借鑒與參考作用。
[Abstract]:With the continuous development of domestic economic level and the deepening of economic globalization, economic pressures such as overcapacity and pressure on the RMB began to appear in the domestic market. At the same time, the competition between domestic enterprises with the industry has become more and more fierce. More and more enterprises, in order to enhance the competitiveness of enterprises, began to implement the "going out strategy." Cross-border M & A is an important manifestation of "going out strategy", and it is not only an opportunity but also a challenge to domestic enterprises. According to data from Wind, the number of cross-border M & A cases increased by 181% in 2016, but the failure rate of cross-border M & A cases was as high as 60%. Firstly, the author introduces the background of the topic and the current research situation at home and abroad, and sums up the relevant theories of cross-border M & A financing. Then, the domestic and foreign background of Shuanghui International acquisition of Smithfield, the process and motivation of M & A are expounded and analyzed. After that, the paper analyzes the capital demand, the payment method, the financing arrangement, the financing risk and the financing effect of Shuanghui International. Finally, the paper draws a conclusion that the financing decision of M & A is the key to the successful implementation of cross-border M & A through the analysis of the financing decision of Shuanghui International M & A Smith. At the same time, it will have a profound impact on the enterprise's subsequent operation, which will seriously lead to the possibility of enterprise bankruptcy. Under the circumstances of high failure rate of cross-border mergers and acquisitions, it is necessary to evaluate the value of target enterprises accurately, arrange financing tools scientifically, and make use of the following financing strategies, such as merger and acquisition follow-up financing, etc. It can provide strong support for the successful implementation of transnational mergers and acquisitions of Chinese enterprises. The contribution of this paper is that it summarizes the successful financing experience of Shuanghui International M & A case and enriches the literature research on M & A financing. The suggestion provides reference and reference for the successful cross-border M & A of Chinese enterprises in the future.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.82;F271

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