【摘要】：自2014年以來(lái),中國(guó)并購(gòu)市場(chǎng)明顯加速,“井噴”與“活躍”成為中國(guó)并購(gòu)市場(chǎng)的標(biāo)簽,引來(lái)了各方的廣泛關(guān)注。在并購(gòu)交易活動(dòng)日趨活躍的同時(shí),支付方式設(shè)計(jì)作為并購(gòu)交易結(jié)構(gòu)的重中之重,近些年來(lái)也表現(xiàn)出多樣化、創(chuàng)新性的特征,不再是單一現(xiàn)金支付的一枝獨(dú)秀,而是呈現(xiàn)出百花齊放的景象,愈加注重將風(fēng)險(xiǎn)防控思想貫穿于支付方式設(shè)計(jì)的始終。因此本文以近些年采用創(chuàng)新型支付方式的并購(gòu)交易為研究對(duì)象,研究收購(gòu)方如何通過(guò)支付方式的設(shè)計(jì)來(lái)防控并購(gòu)風(fēng)險(xiǎn)。本文研究思路與以往研究的區(qū)別在于以多案例的形式來(lái)研究支付方式如何防控并購(gòu)風(fēng)險(xiǎn),說(shuō)明支付方式設(shè)計(jì)中的并購(gòu)風(fēng)險(xiǎn)防控機(jī)理,構(gòu)建支付方式的并購(gòu)風(fēng)險(xiǎn)防控模型。已有研究大多是集中于并購(gòu)支付方式選擇的研究,或并購(gòu)風(fēng)險(xiǎn)整體防范的研究,鮮少有論文探討在支付方式設(shè)計(jì)中如何防控并購(gòu)風(fēng)險(xiǎn)。因此本文的主要研究問(wèn)題為如何通過(guò)支付方式設(shè)計(jì)防控并購(gòu)風(fēng)險(xiǎn)?在解釋這一問(wèn)題之前需要分析支付方式設(shè)計(jì)包含哪些要素?而并購(gòu)活動(dòng)中又會(huì)面臨哪些并購(gòu)風(fēng)險(xiǎn)?本文主要是圍繞以上三個(gè)問(wèn)題展開(kāi)。在本文的研究中,將目前現(xiàn)有的支付方式分為固定支付、半固定支付與或有支付方式,通過(guò)HHM(Hierarchical Holographic Modeling,等級(jí)全息建模)框架較為系統(tǒng)全面地識(shí)別了并購(gòu)風(fēng)險(xiǎn),并結(jié)合多案例研究方法分析了具體并購(gòu)活動(dòng)中的支付方式,站在收購(gòu)方的角度說(shuō)明在其如何通過(guò)設(shè)計(jì)支付方式防控并購(gòu)風(fēng)險(xiǎn),最終建立支付方式設(shè)計(jì)并購(gòu)風(fēng)險(xiǎn)防控模型,多角度同一指向地分析支付方式設(shè)計(jì)中的并購(gòu)風(fēng)險(xiǎn)防控機(jī)理。本文的主要結(jié)論為并購(gòu)風(fēng)險(xiǎn)主要分為并購(gòu)實(shí)施前的準(zhǔn)備風(fēng)險(xiǎn),并購(gòu)過(guò)程中的操作風(fēng)險(xiǎn),并購(gòu)后的整合風(fēng)險(xiǎn),準(zhǔn)備風(fēng)險(xiǎn)、操作風(fēng)險(xiǎn)和整合風(fēng)險(xiǎn)還可以進(jìn)一步劃分;并購(gòu)支付方式設(shè)計(jì)的內(nèi)容主要包括支付工具、支付時(shí)間、支付價(jià)款以及支付附加條款,收購(gòu)方可通過(guò)對(duì)以上四部分內(nèi)容的設(shè)計(jì)來(lái)防控估值風(fēng)險(xiǎn)、融資風(fēng)險(xiǎn)、支付工具選擇風(fēng)險(xiǎn)、反收購(gòu)風(fēng)險(xiǎn)和管理整合風(fēng)險(xiǎn)。本文主要的貢獻(xiàn)在于:系統(tǒng)全面地分析了并購(gòu)風(fēng)險(xiǎn)與支付方式,深度分析支付方式如何實(shí)現(xiàn)并購(gòu)風(fēng)險(xiǎn)的防控,并且結(jié)合多案例研究方法,構(gòu)建支付方式的風(fēng)險(xiǎn)控制模型。
[Abstract]:Since 2014, China's M & A market has accelerated significantly, and "blowout" and "activity" have become the labels of the M & A market in China, attracting wide attention from all parties. While M & A transactions are becoming more and more active, the design of payment mode, as the top priority of M & A transaction structure, has also shown diversified and innovative characteristics in recent years, and is no longer a unique show of single cash payment. But presents the scene that a hundred flowers bloom, pay more attention to the risk prevention and control thought throughout the design of payment method from beginning to end. Therefore, this paper takes the M & A transaction which adopts innovative payment mode as the research object, and studies how the buyer can prevent and control the M & A risk through the design of payment method. The difference between this research idea and previous research is to study how to prevent and control M & A risk in the form of multi-cases, explain the mechanism of M & A risk prevention and control in the design of payment mode, and construct the M & A risk prevention and control model of payment mode. Most of the researches have been focused on the choice of payment mode of M & A, or the whole prevention of M & A risk. Few papers discuss how to prevent and control the M & A risk in the design of payment mode. Therefore, the main research problem of this paper is how to design and control M & A risk by means of payment? Before explaining this issue, what elements do you need to analyze the design of the mode of payment? And what M & A risks will be faced in M & A activities? This paper mainly revolves around the above three problems. In the research of this paper, the existing payment methods are divided into fixed payment, semi-fixed payment and contingent payment, and the M & A risk is identified systematically and comprehensively through the HHM (Hierarchical Holographic Modeling, holographic modeling framework. Combined with the method of multi-case study, this paper analyzes the payment mode in M & A activities, explains how to prevent and control M & A risk by designing payment method from the point of view of buyer, and finally establishes the model of M & A risk prevention and control designed by payment mode. The mechanism of M & A risk prevention and control in the design of payment mode is analyzed from multi-angle and same direction. The main conclusion of this paper is that M & A risk can be divided into pre-M & A preparation risk, operation risk in M & A process, integration risk after M & A, preparation risk, operation risk and integration risk. The design of M & A payment method mainly includes payment tool, payment time, payment price and payment additional terms. The buyer can prevent and control valuation risk, financing risk and payment tool selection risk through the design of the above four parts. Anti-takeover risk and management integration risk. The main contributions of this paper are: systematically and comprehensively analyzing the M & A risk and payment mode, deeply analyzing how to realize the prevention and control of M & A risk, and combining the multi-case study method, constructing the risk control model of payment mode.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271

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