本文關(guān)鍵詞：政府引導(dǎo)型并購(gòu)基金的運(yùn)行機(jī)制研究　出處：《北京交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 并購(gòu)基金 政府引導(dǎo)基金 組織機(jī)制 融資機(jī)制 投資機(jī)制

【摘要】：目前我國(guó)并購(gòu)市場(chǎng)已成為僅次于美國(guó)的全球第二大市場(chǎng),這也為并購(gòu)基金的發(fā)展提供了廣闊的前景。與此同時(shí),政府也相繼出臺(tái)相關(guān)政策,支持和推動(dòng)并購(gòu)基金的發(fā)展。并購(gòu)基金對(duì)于推動(dòng)我國(guó)經(jīng)濟(jì)結(jié)構(gòu)調(diào)整、推動(dòng)國(guó)有企業(yè)改制和行業(yè)整合、集聚社會(huì)閑散資金、促進(jìn)資本市場(chǎng)的良性發(fā)展起到了重要作用。然而在我國(guó)當(dāng)前的經(jīng)濟(jì)環(huán)境下,單純的依靠市場(chǎng)化的并購(gòu)基金已難以滿足產(chǎn)業(yè)調(diào)整和經(jīng)濟(jì)發(fā)展的迫切需求,由于企業(yè)的控制權(quán)難、融資渠道單一、退出渠道困難等問題的存在,單純的依靠市場(chǎng)化的并購(gòu)基金己難以滿足產(chǎn)業(yè)結(jié)構(gòu)調(diào)整和經(jīng)濟(jì)發(fā)展的迫切需求,因此政府急需尋求政府引導(dǎo)型的并購(gòu)重組專項(xiàng)資金,發(fā)揮財(cái)政資金的杠桿放大效應(yīng),用以推動(dòng)各行業(yè)產(chǎn)能結(jié)構(gòu)的優(yōu)化升級(jí)、加快國(guó)有企業(yè)改革、促進(jìn)跨國(guó)并購(gòu)以及加快中小企業(yè)成長(zhǎng),克服單純通過(guò)市場(chǎng)配置并購(gòu)基金的市場(chǎng)失靈問題。 本文根據(jù)政府引導(dǎo)型并購(gòu)基金有關(guān)的理論研究和實(shí)踐經(jīng)驗(yàn),針對(duì)我國(guó)發(fā)展政府引導(dǎo)型并購(gòu)基金存在的必要性和現(xiàn)實(shí)性,以及政府引導(dǎo)型并購(gòu)基金的內(nèi)涵和分類。在借鑒國(guó)內(nèi)外的有關(guān)經(jīng)驗(yàn)的基礎(chǔ)上,把我國(guó)政府引導(dǎo)型并購(gòu)基金的運(yùn)行機(jī)制分為組織方式選擇、融資機(jī)制、投資管理機(jī)制和退出機(jī)制四大部分。并結(jié)合政府引導(dǎo)型并購(gòu)后整合基金的運(yùn)行機(jī)制設(shè)計(jì)進(jìn)行了舉例分析。組織方式方面,我國(guó)政府引導(dǎo)型并購(gòu)基金宜采用參股型的封閉式基金,實(shí)行獨(dú)立事業(yè)法人制。融資機(jī)制方面,其資金募集方式主要是以私募的形式吸收權(quán)益性投資。退出機(jī)制方面,對(duì)于上市公司,可以綜合考慮運(yùn)用兼并收購(gòu)、管理層收購(gòu)等多種方式實(shí)現(xiàn)退出；對(duì)于非上市公司可考慮以IPO為首選退出方式,同時(shí)輔以兼并收購(gòu)等其它方式退出。 為了使政府引導(dǎo)型并購(gòu)基金更有效率的運(yùn)行,需要結(jié)合我國(guó)國(guó)情正確選擇運(yùn)行模式,可以采取先試點(diǎn),后推廣的形式。同時(shí)要大力培養(yǎng)和選拔基金管理人才、發(fā)展專業(yè)的中介機(jī)構(gòu)、加強(qiáng)監(jiān)管、完善利益分配機(jī)制、加快發(fā)展資本市場(chǎng)。
[Abstract]:At present, China's M & A market has become the second largest market in the world after the United States, which also provides a broad prospect for the development of M & A funds. At the same time, the government has issued related policies. To support and promote the development of M & A funds. M & A funds can promote the adjustment of economic structure of our country, promote the reform of state-owned enterprises and industry integration, gather social idle funds. Promoting the benign development of capital market has played an important role. However, in the current economic environment of our country, it is difficult to meet the urgent needs of industrial adjustment and economic development by simply relying on market-oriented M & A funds. Due to the difficulty of corporate control, single financing channels, difficult exit channels, it is difficult to meet the urgent needs of industrial structure adjustment and economic development by simply relying on market-oriented M & A funds. Therefore, it is urgent for the government to seek government-led special funds for M & A and reorganization, to give play to the leverage amplification effect of financial funds, to promote the optimization and upgrading of the productive capacity structure of various industries, and to speed up the reform of state-owned enterprises. To promote cross-border mergers and acquisitions and accelerate the growth of small and medium-sized enterprises to overcome the market failure of market allocation of M & A funds. Based on the theoretical research and practical experience of the government-led M & A fund, this paper aims at the necessity and reality of the development of the government-guided M & A fund in China. And the connotation and classification of the government-led M & A fund. On the basis of reference from the relevant experience at home and abroad, the operating mechanism of the government-led M & A fund is divided into organizational choice and financing mechanism. Investment management mechanism and exit mechanism four parts. And combined with the government-led merger and acquisition after the integrated fund operation mechanism design for example analysis. Organizational approach. China's government-led M & A fund should adopt the closed-end fund of shareholding type and implement the system of independent enterprise legal person and financing mechanism. The main way of raising funds is to absorb equity investment in the form of private placement. In the aspect of exit mechanism, for listed companies, we can comprehensively consider the use of mergers and acquisitions, management buyouts and other ways to achieve withdrawal; For non-listed companies, we can consider IPO as the preferred exit mode, and other ways such as merger and acquisition. In order to make the government-led M & A fund run more efficiently, it is necessary to choose the operation mode correctly according to the national conditions of our country. We can take the form of pilot first, then popularize, and at the same time, we should vigorously train and select fund management talents. Develop specialized intermediary organizations, strengthen supervision, perfect benefit distribution mechanism, and accelerate the development of capital market.
【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】：2013
【分類號(hào)】：F832.51;F271

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本文編號(hào)：1419803