本文以國內(nèi)兼并收購市場做為研究對象,將并購交易按支付形式劃分為三類,包括現(xiàn)金支付并購、股權(quán)支付并購和混合支付并購,分析了中國并購市場的發(fā)展及現(xiàn)狀。在此基礎(chǔ)上重點關(guān)注兩大關(guān)鍵事件,即全流通的實現(xiàn)和商業(yè)銀行并購貸款的開放對中國并購市場的轉(zhuǎn)折性意義和未來影響。第一章和第二章引入了并購的概念、動機、歸類,并分別討論了并購在國內(nèi)和國外發(fā)達(dá)市場的發(fā)展。第三章和第四章是本文的主體部分。其中第三章分析了粵美的管理層收購過程、交易結(jié)構(gòu)、融資途徑、償還方式以及定價情況,歸納了國內(nèi)管理層收購的特點,進(jìn)一步拓展到國內(nèi)現(xiàn)金支付并購的特點和存在的問題。2008年開放的商業(yè)銀行并購貸款是現(xiàn)金支付并購領(lǐng)域的重要事件,第三章也將對該事件對并購交易數(shù)量、金額、杠桿率以及定價方式的影響做進(jìn)一步探討。第四章分析了上海百聯(lián)進(jìn)行的先后兩次換股并購,進(jìn)而分析得出中國換股并購交易特征及其發(fā)展情況,擴展到國內(nèi)股權(quán)支付并購的特點及應(yīng)用。中國自2004年起啟動了股權(quán)分置改革,此后全流通的逐步實現(xiàn)必將對股權(quán)支付并購市場,包括其交易數(shù)量、定價方式等都將產(chǎn)生重大的影響。本文的創(chuàng)新之處在于采用支付方式作為分類標(biāo)準(zhǔn),案例分析作為研究形式,對國內(nèi)不同... 

【文章來源】：上海交通大學(xué)上海市 211工程院校 985工程院校 教育部直屬院校

【文章頁數(shù)】：80 頁

【學(xué)位級別】：碩士

【文章目錄】：
Abstract
摘要
Introduction
1: Theory of Merger and Acquisition
    1.1 Concept of M&A
    1.2 Reasons behind M&A
    1.3 Classification of M& A
    1.4 Investor prediction-stock price reaction
    1.5 Deal performance and influencing factors
2: The Development of Merger and Acquisition
    2.1 M& A in the developed U.S. market
    2.2 M&A in China
3: Cash Payment M& A
    3.1 Cash sources of M& A in China
        3.1.1 Internal capital
        3.1.2 Debt financing
            3.1.2.1 M&A loans
            3.1.2.2 Trust financing
            3.1.2.3 Bond financing
        3.1.3 Equity financing
        3.1.4 Current M&A capital sources in China
    3.2 LBO
        3.2.1 A type of LBO: MBO
        3.2.2 MBO case analysis
            3.2.2.1 Midea’s development process (Backgrounds)
            3.2.2.2 Acquisition primary parties
            3.2.2.3 Other partners
            3.2.2.4 Acquisition process
            3.2.2.5 Financing methods
            3.2.2.6 Pricing
            3.2.2.7 Payment of financing capitals
            3.2.2.8 Analysis of this MBO’s value
            3.2.2.9 Changes in the environment and new business opportunity
    3.3 Chapter Summary
4: Stock payment M& A
    4.1 Stock swap M& A
        4.1.1 Development of stock swap M&A in China market
        4.1.2 Key features of stock swap M&A
    4.2 Stock swap M& A cases analysis
        4.2.1 Acquisition primary parties
        4.2.2 Acquisiton process
        4.2.3 Stock swap ratio’s determination
        4.2.4 Selectable cash term
        4.2.5 Influences on stock structure
        4.2.6 Follow-up stock swap M&A
        4.2.7 Analysis of two acqusitions’value
        4.2.8 Comparison of two stock swap transactions
    4.3 Chapter Summary
5: Conclusion
    5.1 Summarization of domestic M&A
    5.2 Comparison of different payments M&A in China
Proper nouns
Bibliography
Acknowledgments



本文編號：3180643