HEP并购SY融资方式研究

发布时间：2018-01-03 11:47

本文关键词：HEP并购SY融资方式研究　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：西方发达国家先后掀起了五次并购浪潮,并购活动的涌现给各企业实现资本扩张提供了大量的机会。近年来,我国的并购市场愈发活跃,大额交易屡见不鲜,海外交易量也迅猛增长。并购活动成为了各企业实现规模扩张,开拓市场的有力手段。并购交易是一个系统复杂的经济行为,任何一个环节的决策失误都可能影响并购活动的顺利进行,而并购融资方式决策在并购交易中占据了重要的地位,很大程度上直接决定着并购交易的成败。企业间的并购活动往往需要大量的资金,资金的来源是并购交易中需要考虑的关键问题,选择哪种融资方式成为了并购交易成败的决定因素之一。我国的资本市场和经济体制还不完善,与发达国家相比,我国企业融资渠道较为狭窄,融资方式单一,严重制约了并购融资规模从而限制了企业的发展。所以,有必要针对企业并购融资方式决策展开研究,吸收经验为完善融资机制提供参考价值。本文共有五个部分。第一章介绍了国内外并购交易的发展现状,强调融资方式的选择在并购活动中的重要性。对国内外并购融资理论进行了梳理和总结,同时对本文研究的目的、意义、内容方法等做了概括。第二章先介绍了并购及并购融资相关的概念,然后阐述了并购的不同融资方式及其特点。第三章主要是针对一个具体案例HEP公司并购SY公司进行展开。首先对并购交易双方的基本情况进行了概括,并对其并购动因做了简要分析。其次针对本次并购融资方式分别从可行性、合理性、优劣以及对并购交易主体的影响等方面做了具体探讨。第四章从HEP并购SY过程中做出的融资决策引出了一些经验启示,不仅是在并购交易中,在企业其他投资决策项目上的融资都具有借鉴意义。第五章是对本文的研究和探讨做出概括性的总结,并对以上研究结果做出了展望。本文的创新在于从微观层面着手,将理论研究落实到具体企业上,很好地将理论与实践相结合,通过具体的案例HEP并购SY,对其并购融资方式展开了探讨,并得出了具有实际意义的经验与启示。文中主要运用了文献研究法、案例分析法、调查法等,分析表明HEP从集团取得贷款的方式高效迅速,融资成本低,风险小。企业在选择融资方式时要兼顾自身条件和外部环境,才能保证并购交易的顺利进行。希望本文的研究能丰富该领域的研究内容,为后期企业在并购融资方式选择的实践性操作上提供指导。
[Abstract]:Western developed countries have set off five waves of mergers and acquisitions, the emergence of M & A activities to provide a large number of opportunities for enterprises to achieve capital expansion. In recent years, the M & A market in China has become increasingly active, large-scale transactions are common. M & A activities have become a powerful means for enterprises to achieve scale expansion and open up markets. M & A transactions are a systematic and complex economic behavior. Any link of decision-making mistakes may affect the smooth progress of M & A activities, and M & A financing decision-making plays an important role in M & A transactions. To a large extent, the success or failure of M & A transactions is directly determined. M & A activities between enterprises often need a lot of funds, the source of funds is the key issue to be considered in M & A transactions. The capital market and economic system of our country are not perfect, compared with the developed countries, the financing channel of our enterprises is narrower and the financing way is single. Therefore, it is necessary to study the decision of M & A financing mode. Absorbing experience provides reference value for perfecting financing mechanism. There are five parts in this paper. The first chapter introduces the current situation of M & A at home and abroad. It emphasizes the importance of the choice of financing mode in M & A activities. It also summarizes the theory of M & A financing at home and abroad, and at the same time, the purpose and significance of this study. The second chapter introduces the concepts of M & A and M & A financing. The third chapter mainly focuses on a specific case of merger and acquisition of sy company by HEP. First of all, the basic situation of both sides of M & A transaction is summarized. And the reasons of M & A are briefly analyzed. Secondly, the feasibility and rationality of the M & A financing methods are analyzed. The 4th chapter draws some lessons from the financing decisions made in the process of HEP merger and acquisition sy, not only in the M & A transaction. The financing in other investment decision-making projects has reference significance. Chapter 5th is a summary of the research and discussion of this paper. The innovation of this paper is to start from the micro level, to implement the theoretical research on specific enterprises, and to combine theory with practice. Through the specific case of HEP M & A, this paper discusses the financing mode of M & A, and draws the practical experience and inspiration. In this paper, we mainly use the literature research method, case analysis method, investigation method and so on. The analysis shows that HEP obtains loans from the group in an efficient and rapid manner, with low financing costs and low risk. Enterprises should take account of their own conditions and external environment when choosing financing methods. It is hoped that the research in this paper can enrich the research content in this field and provide guidance for the practical operation of the choice of M & A financing mode in the later period.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F416.6

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