基于顺风光电并购无锡尚德的案例思考

发布时间：2018-02-04 14:20

本文关键词： 杠杆收购特殊目的实体融资风险混合所有制　出处：《会计之友》2017年14期 　论文类型：期刊论文

【摘要】：文章以顺风光电并购无锡尚德案例为研究对象,关注顺风光电公司是如何筹集资金来收购资产和营收规模远高于自身,同时又负债累累的无锡尚德公司。通过剖析顺风光电在并购过程中的资本运作方式发现,顺风光电运用特殊目的实体以及其他关联方认购公司发行的可转债为收购融资,既降低了杠杆收购带来的财务风险,也避免了股东对公司的控制权被稀释。通过对我国民营企业并购融资案例的分析,为我国民营企业在当前中国融资环境下的并购融资交易提供若干借鉴和启示,也为国企改革提供一个去产能的途径,即引导民营企业收购国企剥离的资产,让国有资产重新焕发活力的同时帮助民营企业实现跨越式发展,实现国企和民企的双赢。
[Abstract]:This article takes Shunfeng Optoelectronic merger and acquisition of Wuxi Suntech as the research object, focusing on how Shunfeng Optoelectronic Company raised funds to purchase assets and revenue scale far higher than itself. At the same time the debt of Wuxi Suntech Company. Through the analysis of Shunfeng photoelectric in the process of M & A capital operation found. Shunfeng photoelectric uses the special purpose entity and other related parties to subscribe the convertible debt issued by the company to finance the acquisition, which reduces the financial risk brought by the leveraged buy-out. It also avoids the dilution of shareholders' control over the company. Through the analysis of the case of merger and acquisition financing of private enterprises in our country, it provides some reference and inspiration for Chinese private enterprises'M & A financing transactions under the current financing environment in China. It also provides a way to eliminate production capacity for the reform of state-owned enterprises, that is, to guide private enterprises to acquire assets stripped by state-owned enterprises, so that state-owned assets can be revitalized again and at the same time to help private enterprises achieve leapfrog development. To achieve a win-win situation between state-owned enterprises and private enterprises.
【作者单位】：东北财经大学会计学院;
【分类号】：F271;F406.7;F426.61
【正文快照】： 报告期2010年2012年项目营业收入总资产营业收入总资产顺风光电622 922 846 005 1 059 489 2 051 610无锡尚德17 615 788 29 897 720 9 357 162 12 088 5432011年营业收入总资产1 971 530 2 626 24520 276 659 19 176 790表1并购双方规模比较单位:千元数据来源:顺风光电和无锡

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