杠杆并购在双汇国际并购史密斯菲尔德的应用研究

发布时间：2018-06-28 20:54

本文选题：跨国并购 + 杠杆并购　；参考：《江西财经大学》2017年硕士论文

【摘要】：近年来,伴随着我国经济的高速增长与经济全球化程度的提高,全球并购市场日趋活跃,我国很多企业选择跨国并购作为迈向全球发展的主要途径。由于跨国杠杆并购具有易实现企业规模效益、能获得经营效益、财务效益和可实现多方共赢等特点,跨国杠杆并购越来越受到重视,被很多国内外企业所采用,而且实践证明这种“以小博大”的并购方式对企业的规模发展具有很大意义,同时对国民经济具有积极作用,其中包括有利于提高企业的经济效益、有利于调整产业结构、有利于促进金融市场发展和有利于改变传统经营方式。因此,研究企业跨国杠杆并购具有较强的理论意义和实践意义。本文选取了双汇国际杠杆并购史密斯菲尔德公司作为案例研究了杠杆并购在我国企业跨国并购中的应用。本文首先综述了跨国并购、杠杆并购的相关理论,其中包括它们的涵义、分类、优势和风险,并且简述了杠杆并购的基本程序,然后介绍了双汇国际并购史密斯菲尔德公司具体过程,其中包括双方公司情况简介、杠杆并购具体过程及步骤,接着分析了该杠杆并购成功的原因,最后根据该案例得到一些结论和启示,希望它们对今后国内企业跨国杠杆并购有一定参考价值。本文在分析该跨国杠杆并购案例的基础上,认为其杠杆并购成功的原因有以下几点:(1)具备实施杠杠并购的前提条件,其中包括拥有稳定而充足的现金流、坚实的抵押资产和专业的投资顾问(2)正确把握杠杆并购的时机与手段,其中包括选择适当的并购时机、正确选择目标公司和连续抵押的并购方式;(3)多渠道地进行了外部融资。通过对双汇国际杠杆并购史密斯菲尔德公司的分析得到以下结论:(1)杠杆并购为企业解决收购资金提供了一种选择;(2)杠杆并购为我国企业“走出去”提供了便利;(3)杠杆并购的实质在于通过改变产权结构实现企业重组。同时通过对双汇国际杠杆并购史密斯菲尔德公司的分析可以得到以下启示:(1)杠杆并购时应注意多渠道融资;(2)杠杆并购过程中在利用杠杆效应的时候要注意控制风险;(3)可借助杠杆并购完成企业股权结构的优化;(4)为增加杠杆并购的成功率,并购过程中的融资应充分利用国际风险投资基金。
[Abstract]:In recent years, with the rapid growth of China's economy and the improvement of the degree of economic globalization, the global M & a market is becoming more and more active. Many enterprises in China have chosen transnational mergers and acquisitions as the main way to move towards global development. The transnational leveraged merger and acquisition have been paid more and more attention and adopted by many domestic and foreign enterprises. Moreover, the practice has proved that this "small and large" M & A is of great significance to the scale development of the enterprise, and has a positive effect on the national economy, including the improvement of the economic benefit of the enterprise and the adjustment of the production. The industry structure is beneficial to the development of the financial market and to the change of the traditional way of management. Therefore, it is of great theoretical and practical significance to study the transnational leveraged merger and acquisition of enterprises. This paper selects the double foreign exchange international leveraged M & a Smith field as a case study of the application of leveraged mergers and acquisitions in Chinese enterprises' transnational mergers and acquisitions. This article first summarizes the related theories of transnational merger and acquisition and leveraged merger and acquisition, including their meaning, classification, advantages and risks, and briefly introduces the basic procedures of leveraged merger and acquisition, and then introduces the specific process of the merger and acquisition of Smith field company in Shuanghui international, including the brief introduction of the two companies, the specific process and steps of leveraged mergers and acquisitions, and the connection of the process and steps of leveraged mergers and acquisitions. The reasons for the success of the leveraged merger and acquisition are analyzed. Finally, some conclusions and revelations are obtained according to the case. It is hoped that they have some reference value for the transnational leveraged merger and acquisition in the future. Based on the analysis of the transnational leveraged merger and acquisition cases, the reasons for the success of the leveraged merger and acquisition are as follows: (1) have the implementation of the leveraged merger and acquisition. The premise, including a stable and sufficient cash flow, solid mortgage assets and professional investment consultants (2) correctly grasp the timing and means of leveraged mergers and acquisitions, including the choice of appropriate timing of mergers and acquisitions, the correct choice of the way of merger and acquisition of Target Corp and continuous mortgage; (3) through the external financing through multiple channels. The analysis of Smith field company of foreign leveraged mergers and acquisitions (M & A) obtains the following conclusions: (1) leveraged M & A provides a choice for enterprises to solve the acquisition funds; (2) leveraged M & A provides convenience for Chinese enterprises to "go out"; (3) the essence of leveraged M & A is to restructure the enterprise by changing the property right structure. The analysis of leveraged M & D Smith field company can get the following enlightenment: (1) we should pay attention to multi channel financing in leveraged merger and acquisition; (2) in the process of leveraged M & A, we should pay attention to control the risk when using leverage effect; (3) we can optimize the ownership structure of enterprises by leveraged merger and acquisition; (4) in order to increase the success rate of leveraged merger and acquisition, and in the process of merger and acquisition The financing of the international venture capital fund should be fully utilized.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.82

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