我国投资银行参与企业并购问题研究

发布时间：2018-05-28 23:04

本文选题：投资银行 + 企业并购　；参考：《西南财经大学》2012年硕士论文

【摘要】：投资银行是一种金融中介机构,主要从事证券发行、证券承销、证券经纪、企业并购、投资管理等业务。在发达国家,企业并购业务已经成为投资银行的核心业务,获得的收入占总收入的比例越来越大,而原来的证券基础性业务收入所占比例越来越少。最近几年,虽然我国资本市场变化巨大,企业并购的规模和数量也与日俱增,但是有投资银行参与的还是少数,大多数行为仍是以政府主导或企业自发,所以我国投资银行的并购业务有很大的发展潜力。 2008年,美国次贷危机爆发,随着这场危机的不断扩散与蔓延,最终演变成了波及全球的国际金融危机。尽管本次金融危机对投资银行产生了不利的影响,让美国顶级的投行破产或被收购,投资银行业务也需要更规范化的发展,但投行业务不会消失,因为市场对企业IPO、并购顾问等业务的需求依然非常旺盛,需要有中介性服务机构帮助企业上市,对企业进行分析估值及实现并购重组。本文从我国资本市场的实际出发,通过研究西方和我国投行的发展历程、现状趋势和典型案例,分析我国投行的发展趋势及其方向,在此基础上,结合相关的经济学和管理学理论,研究了我国投资银行参与企业并购的理论与方法,最后提出了对策建议。本文主要分五个部分进行研究：第一部分是导论,本部分提出论文的研究背景、研究目的和意义,并进行文献综述,提出本文的创新与不足。研究背景主要是我国投行并购业务发展相对落后以及国际金融危机的爆发。研究目的与意义有三点：一、指出发展企业并购业务是我国投资银行的发展方向；二、为我国投资银行参与企业并购出谋划策；三、为制定相关法律法规提供理论依据。文献综述部分主要是关于投资银行参与企业并购的理论综述。在本部分的最后介绍了整个论文的逻辑结构、创新点与不足,本文有以下创新点：1、提出了本次金融危机对投行并购业务的影响。金融危机虽然对美国顶级投资银行产生不利的影响,很多人认为投资银行会由此衰落,其实不然,投行业务不会消失,因为对全球IPO、并购顾问等业务的需求依然存在,依然需要投资银行的大力参与。2、由于国内很多券商还未涉及此项业务,国内相关的案例数据较少,所以提出了要建立并购案例的数据库,与其他中介机构如咨询公司等实现法律允许范围内的数据共享,会更有助于我国投资银行并购业务的发展。第二部分是投资银行参与企业并购的必要性。投资银行参与企业并购,首先,是因为企业并购客观需要投资银行的参与；其次,参与企业并购也是投资银行自身发展的需要。然后对投资银行在企业并购中发挥的作用进行了介绍,投资银行在企业并购中可以起到降低交易费用、规避企业并购风险、为企业提供融资服务、加速企业实现规模效应的作用。第三部分是投资银行在企业并购中的角色分析。本部分分析了投资银行在企业并购中的四种角色：作为买方代理参与并购、作为卖方代理选择并购企业或实施反并购措施、参与合同的谈判确定并购条件、充当融资顾问负责资金的筹措。第四部分是我国投资银行参与企业并购：问题与原因分析。与外国投行相比,我国投资银行并购业务占整个投行业务的收入相当小,绝大多数券商未设立并购业务部门。存在的内部约束有：从事并购业务资金规模较小、收入结构的阻碍、专业人才的缺乏等。存在的外部障碍有：资本市场发展滞后、产权制度不明晰、相关法制不健全等。第五部分是经验与借鉴：中国投资银行参与企业并购方略。本部分首先总结了发达国家投资银行参与企业并购的经验和启示,然后从自身和外部两个方面对我国投资银行如何进一步参与到企业并购中提出对策建议。一方面,要提高自身业务能力：业内并购重组扩大规模、加强创新、加强人才培养、加强与国外投行的合作等。另一方面,要创造良好的外部环境：优化资本市场、健全产权制度、健全相关法律法规等。第六部分是我国投资银行参与企业并购的案例分析。
[Abstract]:Investment bank is a financial intermediary , mainly engaged in securities issuance , securities underwriting , securities brokerage , enterprise merger and acquisition , investment management and so on . In developed countries , the enterprise M & A business has become the core business of the investment bank , and the proportion of the original securities basic business income has been increasing .

In 2008 , the U . S . subprime crisis broke out and eventually became the global financial crisis with the spread and spread of the crisis . Even though the financial crisis had a negative impact on investment banks , investment banking would need more standardized development , but investment banking would not disappear , as markets had a strong demand for businesses such as IPO and M & A consultants , and there was a need for an intermediary service provider to help companies go public , analyze valuations and restructure the M & A .

From the point of view of our country ' s capital market , through studying the development course , present trend and typical case of investment bank in the West and China , this paper analyzes the development trend and direction of investment bank in China . On the basis of this , the theory and method of Chinese investment bank ' s participation in enterprise merger and acquisition are studied in combination with relevant economics and management theory . Finally , some suggestions are put forward .

This paper is mainly divided into five parts :

The first part is the introduction , this part puts forward the research background , research aim and significance of the paper , and carries on the literature review , this paper puts forward the innovation and deficiency of this paper . The research background is mainly about the relative backwardness of investment and M & A business development in our country and the outbreak of the international financial crisis . The research purpose and significance are three points : 1 , it is pointed out that the development of the enterprise M & A business is the development direction of our investment bank ;
Second , to participate in the enterprise merger and acquisition strategy for our investment banks ;
The article provides a theoretical basis for the formulation of relevant laws and regulations . The review of literature is mainly about the theoretical review of investment banks ' participation in the merger and acquisition of enterprises .

At the end of this section , the logic structure , innovation point and shortage of the whole paper are introduced . The paper has the following innovation points : 1 . The paper puts forward the following innovation points : 1 . It puts forward the influence of the financial crisis on the investment bank M & A business . Although the financial crisis has a negative impact on the top investment bank of the United States , many people think investment banks will decline . Otherwise , the investment banking business will not disappear .

The second part is the need of investment bank to participate in the merger and acquisition of enterprises . Investment banks are involved in the merger and acquisition of enterprises . First , because of the objective need of investment bank participation ;
Secondly , taking part in the M & A is also the demand of investment bank ' s own development . Then it introduces the role of investment bank in the enterprise merger and acquisition . Investment bank can reduce transaction cost , avoid the risk of M & A , provide financing service for the enterprise and accelerate the effect of scale effect .

The third part is the role analysis of investment banks in the acquisition of enterprises . This part analyses the four roles of investment banks in the acquisition of enterprises : as the agent of the buyer to participate in the M & A , as the agent of the seller to choose the M & A enterprises or to implement the anti - merger measures , participate in the negotiation of the contract to determine the conditions of the acquisition and acquisition , and act as the financing consultant to be responsible for the financing .

The fourth part is that our investment bank is engaged in the merger and acquisition of the enterprise : the problem and the reason analysis . Compared with the foreign investment bank , our investment bank M & A business accounts for the whole investment banking business , the majority of the securities companies have not set up the M & A business unit . There are internal constraints : the capital market development lag , the property rights system is not clear , the related legal system is not perfect .

The fifth part is the experience and reference : China Investment Bank participates in the enterprise merger and acquisition strategy . This part firstly summarizes the experience and inspiration of the participation of the investment bank of developed countries in the merger and acquisition of enterprises , and then puts forward some suggestions on how to further participate in the merger and acquisition of enterprises from two aspects of self and external . On the other hand , we should create a good external environment : optimize the capital market , improve the property right system , perfect the relevant laws and regulations , etc .

The sixth part is the case analysis of the participation of investment banks in the merger and acquisition of enterprises .
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.3;F271

【参考文献】