中信证券海外并购案例分析

发布时间：2018-12-31 16:26

【摘要】：在经济全球化和金融国际化的趋势下,证券市场国际化是时代的要求。中国证券公司在国内竞争激烈的情况下,“走出去”是获取更好发展的必然选择。所以本文分析中信证券海外并购里昂证券的案例,旨在为国内券商海外并购提供借鉴与启示。本文回顾和整理了相关的文献研究,从并购双方基本情况、并购动因和并购的详细过程对整个案例进行介绍,运用多种理论分析了并购的业务、价格、财务及人力资源的效果,得出结论:并购业务实现国内外协同效应;并购价格虽然偏高,但其更看重的是长远发展;中信证券可以从更多渠道获得融资与投资,降低融资成本,提高资金使用效率;保留核心的团队和优秀的人才,提高国际竞争力。然后分析了中信证券并购里昂证券过程中的基本经验及并购后整合的文化与财务风险,在此基础上提出对国内证券公司海外并购的启示:首先并购前要充分准备,制定明确的国际化战略,选择恰当的并购目标以及把握并购时机;其次并购过程中要注意被并购企业的准确估值与支付方式的选择;最后还要重视并购后的整合,尤其是文化和财务的整合。
[Abstract]:Under the trend of economic globalization and financial internationalization, the internationalization of securities market is the requirement of the times. Under the situation of fierce competition in China, "going out" is an inevitable choice for better development. Therefore, this paper analyzes the case of overseas acquisition of CLSA by CITIC Securities in order to provide reference and inspiration for overseas M & A of domestic securities companies. This paper reviews and collates the relevant literature studies, introduces the whole case from the basic situation of both sides of M & A, the causes of M & A and the detailed process of M & A, and analyzes the effects of M & A business, price, finance and human resources by using a variety of theories. The conclusions are as follows: merger and acquisition achieve synergy at home and abroad; Although the price of M & A is on the high side, it pays more attention to the long-term development, CITIC Securities can obtain financing and investment from more channels, reduce the financing cost, and improve the efficiency of the use of funds. Retain the core team and excellent talent to improve international competitiveness. Then it analyzes the basic experience in the process of acquisition and acquisition of CLSA by CITIC Securities and the cultural and financial risks of integration after the merger. On this basis, it puts forward the enlightenment to the overseas M & A of domestic securities companies: first of all, we should fully prepare for the merger. Make a clear internationalization strategy, choose the appropriate M & A target and grasp the opportunity of M & A; Secondly, in the process of M & A, we should pay attention to the accurate valuation and the choice of payment methods of the M & A enterprises. Finally, we should pay attention to the integration after M & A, especially the integration of culture and finance.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F832.39

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