企业并购重组中交易结构设计的研究

发布时间：2018-10-30 13:12

【摘要】：随着近几年并购活动数量的爆发式增长以及更多法律法规的出台,并购的交易结构也越来越复杂化,复杂化的原因有两方面,一方面,收购方越来越成熟,它需要通过有技巧的设计去满足监管的要求和利益相关方的诉求,另一方面,并购的监管法规和执法制度也越来越完善,所以,内部环境和外部环境的改变使得并购的交易结构设计逐渐复杂化。国外有过总结,但并购具有本土性,根据本土的法律、会计准则、税收等规定才能设计出适合本土的交易结构,目前国内还缺乏对本土交易结构的总结和提炼。本文采用文献研究法和案例研究法,首先总结出并购交易结构的影响因素,然后通过对影响因素的分析以及从实务案例中吸取的经验,选取税务处理、债务安排、企业存续三个影响因素,并分析这三种因素对交易结构的影响,以此为依据归纳总结出11种基本的交易模式。在介绍每个模式的同时,对模式所对应的案例进行介绍,使得模式更易理解。最后,由于实务中应用最多的交易结构是现金式股权收购,所以本文选取了交易结构比较复杂的现金式股权收购案例—天保重装收购圣骑士,并对其交易结构设计以及并购绩效进行分析。并购交易是一个体系,交易结构的设计需要具备全局视角,企业在设计并购的交易结构时可以利用本文提出的交易结构选择的决策树,参考11种基本的交易模式,在此基础上,以满足并购双方的利益诉求为目的,将多种基本交易模式进行混合或者直接运用基本的交易模式,设计出可行的交易结构,使得并购交易顺利进行,并购效应最大化。
[Abstract]:With the explosive increase in the number of M & A activities in recent years and the introduction of more laws and regulations, the structure of M & A transactions has become more and more complicated, for two reasons. On the one hand, the acquirers are becoming more and more mature. It needs to meet regulatory requirements and stakeholder demands through skilled design. On the other hand, the regulatory regulations and enforcement systems of mergers and acquisitions are becoming more and more perfect, so, The change of internal environment and external environment makes the design of M & A transaction structure more and more complicated. There have been summations in foreign countries, but mergers and acquisitions have local characteristics, according to the local laws, accounting standards, taxation and other provisions to design a suitable local transaction structure, at present, there is a lack of domestic summary and refining of the local trading structure. This article adopts the literature research method and the case study method, first summarizes the influence factor of M & A transaction structure, then through the analysis to the influence factor and the experience from the practical case, selects the tax treatment, the debt arrangement, On the basis of analyzing the influence of three factors on the trading structure, 11 basic transaction models are concluded. At the same time of introducing each pattern, the corresponding case is introduced to make the pattern easier to understand. Finally, because the most widely used trading structure in practice is cash equity acquisition, this paper selects a case of cash equity acquisition, which is a complex transaction structure. And the transaction structure design and M & A performance analysis. M & A transaction is a system, the design of transaction structure needs to have a global perspective. When designing the transaction structure of M & A, enterprises can use the decision tree proposed in this paper to choose the transaction structure, and refer to 11 basic transaction models. In order to satisfy the interests of both sides of M & A, the paper mixes various basic transaction models or directly applies them to design a feasible transaction structure to make M & A transactions proceed smoothly and maximize the effect of M & A.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271

【相似文献】