我国企业换股并购的原因及问题分析

发布时间：2018-01-12 14:11

本文关键词：我国企业换股并购的原因及问题分析　出处：《河北师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：近年来，全球范围内的并购浪潮风起云涌，中国也正在经历一场前所未有的并购热潮。企业并购是提升企业整体竞争力、优化资源配置的重要手段，也是促使中国企业尽快融入国际经济大格局、获取有利位置的重要途径，因而具有重要的现实意义和理论研究价值。在新《公司法》和《证券法》颁布、股权分置改革取得实质性成果、相关法律法规相继出台后以及以国际股权私募基金为代表的金融资本活跃等几股“春风”的推动下，我国上市公司并购市场进入了一个新时代，呈现出“千树万树梨花开”的崭新局面。2010年已公布的交易数为3800宗，2010年我国并购交易总额达1549亿美元，并购数量我国位居第二，由此可见，并购已成为实现资源优化配置、产业整合、改善经营管理、提高经济效益的重要方式和手段。随着企业间并购规模的不断扩大，单笔并购所涉及到的金额巨大，这使在并购交易中需要巨额的资金支持，从而现金并购方式受到了约束，这时换股并购这一并购方式就得到了广泛的运用，因为它能摆脱因巨额的并购交易给企业带来的资金压力而且不受并购规模的限制。无论从政策方面还是市场环境来看，换股并购面临着前所未有的好机会，且随着并购交易规模的扩大而越发受到重视。本文的主要内容如下：首先阐述了本文研究的大背景和研究意义，以及国内外现状的研究综述，本文的主要内容，难点和创新点。其次，阐述了并购和换股并购的定义及并购的理论基础。还通过与混合并购和现金并购相比较，，总结出以换股并购为支付方式的优点：可以解除企业在进行现金并购时资金方面带来的压力，换股并购没有并购规模方面的限制；目标企业的股东会自动的转变为并购后新企业的股东，并购企业和目标企业之间相互持股，形成一个利益共同体；目标企业没得到现金方面的收益，所以避免了税收方面的支出。结合我国换股并购的发展情况，同时考虑我国特有的证券市场背景，将换股并购在我国的发展分成三个阶段:股权分置时期、股权分置改革时期和全流通时期，并结合各阶段的发展分析出换股并购的特点以及优缺点。最后，本文从换股并购的基本理论出发，在对上述理论研究进行综述的基础上展开对换股并购的分析。并使用理论与案例相结合，研究企业进行换股并购的真正原因并找出问题。整篇文章理论与实际相结合，互相印证，以期总结出换股并购的一般原因并以此来提出问题。本研究对寻求换股并购的原因和并购过程中存在的问题，完善相关法规政策，推进换股并购在我国的运用具有一定的理论和实践意义。
[Abstract]:In recent years, the worldwide wave of mergers and acquisitions are also experiencing the Chinese raging like a storm, a hitherto unknown merger boom. The enterprise merger is an important means to enhance the overall competitiveness of enterprises, optimize the allocation of resources, but also promote Chinese enterprises into the pattern of international economy as soon as possible, an important way to obtain a favorable position, so it has important practical significance and research value the promulgation of the new company law. < > and < > Securities Law, equity division reform has made substantial achievements, relevant laws and regulations promulgated by the international and private equity funds as the representative of the financial and other active "spring" under the impetus of market mergers and acquisitions of Listed Companies in China has entered a new the times, showing the number of transactions of pear blossoms "new situation in.2010 has been published for 3800 cases, in 2010 China's total transactions amounted to $154 billion 900 million, and the number of my purchase China ranked second, thus, mergers and acquisitions have become to optimize the allocation of resources, industrial integration, improve management, improve the ways and means of economic benefits. With the continuous expansion of the scale of enterprise mergers and acquisitions, mergers and acquisitions single involved a huge amount of money, which makes the purchase and it needs huge amounts of money to cash transactions, M & A by the constraints, then the merger convertible merger is widely used, because it can get rid of the deal because of the huge funds to bring pressure on enterprises and is not affected by the scale of mergers and acquisitions restrictions. In terms of policy or market environment, convertible merger face a great opportunity hitherto unknown, and with the expansion the size of the transaction is getting more and more attention.
The main contents of this paper are as follows: firstly, the background and significance of this study, and summarizes the domestic and foreign research status, the main contents of this paper, difficulties and innovation. Secondly, expounds the theoretical basis and the definition of mergers and acquisition of the convertible. Also compared with mixed mergers and acquisitions cash, summary with the advantages of convertible merger payment: lift can bring enterprises in mergers and acquisitions cash funding pressures, convertible merger no M & a size limit; the shareholders of the target companies will automatically change and post purchase new corporate shareholders, mutual shareholding merger enterprise and target enterprise, to form a community of interests the goal of enterprise; didn't get the cash income, so avoid the tax expenses. With the development of China's stock exchange merger, considering our special permit The stock market background, the stock exchange in the development of our country is divided into three stages: the period of split share structure, period of the non tradable shares reform and full circulation period, combined with the development of each stage of the acquisition of the convertible and the advantages and disadvantages. Finally, starting from the basic theory of the convertible merger theory, based on the review on the basis of the above theory analysis of convertible merger. And use the combination of theory and case study, the real reason for the acquisition of the convertible company and find out the problems. This paper combined with the theory and actual each other, in order to summarize the general reason for the acquisition of the convertible and to propose the existence problem. For the acquisition of the convertible the reasons of M & A and problems in the process of this research, improve the relevant policies and regulations, promote the convertible merger has certain theoretical and practical significance in the use of our country.

【学位授予单位】：河北师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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