并购重组中融资问题的研究

发布时间：2018-03-02 06:10

本文关键词： 并购市场杠杆收购并购基金高收益债券　出处：《上海交通大学》2012年硕士论文　论文类型：学位论文

【摘要】：并购作为企业融资来源和资源有效配置的手段之一，在近些年的经济社会发展中起到越来越重要的作用。在国家促进企业并购重组及十二五规划产业整合的政策支持下，并购将成为下一个中国经济快速发展浪潮的主要特征之一。相比于国外并购市场，国内并购无论是在并购规模、成熟度，还是资金配套，相关法律环境体系方面都还有待成熟。本文系统的分析了国外并购市场，结合了其发展的经验及中国目前的实际情况，，归纳了中国并购市场存在的问题，并总结出并购资金来源是当前该行业发展的主要瓶颈。在当前的中国经济发展形势下，通过各方面的支持推出并购基金将能促进并购行业的极大发展。本文首先梳理了并购中常用的概念及文献综述，界定了杠杆收购、债务型融资、并购基金相关概念，然后总结分析了中西并购市场发展的状况；后一部分探讨了并购基金在中国没有广泛形成的原因，并根据目前现状对各方共同推出并购基金提供了相关的建议。作者希望通过本文的研究，使大家对中国并购市场及并购基金的发展有一个清晰的认识，并能对我国从事并购的业内人士提供有益的帮助。
[Abstract]:M & A, as one of the effective means of financing and resource allocation, plays a more and more important role in the economic and social development in recent years. With the support of the national policy of promoting the merger and reorganization of enterprises and the industrial integration of the 12th Five-Year Plan, M & A plays a more and more important role in the economic and social development. M & A will become one of the main characteristics of the next wave of rapid economic development in China. Compared with the foreign M & A market, domestic M & A is not only in M & A scale, but also in maturity and capital matching. The related legal environment system is still to be mature. This paper systematically analyzes the foreign M & A market, combined with its development experience and China's current actual situation, summarizes the existing problems in the Chinese M & A market. It is concluded that the source of M & A funds is the main bottleneck of the current development of the industry. Under the current situation of China's economic development, the introduction of M & A funds through various aspects of support will promote the development of M & A industry. This paper firstly combs the commonly used concepts and literature reviews in M & A, defines the concepts of leveraged buy-out, debt financing and M & A fund, and then summarizes and analyzes the development of M & A market between China and the West. The latter part discusses the reasons why M & A funds have not been widely formed in China, and provides relevant suggestions for the joint introduction of M & A funds according to the present situation. So that everyone has a clear understanding of the M & A market and the development of M & A funds in China, and can provide beneficial help to the industry engaged in M & A in China.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51

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