券商并购基金发展模式探析

发布时间：2018-03-20 12:36

本文选题：并购基金　切入点：杠杆收购　出处：《中国社会科学院研究生院》2012年硕士论文　论文类型：学位论文

【摘要】：国内并购基金处于发展阶段，其历史不超过10年。证监会于2012年提出大力发展券商并购基金的工作目标，引起了市场对并购基金发展的关注。在国外市场，并购基金主要从事杠杆收购。杠杆收购的根源可以追溯到二十世纪初在欧洲就存在的“鞋带交易”。杠杆收购的特点在于，并购基金在整个收购价格中仅支付较少部分资金；并购基金以目标企业的资产和未来现金流作为抵押，向银行、保险等金融机构融资。并购基金在收购企业的同时，要求目标企业的管理层购买部分企业股权,由此将整个公司的债务约束传递至目标企业的管理层。并购基金控制董事会，，以监督管理层；利用债务融资与管理层持股完成对管理层的激励与约束。并购基金利用杠杆收购创造财富的过程中，常常涉及目标公司资产的剥离、业务重组以及人员解雇等事件，从而引发社会公众关于并购基金获利是否道德等类似疑虑。学术以及实证研究均表明，杠杆收购本身并不显著破坏被收购公司的利益。事实上，杠杆收购需要并购基金专注于长期改善企业的经营状况，从而实现高效的投资变现。从著名并购基金凯雷集团收购美国租车企业赫兹，提高该公司运营水平、改善资本结构并将其成功推动上市的案例中可以看到并购基金创造价值的过程。国内并购市场近几年发展迅速，然而,国内并购基金却没有得到相应的发展。国内产业发展环境与金融发展环境现实条件限制了国内并购基金的成长。国内企业并购普遍处于横向、纵向并购阶段，并购的主角仍然是企业本身。完全独立于产业的并购基金在国内并不存在。资产转让市场的不发达也是限制并购基金发展的一个重要原因。同时，限制国内并购基金发展的另一个主要因素是国内缺少对并购、尤其是杠杆并购有效的资金支持。国内的金融法规对并购融资仍然存在显著的限制。券商发展并购基金具有一定的优势。例如，券商处于资本市场的核心，在交易信息的获取方面拥有天然的优势。同时，券商投资银行业务也为并购基金储备了大量的人才。未来券商通过业务创新，将发行多种融资产品，可满足部分并购交易的融资需求。然而，在目前国内环境下，券商发展并购基金也需要面对现实，适合并购基金并购的标的资产市场仍然处于初始阶段，国内法规允许并购交易发生的行业也存在限制。因此，在券商并购基金发展的起步阶段，券商应该学习、模仿国内并购基金的成功经验。国企改制、协助行业龙头企业产业整合等都是券商并购基金可关注的商业机会。在逐渐积累并购经验之后，券商并购基金可将并购交易拓宽至海外市场，无论是产业并购还是复杂的杠杆收购，都是券商并购基金可以实现的运作模式。
[Abstract]:Domestic M & A fund is in the development stage, its history is not more than 10 years. In 2012, CSRC put forward the work goal of developing securities firm M & A fund, which caused the market to pay attention to the development of M & A fund. In foreign markets, M & A funds are mainly involved in leveraged buyouts. The roots of leveraged buyouts can be traced back to the "shoelace trade" that existed in Europe in early 20th century. M & A funds pay only a small portion of the total purchase price; the M & A funds use the assets and future cash flows of the target enterprise as collateral to finance banks, insurance and other financial institutions. The management of the target enterprise is required to purchase part of the stock right of the enterprise, thus the debt constraint of the whole company is transferred to the management of the target enterprise, and the M & A fund controls the board of directors in order to supervise the management; Using debt financing and management ownership to complete the incentive and constraints to the management. In the process of using leveraged buyouts to create wealth, M & A funds often involve the divestiture of the assets of the target company, the reorganization of the business and the dismissal of personnel, etc. Academic and empirical studies show that LBO itself does not significantly undermine the interests of the acquired company. Leveraged buyouts require M & A funds to focus on long-term improvements in the performance of their businesses in order to achieve efficient investment realisation. The acquisition of Hertz, a US car rental company, from Carlyle Group, a well-known M & A fund, has raised the company's operating level. The process of creating value for M & A funds can be seen in the case of improving capital structure and successfully promoting listing. The domestic M & A market has developed rapidly in recent years, however, However, the domestic M & A fund has not been developed correspondingly. The domestic industrial development environment and the financial development environment have restricted the growth of domestic M & A fund. The domestic enterprise M & A is generally in horizontal and vertical M & A stage. The main role of M & A is still the enterprise itself. M & A funds, which are completely independent of industry, do not exist in China. The underdevelopment of the asset transfer market is also an important reason for restricting the development of M & A funds. Another major factor limiting the development of domestic M & A funds is the lack of effective financial support for M & A, especially leveraged M & A. domestic financial regulations still have significant restrictions on M & A financing. Security firms have certain advantages in developing M & A funds. For example, securities firms are at the core of the capital market and have a natural advantage in obtaining trading information. At the same time, The investment banking business of securities firms also reserves a large number of talents for M & A funds. In the future, brokers will issue a variety of financing products through business innovation, which can meet the financing needs of some M & A transactions. However, in the current domestic environment, The market of underlying assets suitable for M & A fund M & A is still in its initial stage, and there are also restrictions on the industries in which M & A transactions are permitted by domestic laws and regulations. In the initial stage of the development of securities firms'M & A funds, securities firms should learn and imitate the successful experiences of domestic M & A funds. Assisting the leading enterprises in the industry, such as industrial integration, is a business opportunity for securities companies to pay close attention to M & A funds. After gradually accumulating experiences in mergers and acquisitions, brokerage M & A funds can expand their M & A transactions to overseas markets. Both industrial M & A and complex leveraged buyouts are the operational modes that can be realized by brokerage M & A funds.
【学位授予单位】：中国社会科学院研究生院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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