并购基金在中国并购交易中的作用

发布时间：2018-04-11 03:07

本文选题：私募股权基金 + 并购基金　；参考：《上海交通大学》2013年硕士论文

【摘要】：近几年来,随着相关政策的开放以及创业板的成立,使得私募股权基金在我国迅速发展壮大,出现了“全民私募”的盛况。由清科研究中心的数据显示,2012年募集资金超过180亿美元。但随着2012年以来IPO市场的放缓,越来越多的私募股权投资面临着退出难、募资难的问题,甚至许多机构难以为继。这一现象暴露出了我国私募股权基金发展的阶段性问题：基金同质化严重,并且集中在成长基金。有关数据统计,2012年募集的私募股权基金中仍有70%以上为成长型基金。相比与欧美的发达金融市场中并购基金占主导地位的格局,我国的私募股权市场还有很长一段行业调整的路要走。并购基金在我国的发展逐渐加速,最终将在市场上扮演越来越重要的角色。目前关于并购基金的学术研究较少,大多数研究主要集中在并购基金的发展和市场前景上,比如江西财经大学伍康鸿著《关于我国企业并购基金的探析》、王巍等编著的《高收益债券与杠杆收购——中国机会》等等,但对于并购基金在交易层面的所起到作用的分析可谓凤毛麟角。本文的创新主要在于深入剖析实际案例,利用上市公司公告、财务报表等信息来深入分析并购基金在并购交易中所起到的作用。要了解并购基金在中国市场的作用,首先必须深入挖掘并购基金的内涵并且了解并购基金的发展历史。其次,必须深入分析中国并购市场的特殊性。由于中国国有经济影响力较大的特色,许多并购交易都带有行政色彩。在理解了并购基金和中国并购市场之后,我们根据并购基金的自身强项和优势,简要得出并购基金在中国市场的作用可以从并购交易的三个环节来阐述：交易前,利用可二次融资的特点满足大规模融资需求；交易中,充当财务顾问安排交易架构；交易后,输出管理改善企业经营状况。由于并购基金的资金规模较大,并且具有二次融资的功能,因此在国际上一般可参与资金需求量巨大的并购交易。目前在国内虽然杠杆收购的操作案例还较少,但是随着银行并购贷款的放宽和债券市场的发展,将来并购基金在交易中的二次融资将成为重要的金融工具。另一方面,并购基金的管理人员一般都是资深的金融和投资界人事,在交易中可提供合理的交易安排来规避一些法律监管问题。在中粮并购蒙牛的交易中,厚朴投资不仅成为了主要投资者,同时还扮演了财务顾问的角色,通过其团队丰富的投资银行经验,帮助中粮成功完成了收购。除了资金和交易经验之外,并购基金还有一大优势便是其整合行业资源的能力。国外的并购基金一般拥有各行各业的职业经理人资源,在收购交易完成后可通过输出管理人才,为公司制定新的战略来提升公司的价值。在美国新桥投资收购深圳发展银行就是一个典型案例,新桥利用其团队在银行界几十年的经验,帮助深发展重新定位,改善资产质量,在短短四五年之内将其从一家濒临破产的银行打造成一家具有竞争力的银行,并最终出售给平安。虽然并购基金在中国发展历史已经超过十年,但是整体的投资水平和规模仍然处于发展的初级阶段,本文在研究过程中可获得的交易案例和公开信息都较少,因此给本文的撰写构成了一定的障碍。在本文最后一章中对于中国并购基金未来的发展机遇和目前所受的限制也做了一定的分析。随着中国资本市场的迅速发展和金融工具的日益完善,并购基金在未来中国并购交易中所起到的重要性将比现在有很大幅度的提升
[Abstract]:In recent years , with the opening of the relevant policies and the establishment of the GEM , the private - equity fund has grown rapidly in our country , and the private - equity funds raised more than $ 1.8 billion in 2012 . However , as the IPO market has slowed down in 2012 , more and more private - equity investment is facing out of difficulties , and the private - equity market still has more than 70 % of the funds raised in 2012 .

There are few academic researches on M & A funds . Most of the research focuses on the development and market prospect of M & A funds , such as the analysis of the M & A funds in China and the acquisition of leveraged buyouts by Wang Wei , etc . The innovation of this paper is to deeply analyze the practical cases , use the information of the public announcement and financial statements to analyze the role of the M & A fund in the M & A transaction .

In order to understand the role of M & A fund in China market , it is necessary to dig deep into the connotation of M & A fund and understand the history of M & A fund . Secondly , it is necessary to deeply analyze the particularity of M & A fund .
in that transaction , act as financial advisor to arrange the transaction architecture ;
After the transaction , the output management improves the enterprise ' s operating conditions .

Since the M & A fund has a large fund scale and has the function of secondary financing , the second financing of M & A fund will become an important financial instrument . In addition to capital and trading experience , the investment of M & A fund is a major financial instrument . In addition to capital and transaction experience , the investment of M & A fund is a typical case . In addition to capital and transaction experience , the new bridge can help the company develop a new strategy to improve the value of the company . In addition to capital and trading experience , the new bridge will help the company to develop new strategy to improve the value of the company .

Although the M & A fund has more than 10 years in China ' s development history , the overall investment level and scale are still in the primary stage of development . In the last chapter of this paper , there are some obstacles to the development of China ' s M & A fund and the current limitation . With the rapid development of China ' s capital market and the increasing of financial instruments , the importance of the M & A fund in the future China ' s M & A transaction will be greatly improved

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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