RK公司并购SY公司亏损资产包的交易设计研究
发布时间：2018-12-13 21:37
【摘要】：纵观全球经济发展的趋势,自20世纪以来,并购成为了世界经济生活中重要的组成部分之一,欧美作为经济发达国家,其并购的历史也从最早期的规模扩张为目的的并购,逐步发展出了纵向并购、多元化并购以及核心战略竞争力强化的不同阶段,而并购的方式也从最初的自有资金并购,传统借贷并购发展到了多元融资结构的杠杆并购。国内的并购自2014年以来得到了显著的发展,在并购数量、并购规模上不断翻升,在并购方式上也随着国内金融体系的健全不断创新。但是国内外学者的对于并购的研究主要集中在优质资产之间,对于亏损资产并购研究极少,且有限的不良资产并购研究主要集中在金融机构的不良资产,而对于非金融机构的不良资产并购鲜有研究。实际上,由于经济转型、产能过剩等种种原因,国内大量的亏损企业被忽视,国有亏损企业由于其主要的债务由银行承担,银行不得不面对债转股的尴尬。非金融机构的不良资产并购正在面临并购的黄金周期。本文以RK集团通过下属KW基金以契约型基金的形式并购SY集团部分不良资产(亏损资产是不良资产的一类)的并购策略制定及实施过程作为研究对象,结合并购相关理论,对该类并购的标的选择标准,策略原则进行了剖析,并进行提炼和归纳,在本文中,笔者通过采取对比研究法和逻辑归纳,结合本案例的研究和国内外的案例的对比分析,对该类并购的并购策略中的关键控制要点进行了明确。本文主要的创新点为:首先明确了该类可并购不良资产的特性,其次对并购过程中的包括交易动机、融资结构等相关系统的策略原则进行了阐述,最后对项目的退出策略提出了自己的判断标准。本文试图为具有特定禀赋的并购基金或者企业通过协同不良资产的低估优势,以合理的并购形式获得双赢提供了一种有效的、相对具体的判断标准。希望本案例的研究能对今后国内企业并购亏损或者低估资产提供一定的借鉴意义。一方面,可以通过以较低的价格并购具有核心竞争力的不良资产或者被低估资产,实现主并购企业的快速规模扩张或者财务投资的实现的同时有效的盘活不良资产,另一方尝试为该类的并购在实务的层面总结出具有一定指导意义的,具有可操作性的判断标准及操作策略,提高相关并购的成功率。从而实现资源和资产的合理整合,为经济转型中的企业并购及盘活提供一种全新的发展思维。
[Abstract]:Throughout the global economic development trend, since the 20th century, M & A has become an important part of the world economic life, Europe and the United States as an economic developed country, its M & A history from the earliest expansion of the scale of the purpose of M & A. Gradually developed vertical mergers and acquisitions, diversified mergers and acquisitions as well as the core strategic competitiveness of different stages, and mergers and acquisitions from the initial own funds M & A, traditional lending M & A developed to the multiple financing structure of leveraged mergers and acquisitions. Domestic M & A has made remarkable development since 2014. The quantity and scale of M & A have been increasing and the way of M & A has been innovated with the sound of domestic financial system. However, the research on M & A by domestic and foreign scholars is mainly focused on the high-quality assets, and on the loss assets M & A, and the limited research on the non-performing assets M & A mainly focuses on the non-performing assets of the financial institutions. However, there is little research on non-financial institutions' non-performing assets merger and acquisition. In fact, due to economic transformation, overcapacity and other reasons, a large number of loss-making enterprises in China have been neglected, and state-owned loss-making enterprises have to face the embarrassment of debt-to-equity swap because their main debts are borne by banks. M & A of non-financial institutions is facing the golden cycle of M & A. This paper takes the M & A strategy formulation and implementation process of RK Group through its subordinated KW Fund as the form of contractual fund to acquire some non-performing assets of SY Group (loss-making assets is a kind of non-performing assets) as the research object, combined with the relevant theory of M & A. In this paper, the author adopts comparative research method and logic induction, combined with the case study and the comparative analysis of domestic and foreign cases. The key control points in M & A strategy of this kind of M & A are clarified. The main innovation points of this paper are as follows: firstly, the characteristics of this kind of non-performing assets are defined, and then the strategic principles of related systems, such as transaction motivation, financing structure and so on, are expounded in the process of M & A. Finally, the project exit strategy put forward their own criteria. This paper attempts to provide an effective and relatively specific judgment standard for M & A funds or enterprises with specific endowment to obtain a win-win situation in the form of reasonable M & A through the undervalued advantage of synergetic non-performing assets. It is hoped that this case study can provide some reference for domestic enterprises in the future M & A losses or undervalued assets. On the one hand, through the acquisition of non-performing assets with core competitiveness or undervalued assets at a relatively low price, the main M & A enterprises can achieve rapid expansion of scale or the realization of financial investment, while effectively invigorating non-performing assets. The other side tries to sum up some guiding criteria and operational strategies for this kind of M & A in practice to improve the success rate of M & A. So as to realize the rational integration of resources and assets and provide a new development thinking for the M & A and revitalization of enterprises in the economic transformation.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4;F271
本文编号：2377283
[Abstract]:Throughout the global economic development trend, since the 20th century, M & A has become an important part of the world economic life, Europe and the United States as an economic developed country, its M & A history from the earliest expansion of the scale of the purpose of M & A. Gradually developed vertical mergers and acquisitions, diversified mergers and acquisitions as well as the core strategic competitiveness of different stages, and mergers and acquisitions from the initial own funds M & A, traditional lending M & A developed to the multiple financing structure of leveraged mergers and acquisitions. Domestic M & A has made remarkable development since 2014. The quantity and scale of M & A have been increasing and the way of M & A has been innovated with the sound of domestic financial system. However, the research on M & A by domestic and foreign scholars is mainly focused on the high-quality assets, and on the loss assets M & A, and the limited research on the non-performing assets M & A mainly focuses on the non-performing assets of the financial institutions. However, there is little research on non-financial institutions' non-performing assets merger and acquisition. In fact, due to economic transformation, overcapacity and other reasons, a large number of loss-making enterprises in China have been neglected, and state-owned loss-making enterprises have to face the embarrassment of debt-to-equity swap because their main debts are borne by banks. M & A of non-financial institutions is facing the golden cycle of M & A. This paper takes the M & A strategy formulation and implementation process of RK Group through its subordinated KW Fund as the form of contractual fund to acquire some non-performing assets of SY Group (loss-making assets is a kind of non-performing assets) as the research object, combined with the relevant theory of M & A. In this paper, the author adopts comparative research method and logic induction, combined with the case study and the comparative analysis of domestic and foreign cases. The key control points in M & A strategy of this kind of M & A are clarified. The main innovation points of this paper are as follows: firstly, the characteristics of this kind of non-performing assets are defined, and then the strategic principles of related systems, such as transaction motivation, financing structure and so on, are expounded in the process of M & A. Finally, the project exit strategy put forward their own criteria. This paper attempts to provide an effective and relatively specific judgment standard for M & A funds or enterprises with specific endowment to obtain a win-win situation in the form of reasonable M & A through the undervalued advantage of synergetic non-performing assets. It is hoped that this case study can provide some reference for domestic enterprises in the future M & A losses or undervalued assets. On the one hand, through the acquisition of non-performing assets with core competitiveness or undervalued assets at a relatively low price, the main M & A enterprises can achieve rapid expansion of scale or the realization of financial investment, while effectively invigorating non-performing assets. The other side tries to sum up some guiding criteria and operational strategies for this kind of M & A in practice to improve the success rate of M & A. So as to realize the rational integration of resources and assets and provide a new development thinking for the M & A and revitalization of enterprises in the economic transformation.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4;F271
【相似文献】
相关期刊论文 前3条
1 ;国家能源局2012年第1号公告(98项SY标准)[J];中国石油和化工标准与质量;2012年02期
2 汪毅;;苏北SY县民办学校发展现状调查分析[J];经济研究导刊;2011年01期
3 王桂荣;张蓉瑞;朱旭梅;;山西SY烟草公司管理中存在的问题及对策研究[J];中国投资;2013年S1期
相关会议论文 前2条
1 谢建平;毛勇;徐红花;;SY凝胶皮肤刺激性及过敏性研究[A];2006年全国药物毒理学会议论文集[C];2006年
2 王建昌;牛钟相;;绵羊肺炎支原体山东株(SY株)分离鉴定及生物学特性研究[A];2006中国微生物学会第九次全国会员代表大会暨学术年会论文摘要集[C];2006年
相关重要报纸文章 前1条
1 记者 王敏 通讯员 董安森;驻延预备二团“SY-二○○六”军事演习誓师动员大会隆重召开[N];延安日报;2006年
相关硕士学位论文 前10条
1 马艳;SY出国咨询公司营销策略研究[D];首都经济贸易大学;2015年
2 张静;SY国有企业风险导向内部审计问题研究[D];辽宁大学;2015年
3 金寒雪;SY公司会计舞弊的案例研究[D];吉林财经大学;2016年
4 何平;SY护校职业教育业务发展战略研究[D];西南交通大学;2015年
5 韩翠翠;SY公司人力资源管理信息系统设计[D];天津工业大学;2015年
6 纪世家;SY公司并购海外PC公司的财务风险控制研究[D];辽宁大学;2016年
7 章楠;HEP并购SY融资方式研究[D];安徽大学;2017年
8 郑龙霞;RK公司并购SY公司亏损资产包的交易设计研究[D];山东大学;2017年
9 李方;SY重工员工满意度研究[D];中南大学;2009年
10 李琼;SY集团公司经济责任审计评价指标体系研究[D];西北大学;2011年
，本文编号：2377283
本文链接：https://www.wllwen.com/jingjifazhanlunwen/2377283.html
