XX公司跨国并购融资策略研究

发布时间：2018-03-18 15:56

本文选题：跨国并购　切入点：融资策略　出处：《湘潭大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着经济发展水平的不断提升，经济全球化正日益加剧，企业之间的竞争也越来越激烈。为了获得企业的长远发展，提升自身的国际竞争力，越来越多的企业开始走出国门，开辟国外市场，参与国际分工，而跨国并购则是参与国际分工的一种重要表现形式。跨国并购对于并购方企业来说既是一种机遇，也是一种挑战。一次成功的跨国并购，可以使企业获得所需的国际资源，增加企业的价值，提升其行业地位，，获得规模效应，促进企业的可持续发展。而在一次跨国并购中，融资情况的好坏是跨国并购成功与否的关键。由于2009年XX公司并购Y公司是跨国并购案例中的一个典型代表，是属于国内民营企业跨国并购的行为，在跨国并购成功案例还不是很多的前提下，研究XX公司的这次并购融资情况是很有必要的，希望能对我国企业的跨国并购起到一定的借鉴意义。文章首先介绍了选题的背景，了解了该领域的国内外动态，介绍了跨国并购融资的相关理论；然后介绍了并购案例的国内外背景、并购的动因与并购的过程；接着重点对XX企业的融资策略进行了研究，主要从并购的资金需求、尽职调查、并购的支付方式、融资安排、融资效果与融资风险这六个方面展开分析；最后，根据对XX公司并购案例的研究，得出了文章的结论；同时，分别从企业和政府的角度提出了相关的启示，为我国企业的跨国并购融资提供了参考。本文的研究贡献在于，在跨国并购活动日益繁华但国内外对跨国并购的案例研究还比较少的情况下，利用案例研究方法，着重分析XX公司并购Y公司案例的融资策略，总结其成功的融资经验，最后还分别从企业和政府的角度提出了相关的启示，为我国企业在以后的跨国并购中提供了借鉴意义。
[Abstract]:As the level of economic development continues to improve, economic globalization is intensifying day by day, and the competition among enterprises is becoming more and more intense. In order to obtain the long-term development of enterprises and enhance their international competitiveness, more and more enterprises have begun to go abroad. Opening up foreign markets and participating in international division of labor, while transnational M & A is an important manifestation of participation in international division of labor. Transnational M & A is both an opportunity and a challenge for M & A enterprises. Can enable enterprises to obtain the necessary international resources, increase the value of enterprises, enhance their industry status, achieve scale effect, promote the sustainable development of enterprises. In 2009, XX Company M & A Y Company is a typical representative of cross-border M & A cases, which belongs to the behavior of domestic private enterprises. Under the premise that there are not many successful cases of transnational M & A, it is necessary to study the situation of M & A financing of XX Company, and hope to play a certain reference significance to the transnational M & A of Chinese enterprises. The paper first introduces the background of the topic, understands the domestic and foreign trends in this field, and introduces the relevant theories of cross-border M & A financing, then introduces the domestic and foreign background of M & A cases, the motivation of M & A and the process of M & A. Then it focuses on the financing strategy of XX enterprise, mainly from six aspects: capital demand, due diligence, payment method, financing arrangement, financing effect and financing risk. According to the case study of M & A of XX Company, this paper draws the conclusion of the article, and at the same time, puts forward the relevant enlightenment from the angle of the enterprise and the government respectively, which provides the reference for the transnational M & A financing of the enterprises of our country. The contribution of this paper is that, under the circumstance that cross-border M & A activities are becoming more and more prosperous but the case studies on cross-border M & A at home and abroad are still relatively few, the case study method is used to analyze the financing strategy of M & A Y case of XX Company. This paper summarizes its successful financing experience, and finally puts forward the relevant enlightenment from the angle of enterprise and government respectively, which provides reference significance for our country's enterprises in the future cross-border M & A.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F416.471;F271;F406.7

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