信托参与并购融资的竞争力研究

发布时间：2018-04-30 12:26

本文选题：融资方式 + 信托融资　；参考：《北京交通大学》2014年硕士论文

【摘要】：摘要：并购是企业资源重新配置的重要方式,对活跃市场经济,提高产业集中度具有重要的作用。中国企业要想提高自身的竞争力,通过并购重组做大做强是非常有效的途径,同时并购也是中国企业进军海外市场的重要途径,中国经济的发展即将迎来一轮并购浪潮。财务领域中关于并购的研究更多集中于并购后的整合、支付方式与并购绩效等方面,对并购成功的关键要素融资能力有所忽视。企业并购需要巨额的资金支持,但在我国,很多企业由于无法及时筹集到足够的资金而放弃最终的收购。企业面临的融资瓶颈既有自身的原因,也与我国企业的融资渠道不畅有关。在我国现行的金融环境下,企业普遍面临“融资难、融资贵”的问题,并购融资更加困难,并购融资不仅需要考虑融资规模,还需要考虑融资速度、融资成本等方面。 2007年,随着“新两规”的颁布,中国的信托业得到了飞速的发展,并逐步走上了并购重组的舞台。信托公司凭借着“混业经营”的制度优势和强大的资金基础,在并购融资中开始发挥重要的作用。本文采用了对比研究的方法,将信托融资方式与并购贷款、债券融资和股票融资进行比较,并深入进行了案例层面的对比研究,来探讨信托参与并购融资的竞争力,致力于解决我国企业面临的并购融资难题,提高我国并购市场的活跃度。案例研究部分采用了排序打分的方法,对四种不同融资方式下的并购案例按照设计的指标分别进行排序打分,最后进行综合得出结论。文章认为,信托融资方式在并购融资中具有一定的优势,尤其表现在抵押担保灵活性、发行手续费低、能够提高并购隐蔽性等方面。
[Abstract]:Absrtact: M & A is an important way to reconfigure enterprise resources, which plays an important role in activating market economy and improving industrial concentration. If Chinese enterprises want to improve their own competitiveness, it is a very effective way to increase and strengthen by M & A. At the same time, M & A is also an important way for Chinese enterprises to enter the overseas market. The development of Chinese economy is about to ushered in a wave of M & A. The research on M & A in the field of finance focuses on the integration after M & A, the way of payment and the performance of M & A, and neglects the financing ability of the key element of M & A success. M & A needs a huge amount of capital support, but in our country, many enterprises give up the final acquisition because they can not raise enough funds in time. The financing bottleneck faced by enterprises not only has its own reasons, but also has something to do with the poor financing channels of Chinese enterprises. In the current financial environment of our country, enterprises generally face the problem of "financing difficult, financing expensive", M & A financing is more difficult, M & A financing not only needs to consider the scale of financing, but also need to consider financing speed, financing cost and other aspects. In 2007, with the promulgation of "two new rules", the trust industry of China developed rapidly and gradually stepped onto the stage of merger and acquisition. Depending on the system advantage and strong capital foundation of "mixed operation", trust companies begin to play an important role in M & A financing. This paper compares trust financing with M & A loan, bond financing and stock financing, and makes a case study in order to explore the competitiveness of trust participation in M & A financing. It is committed to solve the problem of M & A financing faced by Chinese enterprises and to improve the activity of M & A market in China. In the part of case study, the method of ranking and scoring is adopted, and the M & A cases under four different financing methods are ranked according to the designed index, and finally the conclusion is drawn. The paper holds that the trust financing method has some advantages in M & A financing, especially in the aspects of flexibility of mortgage guarantee, low issue fee, and the ability to improve the concealment of M & A.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F275;F832.49

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