中航信托参与华成燃气并购案例分析

发布时间：2018-08-03 11:05

【摘要】：我国信托公司近年来为了突破传统业务模式,积极探索业务创新,形成了信托公司参与并购业务、信贷资产证券化业务、家族财富管理业务等新趋势。企业并购业务作为信托公司大力开拓的新方向之一,有着巨大的市场空间和市场前景。本文从信托公司的角度,以案例分析的形式,探讨了信托参与企业并购业务的模式和成效,对其中存在的一些问题提出了解决办法和政策建议。本文第一部分介绍了信托与并购的背景知识,对我国信托业的发展现状和创新趋势做了梳理,并对既有研究成果做了归纳,发现信托参与企业并购有着政策、操作、资金等优势,对几种信托参与企业并购模式做了重点阐述,分别是自身收购模式、债权融资模式、股权融资模式和主动管理模式。第二部分详细介绍了中航信托入股华成燃气并购案,对并购案例交易方做了简介,深度挖掘了案例的交易结构和交易流程,对交易合同中的重要细节进行了提炼整理,对整个并购实施过程和退出过程做了完整阐述。第三部分分析了案例发生的动因,对案例交易模式中的嵌套有限合伙和嵌套壳公司行为进行了深入考究,对中航信托在并购案例中获得的阶段性投资成果做了判定。在并购成果分析中发现,这种信托股权融资并购模式为企业快速筹集到了所需资金,信托公司依托自身优势参与企业并购活动,在拓展创新业务的同时,也实现了信托公司与企业之间互利共赢。第四部分探讨了案例的几点不足之处,包括优先股股利支付风险、优先股估值折价风险、信托产品风险收益不匹配、主动管理能力欠缺,对不足之处进行了完善,例如增加优先股股利担保方、重新估算权益退出价值、优化信托产品风险收益匹配度、优化华成燃气公司治理结构。本文最后总结了以上内容,并在对信托公司参与企业并购的启示建议中,给出了完善信托监管制度、建设全国性信托产品转让系统、提升信托公司主动管理水平的建议。
[Abstract]:In recent years, in order to break through the traditional business model and actively explore business innovation, trust companies have formed a new trend of participating in M & A business, credit asset securitization business, family wealth management business and so on. As one of the new directions of trust companies, M & A has great market space and prospect. From the point of view of trust company, this paper discusses the mode and effect of trust participation in M & A in the form of case study, and puts forward some solutions and policy suggestions. The first part of this paper introduces the background knowledge of trust and M & A, combs the status quo and innovation trend of trust industry in China, and summarizes the existing research results, and finds that trust participation in M & A has policies and operations. Capital and other advantages, this paper focuses on several kinds of trust participating enterprise M & A mode, which are their own acquisition mode, debt financing mode, equity financing mode and active management mode. In the second part, the author introduces in detail the case of CNAC Trust's acquisition of Huacheng Gas, introduces the parties involved in the merger and acquisition case, excavates deeply the transaction structure and process of the case, and refines and collates the important details in the transaction contract. The whole process of implementation of M & A and the process of withdrawal have been fully elaborated. The third part analyzes the causes of the case, makes a thorough study on the behavior of nested limited partnership and nested shell company in the case trading model, and makes a judgment on the phased investment results obtained by the China Aviation Trust in the M & A cases. In the analysis of M & A results, it is found that this kind of trust equity financing M & A mode can quickly raise the required funds for enterprises, and trust companies participate in M & A activities by relying on their own advantages, while expanding innovative business. It also realizes mutual benefit between trust company and enterprise. The fourth part discusses several deficiencies of the case, including preferred stock dividend payment risk, preference stock valuation discount risk, trust product risk income mismatch, lack of active management ability. For example, increase preferred stock dividend guarantee party, reestimate equity exit value, optimize trust product risk income matching degree, optimize governance structure of Huacheng Gas Company. Finally, this paper summarizes the above contents, and gives some suggestions on how to perfect the trust supervision system, build a nationwide trust product transfer system and promote the active management level of trust companies in the enlightening suggestions for trust companies to participate in mergers and acquisitions.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39;F271;F299.24

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