海通证券收购圣灵投资银行案例研究

发布时间：2019-02-14 20:21

【摘要】：2016年境内企业进行海外并购投资共计729宗交易,涉及金额共计3318.74亿美元,相比2015年增幅高达246%,其中金融机构参与有30余起,而涉及券商海外并购仅2起。面对境内企业海外并购“井喷式”的增长,中国资本将会有巨大的外流需求,而专业金融机构的服务和支持可以帮助这些资本“走出去”、“走得稳”。在境内企业海外并购势头强劲的背景下,国内券商海外业务发展机遇大增,而国内券商在布局海外市场态势上的略显消极,恰恰凸显出国内券商在海外并购上的整体“缺课”。因此选择国内券商海外并购的案例进行深入研究、分析是一个现实而又紧迫的课题,或可为国内券商海外并购提供可兹借鉴的参考。选择海通证券收购圣灵投资银行(BESI)案例进行研究主要一方面是此次收购在2015年已经全面完成交割,另一方面此次并购是中国证券公司收购总部位于欧洲的投资银行的第一单。文章首先对海通证券境外业务的现状进行了概述,就海通证券目前境外业务及海外战略布局概况作了分析,认为海通证券2008年后境外业务提高与海外布局的扩大有明显关系。其次,文章介绍了案例的并购主体和并购过程,并从收购的价格、动因、协同效应及风险四个方面进行分析。文章认为,从价格方面分析,无论从个别分析还是行业分析的角度来看,并购价格是相对合理的;从动因方面分析,认为此次并购动因主要有两点,一是海通证券为进一步加大海外布局,进军欧美市场,二是圣灵投资银行是良好收购标的资产;从协同效应方面分析,此次收购为海通证券既带来了提高收入和降低成本的经营协同效应,也带来了财务能力的提高、合理避税和预期良好的财务协同效应;从风险方面分析,此次并购在过程中存在并购目标不明、融资支付的风险,并购完成后也存在文化整合风险、财务风险。最后,文章在上述案例分析的基础上,针对此次案例提出了国内券商要把握好当前发展的新机遇,国内券商海外并购时要慎重选择被兼并方的结论,也提出了针对文化风险、财务风险两个方面的相关建议。
[Abstract]:A total of 729 overseas mergers and acquisitions involving $331.874 billion were made by domestic companies in 2016, an increase of 246 from 2015, with financial institutions participating in more than 30 and securities firms involving just two. In the face of the "blowout" growth of overseas mergers and acquisitions by domestic enterprises, there will be a huge outflow of Chinese capital, and the services and support of professional financial institutions can help them to "go out" and "stabilize." Against the background of strong overseas M & A momentum of domestic enterprises, the overseas business development opportunities of domestic securities companies have greatly increased, while the negative situation of domestic securities firms in the distribution of overseas markets highlights the overall "absence" of domestic securities firms in overseas mergers and acquisitions. Therefore, it is a realistic and urgent topic to choose the case of overseas M & A of domestic securities companies, or to provide reference for overseas M & A of domestic securities companies. The case study of Haitong Securities acquisition of (BESI), the Holy Spirit Investment Bank, is mainly due to the fact that the acquisition was completed in 2015. The acquisition, on the other hand, was the first purchase by a Chinese securities firm of a European-based investment bank. In this paper, the present situation of overseas business of Haitong Securities is summarized, and the general situation of overseas business and overseas strategic layout of Haitong Securities is analyzed. It is concluded that the improvement of overseas business of Haitong Securities after 2008 is obviously related to the expansion of overseas distribution. Secondly, the paper introduces the main body of M & A and the process of M & A, and analyzes the price, motivation, synergetic effect and risk of M & A. The article holds that the price of M & A is relatively reasonable from the angle of price analysis, whether from the angle of individual analysis or industry analysis. From the aspect of motivation, the author thinks that there are two main reasons for M & A, one is Haitong Securities to further increase the overseas layout, to enter the European and American markets, the other is the Holy Spirit Investment Bank is a good acquisition of the underlying assets; From the aspect of synergetic effect, this acquisition has brought not only the management synergy effect of raising income and reducing cost, but also the improvement of financial ability, reasonable tax avoidance and expected good financial synergy effect for Haitong Securities. From the aspect of risk, there are some risks in the process of M & A, such as the unclear target of M & A, the risk of financing payment, and the risk of cultural integration and financial risk after the completion of M & A. Finally, on the basis of the above case analysis, the paper puts forward the conclusion that domestic securities companies should grasp the new opportunities of current development, that domestic securities companies should carefully select the merged parties when acquiring overseas securities firms, and that they should also aim at cultural risks. Financial risk related recommendations in two aspects.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.2

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