企业海外并购融资方式选择研究

发布时间：2018-02-04 05:19

本文关键词： 海外并购融资方式创新权益型融资债务型融资　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：自“走出去”战略的提出,就一直推动我国企业对外投资的步伐。尤其是在2003年以来,我国加快实施“走出去战略”,走出国门的中国企业越来越多,“走出去”的企业除了数量上的由少到多,企业的类型也越来越丰富。据商务部等部门发布的《2015年度中国对外直接投资统计公报》统计,在世界经济艰难复苏,全国范围内外国直接投资流量下降的情况下,我国对外投资流量跃居第二,超过同期吸收外资规模,实现资本净输出;在全球外国直接投资流出量达到1.47万亿美元,较上年增长11.8%的背景下,中国对外直接投资流量创下1456.7亿美元的历史新高,同比增长18.3%,超过日本,成为除美国外最大的对外投资国。然而,我国企业“走出去”需要雄厚的资金支持,尤其是海外并购涉及的金额巨大,仅仅依靠企业自身的资金很难完成并购交易,因此从企业外部融资来解决并购所需资金成为我国企业海外并购的重要环节之一,企业在并购过程中如何选择融资方式成为该领域的一个重要问题。本文首先概括了企业并购融资的类型、各种融资方式的分类及特点。通过梳理企业并购融资流程的安排,讨论了融资金额、企业资本结构、融资工具的选择、融资渠道、支付方式等因素对融资方式选择的影响,将各种影响因素综合衡量后确定一种最佳的融资方式。在光明集团收购英国维多麦的案例中,我们看到,在当前的国际并购实践中,传统的融资方式已经无法满足企业的融资需求,在追求资金成本最低化,财务风险最小化、并购绩效最大化目标的过程中,应该借鉴金融市场发达的欧美等国家的成熟经验,将国外成熟的融资安排“本土化”,因地制宜,发展成为我国企业“走出去”的重要“战略武器”。因此,我国企业在走出国门、走向国际市场的同时,要着力构建、创新出适合当前金融环境的低成本、低风险、高效益的融资方式。
[Abstract]:Since the "going out" strategy was put forward, it has been promoting the pace of foreign investment of Chinese enterprises. Especially since 2003, China has accelerated the implementation of "going out strategy", and more and more Chinese enterprises have gone abroad. In addition to the number of "going out" enterprises from small to more, the types of enterprises are also increasingly rich. According to statistics released by the Ministry of Commerce and other departments, "China's Foreign Direct Investment Statistics Bulletin 2015" statistics. With the difficult recovery of the world economy and the decline of the flow of foreign direct investment in the whole country, China's outward investment flow has leapt to the second place, surpassing the scale of absorbing foreign capital in the same period and realizing the net export of capital. On the back of global FDI outflows of $1.47 tillion, an increase of 11.8% over the previous year, China's outward FDI flows hit an all-time high of $145.67 billion. The year-on-year increase of 18.3% surpassed that of Japan, becoming the largest foreign investment country outside the United States. However, Chinese enterprises "going out" need strong financial support, especially the amount of money involved in overseas mergers and acquisitions. It is very difficult to complete the M & A transaction only by relying on the capital of the enterprise itself, so it becomes one of the important links of the overseas M & A of our country enterprise to solve the fund of the M & A from the external financing of the enterprise. How to choose financing mode in the process of M & A has become an important problem in this field. Firstly, this paper summarizes the types of M & A financing. By combing the arrangement of financing process of M & A, the paper discusses the amount of financing, the structure of enterprise capital, the choice of financing tools, and the financing channel. The factors such as payment methods influence the choice of financing methods, and the factors are measured to determine the best way of financing. In the case of Bright Group's acquisition of Withomax in Britain, we can see. In the current practice of international M & A, the traditional financing method has been unable to meet the financing needs of enterprises, in the pursuit of minimum capital cost, financial risk minimization, M & A performance maximization process. We should learn from the mature experience of developed countries, such as Europe and America, and "localize" the mature financing arrangements of foreign countries, so as to become an important "strategic weapon" for Chinese enterprises to "go out" according to local conditions. While going out of the country to the international market, Chinese enterprises should focus on constructing and innovating a low cost, low risk and high benefit financing method suitable for the current financial environment.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.82;F406.7

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