并购基金在海外并购中的作用机理研究

发布时间：2018-01-24 22:47

本文关键词： 海外并购并购基金动机作用绩效　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：基于多方因素的作用,中国企业海外并购近年来不断地升温。2016年,中国大陆企业的海外并购数量和金额都大幅增长,超越了前四年中国企业海外并购交易金额总和。只有培育更多的金融支持主体,完善融资渠道及相关法律法规,才能真正建立一个多元化的金融支持体系,实现国家“走出去”的宏观战略。并购基金作为私募股权基金的一个重要分类,是欧美发达国家资本市场推动企业发展的常用工具,杠杆收购并获得企业控制权为其经典模式。2011年起,“上市公司+PE”式并购基金开始在中国流行,该模式的并购基金作为金融资本与产业资本的强强联合具有全方位的优势,正逐步成为我国海外并购的主导模式。2016年是“十三五”规划的开局之年,也是经济结构调整和产业转型升级的重要一年。随着供给侧改革的推进,存量资产出现大量的并购重组需求,从而助推并购市场迎来更大的发展契机。在我国政策的鼓励下,并购基金将会对我国企业海外并购行动起着举足轻重的作用。因此,并购基金在海外并购中的作用及其对绩效的影响需要得以重视。国内外学者针对并购基金与跨国并购的研究,特别是并购基金在并购过程中发挥的作用的研究,为本文提供了研究基础。基于过往的研究,本文选取了博盈投资收购斯太尔与新桥资本收购深发展的案例作为研究对象,进行对比分析,并基于“动机-作用-绩效”这一逻辑主线,对并购基金参与海外并购的作用机理进行理论解析,分析并购基金参与跨国并购的动机、作用及并购基金的特定优势,探讨并购基金主导的海外并购对并购绩效的影响,用并购绩效来反应并购基金在海外并购中对公司价值的影响。通过分析两个案例中并购基金在海外并购中的作用,总结得出并购基金在决策阶段主要发挥标的搜寻、协助企业进行并购战略制定的作用;在实施阶段,并购基金主要利用自身的资源、优势等协助并购方设计交易结构,应对国内和海外的政策限制以及为并购方提供资金支持,降低财务风险。在整合阶段,并购基金主要发挥战略改造、治理优化、提升资源效率与提高财务绩效的功能。通过分析发现,并购的动机对并购基金采取的行为有决定性的影响,财务投资型的并购基金是以套利为目的的,更注重在决策阶段及交易阶段的资本运作,可能存在一定的短视行为;战略型投资者更加注重整合阶段对目标企业的价值提升,以实现协同增效为目标,该模式下的投资运作是我国并购基金发展的方向。
[Abstract]:In 2016, the number and amount of overseas mergers and acquisitions of mainland Chinese enterprises increased significantly. It surpasses the sum of overseas M & A transactions of Chinese enterprises in the previous four years. Only by cultivating more financial support subjects, perfecting financing channels and relevant laws and regulations, can we truly establish a diversified financial support system. As an important classification of private equity funds, M & A fund is a common tool to promote the development of enterprises in the capital markets of developed countries in Europe and America. Since 2011, PE M & A funds of listed companies have become popular in China. As a strong combination of financial capital and industrial capital, the M & A fund of this model is gradually becoming the dominant mode of overseas M & A. 2016 is the opening year of the 13th Five-Year Plan. It is also an important year for economic restructuring and industrial transformation and upgrading. With the development of supply-side reform, there is a large demand for M & A and reorganization of stock assets. Therefore, the M & A funds will play an important role in the overseas M & A activities of Chinese enterprises under the encouragement of the policies of our country. The role of M & A funds in overseas M & A and its impact on performance need to be paid attention to. Scholars at home and abroad focus on M & A funds and cross-border M & A research, especially the role of M & A funds in the process of M & A. Based on the past research, this paper selects the case of the deep development of investment acquisition of Steyr and Xinqiao capital acquisition as the research object, and carries on the comparative analysis. Based on the logic thread of "motive-role-performance", this paper analyzes the mechanism of M & A funds' participation in overseas M & A, and analyzes the motivation of M & A funds participating in cross-border M & A. The role of M & A funds and the specific advantages of M & A funds, the impact of M & A fund dominated overseas M & A on M & A performance is discussed. Through the analysis of the role of M & A funds in overseas M & A in two cases, this paper uses M & A performance to reflect the impact of M & A funds on corporate value in overseas mergers and acquisitions. The conclusion is that the M & A fund plays the role of searching the target in the decision-making stage and assisting the enterprise in making the M & A strategy. In the implementation stage, M & A funds mainly use their own resources, advantages and so on to assist the M & A parties to design the transaction structure, to deal with domestic and overseas policy constraints and to provide financial support for the M & A. In the integration stage, M & A funds mainly play the functions of strategic transformation, governance optimization, resource efficiency and financial performance. The motivation of M & A has a decisive effect on the behavior of M & A funds. The purpose of financial investment-oriented M & A funds is to arbitrage and pay more attention to the capital operation in the decision-making and trading stages. There may be some short-sighted behavior; Strategic investors pay more attention to the promotion of the value of the target enterprises in the stage of integration with the goal of achieving synergy and efficiency. The investment operation in this mode is the direction of the development of M & A funds in China.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51

【参考文献】