杠杆收购的融资分析研究

发布时间：2018-03-07 03:16

本文选题：杠杆收购融资　切入点：优先权债务融资　出处：《新疆大学》2014年硕士论文　论文类型：学位论文

【摘要】：经过五次并购大浪潮的检验，并购在企业整合上所表现出的力量和作用，是重组、分拆等方式所不能望其项背的，但是并购融资的实现渠道和方法限制了并购的发展。并购对资金的需求量大，要求企业有雄厚的资金基础，否则，一切都无从开展。杠杆收购的出现为企业冲破并购的资金瓶颈找到了新的方法，拓宽了并购渠道，将并购推向了新的高潮。杠杆收购就是充分利用资金的杠杆作用，企业用自身少量的资本，通过举债融资来加强杠杆作用，完成对大目标公司的收购。在收购中债务和股本的比例就是融资结构。杠杆收购融资就是要解决企业的融资结构和资金的来源问题，不同的融资结构决定了企业未来的发展潜力和财务负担，关系着杠杆收购的成败。本文对杠杆收购的融资方式进行了分析，将各种可利用融资方式的优势与不足作了阐述，通过加权平均的方法对杠杆融资的资金成本进行了简单模型分析，，通过利率、税率对资金成本的影响，定向分析了影响融资成本的因素和降低成本的方法。由于受到法律法规的限制，西方杠杆收购融资方式在中国无法进行操作，本文通过国内典型的杠杆收购案例分析，归纳出了目前我国适用的变通杠杆融资渠道。同时通过借鉴金融租赁的模式，提出了租凭方式的杠杆融资模式。
[Abstract]:After testing the five waves of mergers and acquisitions, the strength and role shown by mergers and acquisitions in the integration of enterprises are beyond the reach of the methods of reorganization and separation. However, the channels and methods of realizing M & A financing restrict the development of M & A. M & A has a large demand for capital and requires enterprises to have a strong capital base, otherwise, The emergence of leveraged buyouts (LBO) has found a new way for enterprises to break through the capital bottleneck of M & A, widen the channels of M & A, and push M & A to a new climax. Leveraged buy-out is to make full use of the leverage of funds. Enterprises use a small amount of their own capital to enhance their leverage through borrowing and financing. To complete the acquisition of a large target company. The debt to equity ratio in the acquisition is the financing structure. Leveraged buy-out financing is to solve the financing structure of the enterprise and the source of funds. Different financing structure determines the future development potential and financial burden of enterprises, and relates to the success or failure of LBO. This paper analyzes the financing methods of leveraged buyouts, expounds the advantages and disadvantages of various available financing methods, analyzes the capital cost of leveraged financing by weighted average method, and analyzes the cost of leveraged financing by interest rate. The influence of tax rate on the cost of capital is analyzed, and the factors that affect the cost of financing and the methods to reduce the cost are analyzed. Due to the restriction of laws and regulations, the western leveraged buy-out financing method can not be operated in China. Based on the analysis of domestic typical leveraged buy-out cases, this paper sums up the suitable alternative leveraged financing channels in our country, and puts forward the leveraged financing mode of leasehold by using the model of financial lease for reference at the same time.
【学位授予单位】：新疆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F275;F832.51

【参考文献】