我国资本市场对新三板企业海外并购的影响

发布时间：2018-04-09 19:15

本文选题：资本市场　切入点：新三板　出处：《北京交通大学》2017年硕士论文

【摘要】：近年来,随着我国大力实施"走出去"战略,新三板企业掀起了海外并购的浪潮,2016年中国新三板企业海外并购爆发的一年,无论是并购数量还是交易规模均创历史新高。一方面由于国家政策不断支持新三板企业走出国门,扩展海外市场;另一方面是企业自身的战略布局使然,在全球化的背景下实现资源优化配置,吸收海外先进技术与管理经验,加速产业优化升级,实现企业全球化发展。我国新三板企业面临融资渠道单一、融资成本高、融资成功率低三大难题。为此,国家正积极拓宽融资渠道,构建合理的多层次资本市场结构,支持和鼓励中小企业直接融资。我国新三板市场坚持为中小企业提供融资平台的理念,为不能达到主板、创业板上市标准的中小型企业解决融资问题。它不但为中小企业提供了一个直接的融资平台,而且对挂牌企业的其它方式融资具有隐性的推动作用,成为解决我国中小企业融资难题的关键力量。本文采取理论基础与案例研究相结合的方式,首先,对新三板企业市场及企业海外并购融资现状进行分析,包括新三板市场的流动性、定向增发、股权质押。并且分析企业海外并购现状、企业海外并购的动机和新三板企业海外并购融资存在的问题及原因分析。其次,对资本市场促进新三板市场海外并购的机理进行分析,同时说明资本市场是如何影响新三板企业海外并购的和资本市场对新三板企业海外并购的促进作用。再次,以2006年新三板海外并购经典案例——华清飞扬并购韩国COWON SYSTEMS为例,先对案例中的并购方和目标企业的基本情况进行介绍,并对并购的动机、并购的背景以及并购的过程进行分析;然后对并购后华清飞扬的财务指标和股价变化进行分析,通过并购使华清飞扬的整体实力得到提升。以典型案例验证了上述分析。最后,得出相关结论:(1)资本市场可以助力新三板企业进行海外并购,通过并购使企业的整体实力得到提升,完成企业升级;(2)新三板企业海外并购活动使市场的资源得到优化,完善我国多层次资本市场体制,为其注入新的活力。
[Abstract]:In recent years, along with our country to vigorously implement the strategy of "going out", the new board enterprises set off a wave of overseas mergers and acquisitions, mergers and acquisitions of overseas Chinese 2016 outbreak of the new three business year, regardless of the number of mergers and acquisitions or the size of the transaction record. On the one hand because of the national policy support the three new board companies to go abroad and expand overseas market; on the other hand is the enterprise strategic layout of its own nature, optimize the allocation of resources under the background of globalization, to absorb foreign advanced technology and management experience, accelerate industrial upgrading, realize the enterprise globalization development. China's new three enterprises are facing financing channels for a single, high cost of financing, financing the low success rate of the three major problems. To this end, the state is actively broaden the financing channels, the construction of multi-level capital market structure, support and encourage the direct financing of small and medium-sized enterprises. The new third market in China adhere to small and medium-sized enterprises The idea is to provide financing platform, can not achieve the motherboard, the gem standard of small and medium-sized enterprises to solve the financing problem. It provides a direct financing platform not only for small and medium-sized enterprises, but also has the hidden role of other ways of financing in listed companies, has become a key force to solve the financing problem of small and medium-sized enterprises in China in this paper. Take the basis of the combination of theory and case study, first of all, the new three board market and enterprises overseas mergers and acquisitions financing situation analysis, liquidity, including the new third market placement, equity pledge. And analysis of overseas mergers and acquisitions the status quo, problems and reasons analysis of financing existing overseas mergers and acquisitions of overseas mergers and acquisitions motivation and three new board business. Secondly, the mechanism of the capital market to promote the new third market of overseas mergers and acquisitions are analyzed, at the same time that the capital market is how to influence the new board Overseas mergers and acquisitions and capital markets to overseas mergers and acquisitions, three new board business promotion. Again, in 2006 the new board -- a classic case of overseas mergers and acquisition of South Korea COWON SYSTEMS Huaqing flying as an example, first in the case of mergers and acquisitions and the basic situation of the target enterprise are introduced, and the motivation, process analysis of mergers and acquisitions and then on the background of mergers and acquisitions; financial performance and stock price changes after the merger of Huaqing flying, the overall strength through merger and acquisition to Huaqing flying has been improved. The above analysis is verified by typical case. Finally, draw relevant conclusions: (1) the capital market can help the new board companies overseas mergers and acquisitions, through mergers and acquisitions to overall strength the enterprise has been improved, to complete the upgrading of enterprises; (2) the new board of overseas mergers and acquisitions activities make the market resources to be optimized to improve China's multi-level capital market system To inject new vitality into it.

【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

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