我国并购基金的发展路径研究

发布时间：2018-01-11 11:10

本文关键词：我国并购基金的发展路径研究　出处：《云南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：现在我国很多行业产能过剩严重，重复建设问题突出，这浪费了我国的资源，污染了环境，严重威胁着我国经济的健康发展。为此，政府提出要在保增长的过程中更加注重推进经济结构调整，抑制产能过剩，引导产业健康发展，有关部门也连续出台了一系列措施来鼓励企业兼并重组，支持金融结构参与企业的并购活动，鼓励股权投资基金等其他金融机构参与到并购活动中来，鼓励券商设立并购基金。在过去的一年里，我国也在上演一系列的并购大戏，并购案例数和并购金额都达到历史最高点，并购手法也在不断翻新，并购技巧、交易架构的设计等方面都有长足的进步。随着并购市场规模的扩大，我国的并购基金也在蓬勃发展，弘毅投资先声药业、中联重科收购意大利CIFA、三一收购德国普茨迈斯特、吉利收购沃尔沃、山东重工收购意大利法拉帝、蒙牛收购现代牧业，这中间都有我国并购基金的参与。本土并购基金的发展对促进我国的产业结构升级、加速企业兼并重组、推动资本市场的发展等方面都有重要作用。但是我国的并购基金的发展程度跟国外著名并购基金相比，在资金规模、并购手法等方面都还存在较大差距。由于金融环境、法律条件、产权制度等方面的约束，我国并购基金运用杠杆收购的难度更大，而且募资渠道狭窄，投资模式还处于摸索阶段。在国内学术界中，关于并购基金发展路径的理论研究并不多，，如何学习国外一流的并购基金成功的经验，如何解决我国并购基金在成长过程中的难题，这些都亟待研究。所以，研究我国并购基金的发展路径，可以为我国并购基金的发展提供理论借鉴。本文共分为五个部分：第一部分是绪论，介绍选题背景与研究意义、国内外研究概况及创新之处等；第二部分采用了定性分析法，介绍并购基金的特点、发展历程、理论依据和组织形式等，并以著名的美国并购基金KKR为例，介绍国外一流并购基金的运作流程；第三部分先分析全球和国内并购市场概况，再分析全球及国内的并购基金发展的大致情况，然后介绍我国并购基金的六大派系及我国并购基金发展的机遇；第四部分采用案例分析法，分析几个比较经典的我国并购基金成功案例，对其成功发展路径进行归纳；第五部分分析我国并购基金在发展中碰到的困难，并提出改进建议。
[Abstract]:At present, many industries in China have serious overcapacity and the problem of repeated construction is prominent. This has wasted our resources, polluted the environment and seriously threatened the healthy development of our economy. The government has proposed to pay more attention to promoting economic restructuring, restraining overcapacity and guiding the healthy development of the industry in the process of maintaining growth. The relevant departments have also continuously introduced a series of measures to encourage the merger and reorganization of enterprises. Support financial structure to participate in M & A activities, encourage other financial institutions such as equity investment funds to participate in M & A activities, and encourage securities firms to set up M & A funds. In the past year, China has also staged a series of M & A drama, the number of M & A cases and the amount of M & A have reached the highest point in history. With the expansion of M & A market scale, the M & A fund in China is also booming, Hony investment pioneer pharmaceutical industry, LianLiangke acquisition of Italy CIFA. Sany's acquisition of Germany's Putzmeister, Geely's acquisition of Volvo, Shandong's acquisition of Italy's Faraday and Mengniu's acquisition of modern animal husbandry all involved Chinese M & A funds. The development of local M & A funds will promote the upgrading of China's industrial structure and accelerate the merger and reorganization of enterprises. Promoting the development of capital market plays an important role, but the level of development of M & A funds in China is compared with that of famous M & A funds in foreign countries. Due to the constraints of financial environment, legal conditions, property rights system and so on, it is more difficult for M & A funds in China to use leveraged buyouts, and the channels for raising funds are narrow. The investment model is still in the groping stage. In the domestic academic circles, there are few theoretical studies on the development path of M & A funds. How to learn from the successful experiences of foreign first-class M & A funds and how to solve the problems in the process of the growth of M & A funds in China. Therefore, studying the development path of M & A funds in China can provide theoretical reference for the development of M & A funds in China. This paper is divided into five parts: the first part is an introduction, introducing the background and significance of the topic, the domestic and foreign research situation and innovation; The second part uses the qualitative analysis method, introduces the characteristics, the development course, the theory basis and the organization form of the M & A fund, and takes the famous American M & A fund KKR as an example. Introduce the operation process of foreign first-class M & A fund; The third part first analyzes the global and domestic M & A market situation, then analyzes the global and domestic M & A fund development, and then introduces the six major factions of China M & A funds and the opportunities for the development of Chinese M & A funds. Part 4th uses the case analysis method to analyze several classic successful cases of M & A fund in China, and sums up the successful development path of the M & A fund. Part 5th analyzes the difficulties encountered in the development of M & A funds in China, and puts forward some suggestions for improvement.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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