信托在企业并购融资中的应用研究

发布时间：2018-06-30 11:21

本文选题：并购 + 并购融资　；参考：《山东财经大学》2014年硕士论文

【摘要】：企业并购是指企业之间的兼并和收购。并购能够有效降低交易费用，实现多元化经营，提高企业的竞争力，使企业迅速扩大规模，是企业发展过程中的一项重要战略选择。并购的本质是社会资源的重新配置。并购是一个高度复杂的过程，企业在并购的过程中会面临各种问题，其中并购融资问题更是企业实施并购战略的一个主要的制约因素。我国的企业并购开始于改革开放之后，真正意义上的并购也只有十几年的历史，再加上我国的资本市场不发达，融资工具比较单一，资金来源较少，所以融资问题一直是困扰我国企业并购发展的“瓶颈”。本论文以研究信托在企业并购融资中的应用为主要内容。本文在对我国现阶段并购融资现状和信托业发展现状进行了深入研究之后，，发现信托可以凭借其制度优势参与到企业的并购中，信托在为企业解决并购融资问题的同时还能够实现其自身的转型发展。随后本文根据信托制度和金融创新理论，比较全面地设计了四种信托并购模式，并对每一种模式进行了详细的介绍。最后本文利用案例分析的方法探讨并证明了信托可以在企业并购融资中发挥重大作用。本文的研究有望为我国企业利用信托进行并购提供参考，并为我国并购基金的发展提供思路。
[Abstract]:M & A refers to mergers and acquisitions between enterprises. M & A is an important strategic choice in the process of enterprise development, which can effectively reduce transaction costs, achieve diversified management, improve the competitiveness of enterprises, and make enterprises expand rapidly. The essence of M & A is the reallocation of social resources. M & A is a highly complex process, and enterprises will face various problems in the process of M & A, in which M & A financing is one of the main constraints for the implementation of M & A strategy. The merger and acquisition of enterprises in our country began after the reform and opening up, and the real M & A has only a history of more than ten years. In addition, the capital market of our country is not developed, the financing tools are relatively single, and the sources of funds are relatively small. Therefore, the financing problem has been the bottleneck of the development of M & A in our country. The main content of this thesis is to study the application of trust in M & A financing. After deeply studying the present situation of M & A financing and the development of trust industry in China, this paper finds that trust can participate in M & A by virtue of its institutional advantages. Trust can solve M & A financing problem for enterprises and realize its own transformation and development at the same time. Then, according to the trust system and financial innovation theory, this paper designs four trust M & A models in a more comprehensive way, and introduces each model in detail. Finally, this paper discusses and proves that trust can play an important role in M & A financing by case study. The research in this paper is expected to provide reference for Chinese enterprises to use trust to conduct mergers and acquisitions, and to provide ideas for the development of M & A funds in China.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F275;F832.49

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