西山居管理层收购的融资方式研究

发布时间：2018-02-05 02:33

本文关键词： 西山居管理层收购融资方式借贷融资　出处：《河北大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的高速发展,企业所有权和经营权分离所产生的问题变得越来越激烈。管理层通过收购拥有了企业的实际控制权,更容易主导企业日常事务的决策和制定,也提高了企业的经营效率。但是在实际操作中,因管理层可以提供的资金非常有限,绝大部分的资金需要通过其他途径融通,因此融资及其方式的选择对于MBO能否成功极其关键。随着我国互联网行业的蓬勃发展,MBO也成为互联网公司为促进自身发展的重要手段之一。由于我国的管理层收购在法律法规方面的规定和限制颇多,直接导致了想要进行管理层收购的企业融资渠道狭窄,融资困难。如何在这样的环境下,解决互联网公司融资及其方式选择的问题显得尤为重要。本文通过分析西山居这一互联网公司在融资过程中存在的问题,提出解决措施,并为未来互联网行业公司MBO融资方式的选择提供了借鉴。本文在对管理层收购及融资的理论研究的基础上,通过西山居管理层收购的融资案例,对其收购的背景、动因、过程和选择的融资方式进行阐述,分析西山居管理层选择融资方式过程中存在的问题,提出相应的解决建议和合理的融资方式选择。通过研究发现西山居管理层收购的融资方式选择中存在内部和外部的问题,其中内部问题是人员素质缺乏且人力成本较高、MBO中的金山贷款极易引发西山居管理层的道德风险、MBO后西山居管理层的控制权掌握不彻底;外部问题是信息不对称使西山居的MBO成本存在估值风险、西山居的融资工具使用受限和西山居融资所面临的法律环境异常复杂。针对上述问题,本文提出以下几点建议。在内部环境的完善上,西山居主要有以下三点应对策略:第一,增加购买者数量来打破西山居单边购买的现状;第二,利用投资者的力量来优化管理层收购的资本结构;第三,完善退出机制来完善收购后的重组和优化。在外部环境的完善上,西山居主要有以下三点应对策略:第一,建立信息对称机制来避免估值风险;第二,通过信用体制的放松来优化管理层收购可以选择的融资工具;第三,完善管理层收购相关的法律法规政策来为管理层收购的未来发展进行铺路。同时本文也对西山居合理选择收购方式进行了分析,认为西山居可以将自己的融资方式变得更加多元化来对融资进行优化,从而更好的开展管理层收购方案。通过对我国目前管理层收购现存问题的分析及西山居管理层收购的创新思维的总结,得出可能适合我国互联网行业管理层收购的融资方式,为我国未来互联网行业管理层收购融资的良好发展带来一定的启示。
[Abstract]:With the rapid development of economy in our country, the problems arising from the separation of enterprise ownership and management rights become more and more intense. It is easier to lead the decision-making and making of the daily affairs of the enterprise, and it also improves the efficiency of the business. But in the actual operation, the funds that can be provided by the management are very limited. Most of the funds need to be financed through other means, so the financing and the choice of the way is crucial to the success of MBO. With the rapid development of the Internet industry in China. MBO has also become one of the important means for Internet companies to promote their own development. This directly leads to narrow financing channels and difficult financing for enterprises that want to carry out MBO. How to in such an environment. It is very important to solve the problem of financing and how to choose the Internet company. This paper analyzes the problems existing in the financing process of Xishanju Internet Company and puts forward some solutions. And for the future of the Internet industry company MBO financing options for reference. This paper on the basis of the theory of management buyouts and financing through Xishanju management buyouts financing cases. To its acquisition background, motivation, process and the choice of financing methods to elaborate, analysis of Xishanju management in the selection of financing mode of the process of the existing problems. Through the research, it is found that there are internal and external problems in the financing mode selection of Xishanju MBO. The internal problem is the lack of personnel quality and the high manpower cost Jinshan loan can easily lead to the moral hazard of Xishanju management. After MBO, the control right of Xishanju management is not fully grasped. The external problem is that the information asymmetry makes the MBO cost of Xishanju have the risk of valuation, the Xishanju's limited use of financing tools and the legal environment of Xishanju's financing are extremely complex. In order to improve the internal environment, Xishanju mainly has the following three strategies: first, increasing the number of buyers to break the status quo of unilateral purchase of Xishanju; Second, to optimize the capital structure of MBO by using the strength of investors; Third, improve the exit mechanism to perfect the restructuring and optimization after acquisition. In the external environment, Xishanju mainly has the following three strategies: first, establish information symmetry mechanism to avoid valuation risk; Second, optimize the financing tools that can be chosen by MBO through the relaxation of credit system; Third, improve the laws and regulations related to MBO to pave the way for the future development of MBO. The author thinks that Xishanju can make its own financing way more diversified to optimize the financing. Through the analysis of the existing problems of MBO in our country and the summary of the innovative thinking of MBO in Xishan. The conclusion is that the financing method which may be suitable for the MBO of the Internet industry in our country will bring some enlightenment to the good development of MBO financing in the future of the Internet industry in our country.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F271;F275

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