双汇并购史密斯菲尔德融资策略研究

发布时间：2018-06-16 22:47

本文选题：跨国并购 + 融资策略　；参考：《湘潭大学》2017年硕士论文

【摘要】：随着国内经济水平的不断发展以及经济全球化进程的加深,国内市场开始出现产能过剩、人民币承压等经济压力.与此同时国内企业同行业之间的竞争也变得越来越激烈。越来越多的企业为了提升企业竞争力,开始实施“走出去战略”。跨国并购是企业“走出去战略”的一种重要表现形式,跨国并购对于国内企业来说既是一种机遇,也是一种挑战。根据Wind并购库的数据统计,2016年跨国并购案例数同比增长181%,但跨国并购案例的失败率却高达60%。作者首先介绍了选题的背景与当前国内外研究的现状,归纳了跨国并购融资的相关理论。然后阐述并分析了双汇国际并购史密斯菲尔德案例的国内外背景、并购的过程与动因。之后针对双汇国际的并购资金需求、并购支付方式、融资安排、融资风险与融资效果深入分析。最后文章得出结论,通过对双汇国际并购史密斯融资决策案例的分析发现:并购融资决策是影响跨国并购成功实施的关键所在。同时还会对企业后续经营产生深远影响,严重的会导致企业破产的可能。在跨国并购失败案例比率较高的大环境下,准确评估目标企业价值,科学安排融资工具,合理利用并购后续融资等等策略是十分必要的,可以对我国企业的跨国并购的成功实施提供有力支持。文章的贡献在于,总结了双汇国际并购案例的成功融资经验,丰富了企业并购融资的文献研究。所提的建议为我国未来企业实现成功的跨国并购提供借鉴与参考作用。
[Abstract]:With the continuous development of domestic economic level and the deepening of economic globalization, economic pressures such as overcapacity and pressure on the RMB began to appear in the domestic market. At the same time, the competition between domestic enterprises with the industry has become more and more fierce. More and more enterprises, in order to enhance the competitiveness of enterprises, began to implement the "going out strategy." Cross-border M & A is an important manifestation of "going out strategy", and it is not only an opportunity but also a challenge to domestic enterprises. According to data from Wind, the number of cross-border M & A cases increased by 181% in 2016, but the failure rate of cross-border M & A cases was as high as 60%. Firstly, the author introduces the background of the topic and the current research situation at home and abroad, and sums up the relevant theories of cross-border M & A financing. Then, the domestic and foreign background of Shuanghui International acquisition of Smithfield, the process and motivation of M & A are expounded and analyzed. After that, the paper analyzes the capital demand, the payment method, the financing arrangement, the financing risk and the financing effect of Shuanghui International. Finally, the paper draws a conclusion that the financing decision of M & A is the key to the successful implementation of cross-border M & A through the analysis of the financing decision of Shuanghui International M & A Smith. At the same time, it will have a profound impact on the enterprise's subsequent operation, which will seriously lead to the possibility of enterprise bankruptcy. Under the circumstances of high failure rate of cross-border mergers and acquisitions, it is necessary to evaluate the value of target enterprises accurately, arrange financing tools scientifically, and make use of the following financing strategies, such as merger and acquisition follow-up financing, etc. It can provide strong support for the successful implementation of transnational mergers and acquisitions of Chinese enterprises. The contribution of this paper is that it summarizes the successful financing experience of Shuanghui International M & A case and enriches the literature research on M & A financing. The suggestion provides reference and reference for the successful cross-border M & A of Chinese enterprises in the future.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.82;F271

【参考文献】