支付方式设计中并购风险防控的多案例研究
发布时间：2019-04-15 17:41
【摘要】：自2014年以来,中国并购市场明显加速,“井喷”与“活跃”成为中国并购市场的标签,引来了各方的广泛关注。在并购交易活动日趋活跃的同时,支付方式设计作为并购交易结构的重中之重,近些年来也表现出多样化、创新性的特征,不再是单一现金支付的一枝独秀,而是呈现出百花齐放的景象,愈加注重将风险防控思想贯穿于支付方式设计的始终。因此本文以近些年采用创新型支付方式的并购交易为研究对象,研究收购方如何通过支付方式的设计来防控并购风险。本文研究思路与以往研究的区别在于以多案例的形式来研究支付方式如何防控并购风险,说明支付方式设计中的并购风险防控机理,构建支付方式的并购风险防控模型。已有研究大多是集中于并购支付方式选择的研究,或并购风险整体防范的研究,鲜少有论文探讨在支付方式设计中如何防控并购风险。因此本文的主要研究问题为如何通过支付方式设计防控并购风险?在解释这一问题之前需要分析支付方式设计包含哪些要素?而并购活动中又会面临哪些并购风险?本文主要是围绕以上三个问题展开。在本文的研究中,将目前现有的支付方式分为固定支付、半固定支付与或有支付方式,通过HHM(Hierarchical Holographic Modeling,等级全息建模)框架较为系统全面地识别了并购风险,并结合多案例研究方法分析了具体并购活动中的支付方式,站在收购方的角度说明在其如何通过设计支付方式防控并购风险,最终建立支付方式设计并购风险防控模型,多角度同一指向地分析支付方式设计中的并购风险防控机理。本文的主要结论为并购风险主要分为并购实施前的准备风险,并购过程中的操作风险,并购后的整合风险,准备风险、操作风险和整合风险还可以进一步划分;并购支付方式设计的内容主要包括支付工具、支付时间、支付价款以及支付附加条款,收购方可通过对以上四部分内容的设计来防控估值风险、融资风险、支付工具选择风险、反收购风险和管理整合风险。本文主要的贡献在于:系统全面地分析了并购风险与支付方式,深度分析支付方式如何实现并购风险的防控,并且结合多案例研究方法,构建支付方式的风险控制模型。
[Abstract]:Since 2014, China's M & A market has accelerated significantly, and "blowout" and "activity" have become the labels of the M & A market in China, attracting wide attention from all parties. While M & A transactions are becoming more and more active, the design of payment mode, as the top priority of M & A transaction structure, has also shown diversified and innovative characteristics in recent years, and is no longer a unique show of single cash payment. But presents the scene that a hundred flowers bloom, pay more attention to the risk prevention and control thought throughout the design of payment method from beginning to end. Therefore, this paper takes the M & A transaction which adopts innovative payment mode as the research object, and studies how the buyer can prevent and control the M & A risk through the design of payment method. The difference between this research idea and previous research is to study how to prevent and control M & A risk in the form of multi-cases, explain the mechanism of M & A risk prevention and control in the design of payment mode, and construct the M & A risk prevention and control model of payment mode. Most of the researches have been focused on the choice of payment mode of M & A, or the whole prevention of M & A risk. Few papers discuss how to prevent and control the M & A risk in the design of payment mode. Therefore, the main research problem of this paper is how to design and control M & A risk by means of payment? Before explaining this issue, what elements do you need to analyze the design of the mode of payment? And what M & A risks will be faced in M & A activities? This paper mainly revolves around the above three problems. In the research of this paper, the existing payment methods are divided into fixed payment, semi-fixed payment and contingent payment, and the M & A risk is identified systematically and comprehensively through the HHM (Hierarchical Holographic Modeling, holographic modeling framework. Combined with the method of multi-case study, this paper analyzes the payment mode in M & A activities, explains how to prevent and control M & A risk by designing payment method from the point of view of buyer, and finally establishes the model of M & A risk prevention and control designed by payment mode. The mechanism of M & A risk prevention and control in the design of payment mode is analyzed from multi-angle and same direction. The main conclusion of this paper is that M & A risk can be divided into pre-M & A preparation risk, operation risk in M & A process, integration risk after M & A, preparation risk, operation risk and integration risk. The design of M & A payment method mainly includes payment tool, payment time, payment price and payment additional terms. The buyer can prevent and control valuation risk, financing risk and payment tool selection risk through the design of the above four parts. Anti-takeover risk and management integration risk. The main contributions of this paper are: systematically and comprehensively analyzing the M & A risk and payment mode, deeply analyzing how to realize the prevention and control of M & A risk, and combining the multi-case study method, constructing the risk control model of payment mode.
【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
本文编号：2458344
[Abstract]:Since 2014, China's M & A market has accelerated significantly, and "blowout" and "activity" have become the labels of the M & A market in China, attracting wide attention from all parties. While M & A transactions are becoming more and more active, the design of payment mode, as the top priority of M & A transaction structure, has also shown diversified and innovative characteristics in recent years, and is no longer a unique show of single cash payment. But presents the scene that a hundred flowers bloom, pay more attention to the risk prevention and control thought throughout the design of payment method from beginning to end. Therefore, this paper takes the M & A transaction which adopts innovative payment mode as the research object, and studies how the buyer can prevent and control the M & A risk through the design of payment method. The difference between this research idea and previous research is to study how to prevent and control M & A risk in the form of multi-cases, explain the mechanism of M & A risk prevention and control in the design of payment mode, and construct the M & A risk prevention and control model of payment mode. Most of the researches have been focused on the choice of payment mode of M & A, or the whole prevention of M & A risk. Few papers discuss how to prevent and control the M & A risk in the design of payment mode. Therefore, the main research problem of this paper is how to design and control M & A risk by means of payment? Before explaining this issue, what elements do you need to analyze the design of the mode of payment? And what M & A risks will be faced in M & A activities? This paper mainly revolves around the above three problems. In the research of this paper, the existing payment methods are divided into fixed payment, semi-fixed payment and contingent payment, and the M & A risk is identified systematically and comprehensively through the HHM (Hierarchical Holographic Modeling, holographic modeling framework. Combined with the method of multi-case study, this paper analyzes the payment mode in M & A activities, explains how to prevent and control M & A risk by designing payment method from the point of view of buyer, and finally establishes the model of M & A risk prevention and control designed by payment mode. The mechanism of M & A risk prevention and control in the design of payment mode is analyzed from multi-angle and same direction. The main conclusion of this paper is that M & A risk can be divided into pre-M & A preparation risk, operation risk in M & A process, integration risk after M & A, preparation risk, operation risk and integration risk. The design of M & A payment method mainly includes payment tool, payment time, payment price and payment additional terms. The buyer can prevent and control valuation risk, financing risk and payment tool selection risk through the design of the above four parts. Anti-takeover risk and management integration risk. The main contributions of this paper are: systematically and comprehensively analyzing the M & A risk and payment mode, deeply analyzing how to realize the prevention and control of M & A risk, and combining the multi-case study method, constructing the risk control model of payment mode.
【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
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