中国矿业企业跨国并购的金融支持问题研究

发布时间：2018-04-14 14:31

本文选题：矿业企业 + 跨国并购　；参考：《中国矿业大学》2017年硕士论文

【摘要】：自上世纪八十年代拉开企业跨国并购序幕之后,跨国并购现已成为我国对外直接投资主要输出方式之一,越来越多不同类型的企业采用跨国并购方式获取目标国企业的经营权,拓展发展市场。我国跨国并购发展迅速,现已成为对外直接投资最主要形式,但并购目的仍以能源获取为主。目前,我国矿业跨国并购呈现并购金额庞大,并购周期长,并购主体多样化,并购地域主要集中在发达国家等特点。高风险、高资金量的特点决定了矿业企业完全依靠自身实力很难顺利完成跨国并购,需要外部多种形式的资金来源和健全的风险保障机制。但是我国矿业企业走出国门却面临着外部资金来源不足、海外投资风险得不到保障等困难。因此,为促进我国矿业企业跨国并购的有序进行,有必要对矿业企业海外并购的金融支持问题进行研究,以提出改进策略,解决能源海外投资资金不足、风险没有保障的困境。基于国际投资理论、权衡理论、优序融资理论和商业贷款理论基础,通过资料收集和相关数据的统计,系统分析了矿业企业跨国并购的融资来源,发现我国矿业企业采用股票融资和债券融资较少,并购资金主要来源于自有资金和银行贷款,其中矿业企业对银行贷款的依赖性高于其他融资方式。但是我国由于政策对并购贷款金额以及贷款机构的严格限制以及银行提供资金的方式单一、资金流向严重失衡,导致企业难以获得足够的并购资金。在分析美日韩等发达国家完善成熟的金融支持策略,即完善的政策扶持体系、专门的海外投资立法保障、多机构参与的金融支持体系以及多元化融资方式的基础上,针对我国矿业企业跨国并购金融支持存在的问题,提出具有指导意义的策略。改进现有政策在审批程序、严格规定方面弊端的同时,颁布专门的海外投资保障立法,金融机构完善自身职能业务,成立海外资源开发专门服务机构和专门贷款,以期为政府、金融机构和矿业企业改进现有融资弊端提供理论参考。
[Abstract]:Since the beginning of transnational M & A in 1980s, transnational M & A has become one of the main export ways of China's foreign direct investment. More and more different types of enterprises adopt transnational M & A to obtain the management right of the target country's enterprises.Develop the market.Cross-border M & A (M & A) in China has developed rapidly and has become the main form of OFDI, but the purpose of M & A is still energy acquisition.At present, China's mining transnational M & A has the characteristics of huge amount of M & A, long period of M & A, diversification of M & A subject, and the region of M & A is mainly concentrated in developed countries.The characteristics of high risk and high capital amount determine that it is very difficult for mining enterprises to complete transnational M & A by relying on their own strength completely, which requires a variety of external sources of funds and a sound risk protection mechanism.However, China's mining enterprises are facing difficulties such as insufficient external sources of funds and the risk of overseas investment.Therefore, in order to promote the orderly development of transnational mergers and acquisitions of mining enterprises in China, it is necessary to study the financial support of overseas mergers and acquisitions of mining enterprises, in order to put forward the improvement strategies, and to solve the plight of insufficient funds and risks of overseas investment in energy resources.Based on international investment theory, tradeoff theory, priority financing theory and commercial loan theory, this paper systematically analyzes the financing sources of transnational mergers and acquisitions of mining enterprises through data collection and statistics of relevant data.It is found that Chinese mining enterprises use less stock financing and bond financing, and M & A funds mainly come from their own funds and bank loans, in which mining enterprises depend more on bank loans than other financing methods.However, due to the strict restrictions on the amount of M & A loans and loan institutions and the single way banks provide funds in China, the capital flow is seriously out of balance, which makes it difficult for enterprises to obtain enough M & A funds.On the basis of analyzing the mature financial support strategies of the developed countries, such as the United States, Japan and South Korea, that is, the perfect policy support system, the special overseas investment legislation guarantee, the multi-agency financial support system and the diversified financing methods,Aiming at the problems existing in the financial support of transnational M & A of mining enterprises in China, this paper puts forward some instructive strategies.Improve the existing policies in the examination and approval procedures, strictly regulate the drawbacks, at the same time, promulgate special overseas investment protection legislation, financial institutions improve their own functional business, set up overseas resources development special service agencies and special loans, with a view to the government,Financial institutions and mining enterprises to improve the existing financing drawbacks to provide a theoretical reference.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.1;F271;F832

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