中国的兼并收购市场

发布时间：2021-05-11 03:37

　　本文以国内兼并收购市场做为研究对象,将并购交易按支付形式划分为三类,包括现金支付并购、股权支付并购和混合支付并购,分析了中国并购市场的发展及现状。在此基础上重点关注两大关键事件,即全流通的实现和商业银行并购贷款的开放对中国并购市场的转折性意义和未来影响。第一章和第二章引入了并购的概念、动机、归类,并分别讨论了并购在国内和国外发达市场的发展。第三章和第四章是本文的主体部分。其中第三章分析了粤美的管理层收购过程、交易结构、融资途径、偿还方式以及定价情况,归纳了国内管理层收购的特点,进一步拓展到国内现金支付并购的特点和存在的问题。2008年开放的商业银行并购贷款是现金支付并购领域的重要事件,第三章也将对该事件对并购交易数量、金额、杠杆率以及定价方式的影响做进一步探讨。第四章分析了上海百联进行的先后两次换股并购,进而分析得出中国换股并购交易特征及其发展情况,扩展到国内股权支付并购的特点及应用。中国自2004年起启动了股权分置改革,此后全流通的逐步实现必将对股权支付并购市场,包括其交易数量、定价方式等都将产生重大的影响。本文的创新之处在于采用支付方式作为分类标准,案例分析作为研究形式,对国内不同... 

【文章来源】：上海交通大学上海市 211工程院校 985工程院校 教育部直属院校

【文章页数】：80 页

【学位级别】：硕士

【文章目录】：
Abstract
摘要
Introduction
1: Theory of Merger and Acquisition
    1.1 Concept of M&A
    1.2 Reasons behind M&A
    1.3 Classification of M& A
    1.4 Investor prediction-stock price reaction
    1.5 Deal performance and influencing factors
2: The Development of Merger and Acquisition
    2.1 M& A in the developed U.S. market
    2.2 M&A in China
3: Cash Payment M& A
    3.1 Cash sources of M& A in China
        3.1.1 Internal capital
        3.1.2 Debt financing
            3.1.2.1 M&A loans
            3.1.2.2 Trust financing
            3.1.2.3 Bond financing
        3.1.3 Equity financing
        3.1.4 Current M&A capital sources in China
    3.2 LBO
        3.2.1 A type of LBO: MBO
        3.2.2 MBO case analysis
            3.2.2.1 Midea’s development process (Backgrounds)
            3.2.2.2 Acquisition primary parties
            3.2.2.3 Other partners
            3.2.2.4 Acquisition process
            3.2.2.5 Financing methods
            3.2.2.6 Pricing
            3.2.2.7 Payment of financing capitals
            3.2.2.8 Analysis of this MBO’s value
            3.2.2.9 Changes in the environment and new business opportunity
    3.3 Chapter Summary
4: Stock payment M& A
    4.1 Stock swap M& A
        4.1.1 Development of stock swap M&A in China market
        4.1.2 Key features of stock swap M&A
    4.2 Stock swap M& A cases analysis
        4.2.1 Acquisition primary parties
        4.2.2 Acquisiton process
        4.2.3 Stock swap ratio’s determination
        4.2.4 Selectable cash term
        4.2.5 Influences on stock structure
        4.2.6 Follow-up stock swap M&A
        4.2.7 Analysis of two acqusitions’value
        4.2.8 Comparison of two stock swap transactions
    4.3 Chapter Summary
5: Conclusion
    5.1 Summarization of domestic M&A
    5.2 Comparison of different payments M&A in China
Proper nouns
Bibliography
Acknowledgments



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