本文關(guān)鍵詞： 海外并購(gòu) 并購(gòu)基金 動(dòng)機(jī) 作用 績(jī)效　出處：《北京交通大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：基于多方因素的作用,中國(guó)企業(yè)海外并購(gòu)近年來(lái)不斷地升溫。2016年,中國(guó)大陸企業(yè)的海外并購(gòu)數(shù)量和金額都大幅增長(zhǎng),超越了前四年中國(guó)企業(yè)海外并購(gòu)交易金額總和。只有培育更多的金融支持主體,完善融資渠道及相關(guān)法律法規(guī),才能真正建立一個(gè)多元化的金融支持體系,實(shí)現(xiàn)國(guó)家“走出去”的宏觀戰(zhàn)略。并購(gòu)基金作為私募股權(quán)基金的一個(gè)重要分類,是歐美發(fā)達(dá)國(guó)家資本市場(chǎng)推動(dòng)企業(yè)發(fā)展的常用工具,杠桿收購(gòu)并獲得企業(yè)控制權(quán)為其經(jīng)典模式。2011年起,“上市公司+PE”式并購(gòu)基金開始在中國(guó)流行,該模式的并購(gòu)基金作為金融資本與產(chǎn)業(yè)資本的強(qiáng)強(qiáng)聯(lián)合具有全方位的優(yōu)勢(shì),正逐步成為我國(guó)海外并購(gòu)的主導(dǎo)模式。2016年是“十三五”規(guī)劃的開局之年,也是經(jīng)濟(jì)結(jié)構(gòu)調(diào)整和產(chǎn)業(yè)轉(zhuǎn)型升級(jí)的重要一年。隨著供給側(cè)改革的推進(jìn),存量資產(chǎn)出現(xiàn)大量的并購(gòu)重組需求,從而助推并購(gòu)市場(chǎng)迎來(lái)更大的發(fā)展契機(jī)。在我國(guó)政策的鼓勵(lì)下,并購(gòu)基金將會(huì)對(duì)我國(guó)企業(yè)海外并購(gòu)行動(dòng)起著舉足輕重的作用。因此,并購(gòu)基金在海外并購(gòu)中的作用及其對(duì)績(jī)效的影響需要得以重視。國(guó)內(nèi)外學(xué)者針對(duì)并購(gòu)基金與跨國(guó)并購(gòu)的研究,特別是并購(gòu)基金在并購(gòu)過(guò)程中發(fā)揮的作用的研究,為本文提供了研究基礎(chǔ)�；谶^(guò)往的研究,本文選取了博盈投資收購(gòu)斯太爾與新橋資本收購(gòu)深發(fā)展的案例作為研究對(duì)象,進(jìn)行對(duì)比分析,并基于“動(dòng)機(jī)-作用-績(jī)效”這一邏輯主線,對(duì)并購(gòu)基金參與海外并購(gòu)的作用機(jī)理進(jìn)行理論解析,分析并購(gòu)基金參與跨國(guó)并購(gòu)的動(dòng)機(jī)、作用及并購(gòu)基金的特定優(yōu)勢(shì),探討并購(gòu)基金主導(dǎo)的海外并購(gòu)對(duì)并購(gòu)績(jī)效的影響,用并購(gòu)績(jī)效來(lái)反應(yīng)并購(gòu)基金在海外并購(gòu)中對(duì)公司價(jià)值的影響。通過(guò)分析兩個(gè)案例中并購(gòu)基金在海外并購(gòu)中的作用,總結(jié)得出并購(gòu)基金在決策階段主要發(fā)揮標(biāo)的搜尋、協(xié)助企業(yè)進(jìn)行并購(gòu)戰(zhàn)略制定的作用;在實(shí)施階段,并購(gòu)基金主要利用自身的資源、優(yōu)勢(shì)等協(xié)助并購(gòu)方設(shè)計(jì)交易結(jié)構(gòu),應(yīng)對(duì)國(guó)內(nèi)和海外的政策限制以及為并購(gòu)方提供資金支持,降低財(cái)務(wù)風(fēng)險(xiǎn)。在整合階段,并購(gòu)基金主要發(fā)揮戰(zhàn)略改造、治理優(yōu)化、提升資源效率與提高財(cái)務(wù)績(jī)效的功能。通過(guò)分析發(fā)現(xiàn),并購(gòu)的動(dòng)機(jī)對(duì)并購(gòu)基金采取的行為有決定性的影響,財(cái)務(wù)投資型的并購(gòu)基金是以套利為目的的,更注重在決策階段及交易階段的資本運(yùn)作,可能存在一定的短視行為;戰(zhàn)略型投資者更加注重整合階段對(duì)目標(biāo)企業(yè)的價(jià)值提升,以實(shí)現(xiàn)協(xié)同增效為目標(biāo),該模式下的投資運(yùn)作是我國(guó)并購(gòu)基金發(fā)展的方向。
[Abstract]:In 2016, the number and amount of overseas mergers and acquisitions of mainland Chinese enterprises increased significantly. It surpasses the sum of overseas M & A transactions of Chinese enterprises in the previous four years. Only by cultivating more financial support subjects, perfecting financing channels and relevant laws and regulations, can we truly establish a diversified financial support system. As an important classification of private equity funds, M & A fund is a common tool to promote the development of enterprises in the capital markets of developed countries in Europe and America. Since 2011, PE M & A funds of listed companies have become popular in China. As a strong combination of financial capital and industrial capital, the M & A fund of this model is gradually becoming the dominant mode of overseas M & A. 2016 is the opening year of the 13th Five-Year Plan. It is also an important year for economic restructuring and industrial transformation and upgrading. With the development of supply-side reform, there is a large demand for M & A and reorganization of stock assets. Therefore, the M & A funds will play an important role in the overseas M & A activities of Chinese enterprises under the encouragement of the policies of our country. The role of M & A funds in overseas M & A and its impact on performance need to be paid attention to. Scholars at home and abroad focus on M & A funds and cross-border M & A research, especially the role of M & A funds in the process of M & A. Based on the past research, this paper selects the case of the deep development of investment acquisition of Steyr and Xinqiao capital acquisition as the research object, and carries on the comparative analysis. Based on the logic thread of "motive-role-performance", this paper analyzes the mechanism of M & A funds' participation in overseas M & A, and analyzes the motivation of M & A funds participating in cross-border M & A. The role of M & A funds and the specific advantages of M & A funds, the impact of M & A fund dominated overseas M & A on M & A performance is discussed. Through the analysis of the role of M & A funds in overseas M & A in two cases, this paper uses M & A performance to reflect the impact of M & A funds on corporate value in overseas mergers and acquisitions. The conclusion is that the M & A fund plays the role of searching the target in the decision-making stage and assisting the enterprise in making the M & A strategy. In the implementation stage, M & A funds mainly use their own resources, advantages and so on to assist the M & A parties to design the transaction structure, to deal with domestic and overseas policy constraints and to provide financial support for the M & A. In the integration stage, M & A funds mainly play the functions of strategic transformation, governance optimization, resource efficiency and financial performance. The motivation of M & A has a decisive effect on the behavior of M & A funds. The purpose of financial investment-oriented M & A funds is to arbitrage and pay more attention to the capital operation in the decision-making and trading stages. There may be some short-sighted behavior; Strategic investors pay more attention to the promotion of the value of the target enterprises in the stage of integration with the goal of achieving synergy and efficiency. The investment operation in this mode is the direction of the development of M & A funds in China.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F832.51

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