本文關鍵詞：政府引導型并購基金的運行機制研究　出處：《北京交通大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 并購基金 政府引導基金 組織機制 融資機制 投資機制

【摘要】：目前我國并購市場已成為僅次于美國的全球第二大市場,這也為并購基金的發(fā)展提供了廣闊的前景。與此同時,政府也相繼出臺相關政策,支持和推動并購基金的發(fā)展。并購基金對于推動我國經濟結構調整、推動國有企業(yè)改制和行業(yè)整合、集聚社會閑散資金、促進資本市場的良性發(fā)展起到了重要作用。然而在我國當前的經濟環(huán)境下,單純的依靠市場化的并購基金已難以滿足產業(yè)調整和經濟發(fā)展的迫切需求,由于企業(yè)的控制權難、融資渠道單一、退出渠道困難等問題的存在,單純的依靠市場化的并購基金己難以滿足產業(yè)結構調整和經濟發(fā)展的迫切需求,因此政府急需尋求政府引導型的并購重組專項資金,發(fā)揮財政資金的杠桿放大效應,用以推動各行業(yè)產能結構的優(yōu)化升級、加快國有企業(yè)改革、促進跨國并購以及加快中小企業(yè)成長,克服單純通過市場配置并購基金的市場失靈問題。 本文根據政府引導型并購基金有關的理論研究和實踐經驗,針對我國發(fā)展政府引導型并購基金存在的必要性和現實性,以及政府引導型并購基金的內涵和分類。在借鑒國內外的有關經驗的基礎上,把我國政府引導型并購基金的運行機制分為組織方式選擇、融資機制、投資管理機制和退出機制四大部分。并結合政府引導型并購后整合基金的運行機制設計進行了舉例分析。組織方式方面,我國政府引導型并購基金宜采用參股型的封閉式基金,實行獨立事業(yè)法人制。融資機制方面,其資金募集方式主要是以私募的形式吸收權益性投資。退出機制方面,對于上市公司,可以綜合考慮運用兼并收購、管理層收購等多種方式實現退出；對于非上市公司可考慮以IPO為首選退出方式,同時輔以兼并收購等其它方式退出。 為了使政府引導型并購基金更有效率的運行,需要結合我國國情正確選擇運行模式,可以采取先試點,后推廣的形式。同時要大力培養(yǎng)和選拔基金管理人才、發(fā)展專業(yè)的中介機構、加強監(jiān)管、完善利益分配機制、加快發(fā)展資本市場。
[Abstract]:At present, China's M & A market has become the second largest market in the world after the United States, which also provides a broad prospect for the development of M & A funds. At the same time, the government has issued related policies. To support and promote the development of M & A funds. M & A funds can promote the adjustment of economic structure of our country, promote the reform of state-owned enterprises and industry integration, gather social idle funds. Promoting the benign development of capital market has played an important role. However, in the current economic environment of our country, it is difficult to meet the urgent needs of industrial adjustment and economic development by simply relying on market-oriented M & A funds. Due to the difficulty of corporate control, single financing channels, difficult exit channels, it is difficult to meet the urgent needs of industrial structure adjustment and economic development by simply relying on market-oriented M & A funds. Therefore, it is urgent for the government to seek government-led special funds for M & A and reorganization, to give play to the leverage amplification effect of financial funds, to promote the optimization and upgrading of the productive capacity structure of various industries, and to speed up the reform of state-owned enterprises. To promote cross-border mergers and acquisitions and accelerate the growth of small and medium-sized enterprises to overcome the market failure of market allocation of M & A funds. Based on the theoretical research and practical experience of the government-led M & A fund, this paper aims at the necessity and reality of the development of the government-guided M & A fund in China. And the connotation and classification of the government-led M & A fund. On the basis of reference from the relevant experience at home and abroad, the operating mechanism of the government-led M & A fund is divided into organizational choice and financing mechanism. Investment management mechanism and exit mechanism four parts. And combined with the government-led merger and acquisition after the integrated fund operation mechanism design for example analysis. Organizational approach. China's government-led M & A fund should adopt the closed-end fund of shareholding type and implement the system of independent enterprise legal person and financing mechanism. The main way of raising funds is to absorb equity investment in the form of private placement. In the aspect of exit mechanism, for listed companies, we can comprehensively consider the use of mergers and acquisitions, management buyouts and other ways to achieve withdrawal; For non-listed companies, we can consider IPO as the preferred exit mode, and other ways such as merger and acquisition. In order to make the government-led M & A fund run more efficiently, it is necessary to choose the operation mode correctly according to the national conditions of our country. We can take the form of pilot first, then popularize, and at the same time, we should vigorously train and select fund management talents. Develop specialized intermediary organizations, strengthen supervision, perfect benefit distribution mechanism, and accelerate the development of capital market.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F271

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本文編號：1419803