本文選題：礦業(yè)企業(yè) + 跨國并購��； 參考：《中國礦業(yè)大學(xué)》2017年碩士論文

【摘要】：自上世紀(jì)八十年代拉開企業(yè)跨國并購序幕之后,跨國并購現(xiàn)已成為我國對(duì)外直接投資主要輸出方式之一,越來越多不同類型的企業(yè)采用跨國并購方式獲取目標(biāo)國企業(yè)的經(jīng)營權(quán),拓展發(fā)展市場(chǎng)。我國跨國并購發(fā)展迅速,現(xiàn)已成為對(duì)外直接投資最主要形式,但并購目的仍以能源獲取為主。目前,我國礦業(yè)跨國并購呈現(xiàn)并購金額龐大,并購周期長,并購主體多樣化,并購地域主要集中在發(fā)達(dá)國家等特點(diǎn)。高風(fēng)險(xiǎn)、高資金量的特點(diǎn)決定了礦業(yè)企業(yè)完全依靠自身實(shí)力很難順利完成跨國并購,需要外部多種形式的資金來源和健全的風(fēng)險(xiǎn)保障機(jī)制。但是我國礦業(yè)企業(yè)走出國門卻面臨著外部資金來源不足、海外投資風(fēng)險(xiǎn)得不到保障等困難。因此,為促進(jìn)我國礦業(yè)企業(yè)跨國并購的有序進(jìn)行,有必要對(duì)礦業(yè)企業(yè)海外并購的金融支持問題進(jìn)行研究,以提出改進(jìn)策略,解決能源海外投資資金不足、風(fēng)險(xiǎn)沒有保障的困境�；趪H投資理論、權(quán)衡理論、優(yōu)序融資理論和商業(yè)貸款理論基礎(chǔ),通過資料收集和相關(guān)數(shù)據(jù)的統(tǒng)計(jì),系統(tǒng)分析了礦業(yè)企業(yè)跨國并購的融資來源,發(fā)現(xiàn)我國礦業(yè)企業(yè)采用股票融資和債券融資較少,并購資金主要來源于自有資金和銀行貸款,其中礦業(yè)企業(yè)對(duì)銀行貸款的依賴性高于其他融資方式。但是我國由于政策對(duì)并購貸款金額以及貸款機(jī)構(gòu)的嚴(yán)格限制以及銀行提供資金的方式單一、資金流向嚴(yán)重失衡,導(dǎo)致企業(yè)難以獲得足夠的并購資金。在分析美日韓等發(fā)達(dá)國家完善成熟的金融支持策略,即完善的政策扶持體系、專門的海外投資立法保障、多機(jī)構(gòu)參與的金融支持體系以及多元化融資方式的基礎(chǔ)上,針對(duì)我國礦業(yè)企業(yè)跨國并購金融支持存在的問題,提出具有指導(dǎo)意義的策略。改進(jìn)現(xiàn)有政策在審批程序、嚴(yán)格規(guī)定方面弊端的同時(shí),頒布專門的海外投資保障立法,金融機(jī)構(gòu)完善自身職能業(yè)務(wù),成立海外資源開發(fā)專門服務(wù)機(jī)構(gòu)和專門貸款,以期為政府、金融機(jī)構(gòu)和礦業(yè)企業(yè)改進(jìn)現(xiàn)有融資弊端提供理論參考。
[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.
【學(xué)位授予單位】：中國礦業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.1;F271;F832

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