發(fā)布時(shí)間：2021-05-11 03:37

　　本文以國(guó)內(nèi)兼并收購(gòu)市場(chǎng)做為研究對(duì)象,將并購(gòu)交易按支付形式劃分為三類,包括現(xiàn)金支付并購(gòu)、股權(quán)支付并購(gòu)和混合支付并購(gòu),分析了中國(guó)并購(gòu)市場(chǎng)的發(fā)展及現(xiàn)狀。在此基礎(chǔ)上重點(diǎn)關(guān)注兩大關(guān)鍵事件,即全流通的實(shí)現(xiàn)和商業(yè)銀行并購(gòu)貸款的開(kāi)放對(duì)中國(guó)并購(gòu)市場(chǎng)的轉(zhuǎn)折性意義和未來(lái)影響。第一章和第二章引入了并購(gòu)的概念、動(dòng)機(jī)、歸類,并分別討論了并購(gòu)在國(guó)內(nèi)和國(guó)外發(fā)達(dá)市場(chǎng)的發(fā)展。第三章和第四章是本文的主體部分。其中第三章分析了粵美的管理層收購(gòu)過(guò)程、交易結(jié)構(gòu)、融資途徑、償還方式以及定價(jià)情況,歸納了國(guó)內(nèi)管理層收購(gòu)的特點(diǎn),進(jìn)一步拓展到國(guó)內(nèi)現(xiàn)金支付并購(gòu)的特點(diǎn)和存在的問(wèn)題。2008年開(kāi)放的商業(yè)銀行并購(gòu)貸款是現(xiàn)金支付并購(gòu)領(lǐng)域的重要事件,第三章也將對(duì)該事件對(duì)并購(gòu)交易數(shù)量、金額、杠桿率以及定價(jià)方式的影響做進(jìn)一步探討。第四章分析了上海百聯(lián)進(jìn)行的先后兩次換股并購(gòu),進(jìn)而分析得出中國(guó)換股并購(gòu)交易特征及其發(fā)展情況,擴(kuò)展到國(guó)內(nèi)股權(quán)支付并購(gòu)的特點(diǎn)及應(yīng)用。中國(guó)自2004年起啟動(dòng)了股權(quán)分置改革,此后全流通的逐步實(shí)現(xiàn)必將對(duì)股權(quán)支付并購(gòu)市場(chǎng),包括其交易數(shù)量、定價(jià)方式等都將產(chǎn)生重大的影響。本文的創(chuàng)新之處在于采用支付方式作為分類標(biāo)準(zhǔn),案例分析作為研究形式,對(duì)國(guó)內(nèi)不同... 

【文章來(lái)源】：上海交通大學(xué)上海市 211工程院校 985工程院校 教育部直屬院校

【文章頁(yè)數(shù)】：80 頁(yè)

【學(xué)位級(jí)別】：碩士

【文章目錄】：
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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