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我国企业并购融资问题研究

[摘 要] 随着并购行为在我国企业活动中的盛行，并购融资作用也愈显得突出。由于并购融资是企业并购过程中的关键要素，它直接决定了资金来源的状况和资金运用的效率，因此对企业并购的成败起到了关键作用。本文旨在通过对我国企业并购融资的现状进行描述，分析出我国企业并购融资中存在的问题并提出相应的建议。文章共分为四大部分：首先对企业并购融资进行了概述，主要介绍了相关概念、企业并购融资方式；其次对我国企业并购融资现状进行了分析；再次对我国企业并购融资中存在的问题及原因进行阐述，主要提出了内部积累的限制、银行贷款的限制、以及杠杆收购面临的障碍等问题，并引入吉利并购沃尔沃的案例在内部积累限制中做了说明，以及联想并购IBM在银行贷款中的运用；最后对我国企业并购融资发展提出了建议，认为在当前逐步放松金融管制，适度推进金融自由化；大力发展资本市场，拓宽并购融资渠道；积极培育中介机构并购服务实力，以及丰富和完善并购融资的政策体制等对我国企业并购融资发展具有重要的意义。

[关键词] 并购；融资；并购融资；杠杆收购

Research on Enterprise Merger Financing Problems

[Abstract] Nowadays the merger seems very popular between the enterprises of our country. The role M&A financing is more and more prominent. M&A financing is the key factors to enterprises merger. As it directly decide the situation of capital source and Funds utilization efficiency. The paper from describe of China's enterprise merger financing status aimed at analysis the problems our enterprise merger have and given some suggestion about it. The paper divided into four part : First summarize enterprise merger financing status, this part mainly introduces the related concepts and enterprise merger financing mode; Next part analyzed our country enterprise merger financing status; Third discussed in this paper about the problems and reasons on China's enterprise merger financing, such as internal accumulation of the restrictions, the bank loan restrictions etc and bring some examples for example in internal accumulation limit are given at The Gillette Company M&A in Volvo case. Finally put forward suggestions to our country enterprise merger financing development. And think under the current gradually relaxing the financial control, should moderation to promote financial liberalization, develop capital market, broaden the financing channels of M&A, enrich and perfect the policy system of the financing of M&A and so on have vital significance to our country enterprise merger financing development.

[Key words] Merger; M&A financing; Leveraged buy-out; Capital market

目 录

引言 ....................................................................................................................................... 1 一、企业并购融资的概述 ................................................................................................... 1

（一）企业并购融资概念 ............................................................................................ 1

1.并购 ...................................................................................................................... 1 2.融资 ...................................................................................................................... 1 3.并购融资 .............................................................................................................. 2 （二）企业并购融资方式 ............................................................................................ 2

1.债务性融资方式 .................................................................................................. 2 2.权益性融资方式 .................................................................................................. 2 3.混合性融资方式 .................................................................................................. 3

二、我国企业并购融资现状 ............................................................................................... 4

（一）我国企业并购融资规模 .................................................................................... 4 （二）我国企业并购融资方式的选用 ........................................................................ 4 三、我国企业并购融资中存在的问题 ............................................................................... 5

（一）内部积累有限 .................................................................................................... 5 （二）银行贷款的限制 ................................................................................................ 5 （三）增发新股融资并购受到质疑 ............................................................................ 5 （四）债券融资并购难度大 ........................................................................................ 6 （五）换股并购亟待规范 ............................................................................................ 6 （六）杠杆收购面临障碍 ............................................................................................ 6 （七）政府的非市场化参与 ........................................................................................ 7 （八）中介机构并购服务能力不足 ............................................................................ 7 四、发展我国企业并购融资的建议 ................................................................................... 7

（一）积极进行金融创新，丰富和完善并购融资工具 ............................................ 7 （二）逐步放松金融管制，适度推进金融自由化 .................................................... 7 （三）大力发展资本市场，拓宽并购融资渠道 ........................................................ 8

1.大力发展股票融资 .............................................................................................. 8 2.完善债券市场功能，推进企业债券市场化 ...................................................... 8 3.充分利用可转换债券融资 .................................................................................. 8 （四）积极培育中介的并购服务实力，促进并购融资的顺利开展 ........................ 9 （五）建立和完善我国并购融资的政策体系 ............................................................ 9 结束语 ................................................................................................................................... 9 致谢 ..................................................................................................................................... 10