【作者】 朱广跃；

【导师】 姜炳麟；

【作者基本信息】 哈尔滨工程大学 ， 金融学， 2007， 硕士

【摘要】 并购是企业资本运作中最为常见的一种方式，能有效地实现企业低成本、高速度扩张。这正是并购的独特魅力所在，也是全球并购已经历五次高潮的重要原因。现代企业的并购规模越来越大，涉及大量资产的转移，是一项巨大的工程。在这一过程中如果没有强有力的资金保障，并购最终成功的可能性将很渺茫。因此，毫不夸张的说，融资是并购中极其关键的一个环节。与西方发达国家相比，现在我国并购融资方式有限，还有许多方式我们没有涉及。因此，在当前不尽发达的资本市场情况下，参与并购的企业和金融的管理当局需要携手促进和完善并购融资方式，并同时要注意考虑到融资中的风险状况，以确保并购融资能够顺利的进行。本文首先系统的研究了西方各个时期的融资理论，包括早期资本结构理论、MM理论、权衡理论、不对称信息理论、控制权理论等。接着，本文对各种并购融资方式进行了归纳总结，并指出了每一种并购融资方式的利弊。然后，针对我国企业目前在并购融资方面出现的重股权融资、轻负债融资、融资渠道单一的现状，本文分别从法律法规、中介机构、机构投资者、投资者素质、行政因素等几方面入手，深刻剖析了其中的内在原因。最后，提出解决我国企业并购融资难的方案，须从多方面寻求对策。一方面，逐步放松金融管制，推进金融自由化，积极培育中介机构和机构投资者，另一方面，大力发展股权融资，借鉴杠杆收购融资，鼓励衍生金融工具的应用。更重要的是，要积极开拓并购融资新渠道，如充分利用信托参与企业并购融资，建立企业并购基金等，以推动企业并购的发展。更多还原

【Abstract】 M&A is the most common kind of way in the capital operation of a corporation, which can realize the expanding of a corporation at a high speed with the low cost efficiently. This is exactly unique glamour of M&A. And this is the important reason for the fifth M&A climax coming into being. Today, the M&A scale, which become larger and larger, is a costly project because of related to a large amount of capital transferring. It is too hard to accomplish M&A, if there are not enough financing. So, it isn’t a overstating saying at all that financing is a key step of M&A.Compared with western countries, the number of M&A financing methods used by Chinese enterprises is very limited, with many advanced methods still left untapped. Therefore, under the restriction of less developed capital market, those enterprises embarking on M&A should seek together with financial supervision authorities the development and innovation of present M&A financing methods considering our country’s conditions. They should control M&A financing risk reasonably to ensure that the M&A project be successfully carried out.Firstly, this paper studies the financing theories of each periods in the West, including Net Income Approach, Net Operating Income Approach and traditional theory, MM theory, Tradeoff Theory, Pecking Order Theory, Control Theory. Then, this paper concludes every financing channel and analysts the advantages and disadvantages of each kind of financing channels. Then aiming at the current situation of the weak internal financing ability, having partiality for equity financing, disliking debt financing, and financing channel simplex, this paper deeply analyze the inherent reasons in law, investment bank, institutional investor, investor’s quality, government factors. Finally, Aimed at above-mentioned problems arid the reason analysis, we should adopt the following strategies to development China’s M&A financing markets: on the one hand, we should relax the finance control and support and develop institutional investors and investment bank; on the other hand, develop merger and acquisition financed by exchanging stock and LBO, while encouraging derivatives such as convertible bond, stock option to use. And what’s more important, we must develop positively some new financing channels such as take fully advantage of trust, set up M&A funds.etc to promote the development of merger and acquisition activities.更多还原