【作者】 王柯；

【导师】 金泽虎；

【作者基本信息】 安徽大学 ， 金融学， 2019， 硕士

【摘要】 近年来,在国家“一带一路”的战略布局下,越来越多的中国企业参与到跨国并购交易中,这是我国经济结构调整、产业升级的成果之一。党十八大报告中指出允许以并购投资等方式实施“走出去”的对外投资战略,是进一步提升我国企业综合竞争能力的关键。中国经济新常态的大背景下,并购市场繁荣发展,我国商业银行介入并购市场的积极性越来越高。2017全年,中国企业共完成并购项目341起,实际交易总额高达962亿美元,国内商业银行提供近1200亿人民币的并购融资贷款。商业银行并购贷款可有效支撑国内企业展开海外并购,使企业在合理配置国内外优质资源的同时,实施产业全球化,打造国际性品牌,努力早日成为世界一流的跨国企业。并购贷款是一项创新性的融资业务,相比于传统银行贷款业务,其风险成因复杂,业务面涉及广,容易产生不良资产与经营风险,给商业银行带来更高层次挑战,此外并购后企业的整合效益直接影响到后期效益和参与发放此次并购贷款的商业银行的贷款质量,对银行贷款回收和经营效益产生巨大风险。所以,本文以商业银行跨国并购贷款中风险管理作为切入点,从并购贷款的内涵出发,对并购贷款的相关概念做规范研究,分析并购贷款中的多种类型风险,简述信用风险评价方法,以强调银行贷前风险识别的重要性。文章以N银行X分行海外并购贷款为案例,着重分析案例中的尽职调查环节,研究目前商业银行并购贷款面临的风险和可以采用的风控措施。此外,深入剖析我国商业银行在并购贷款上的风险评估及管理的规范化操作模式,重点从企业财务经营情况入手,测算还款和担保能力,总结风险调查结论。实证分析上,笔者运用Z-Score模型结合案例对其信用违约风险分析,辅以证明该笔贷款风险可控性。最后,文章通过N银行海外并购贷款实例实证分析以及美国、日本商业银行参与企业融资的实践经验,提出我国商业银行在并购贷款风险管理上的对策与建议,具有较强的实践价值和现实意义。特别的是,未来我国企业展开跨国并购交易越来越多,通过分析并购贷款的跨国交易风险,可以提升国内银行从事海外交易的风险管理水平,同时也为我国企业在并购融资方面提供一定的参考价值。更多还原

【Abstract】 In recent years,under the strategic layout of national "Belt and Road",more and more Chinese enterprises participate in cross-border M&A transactions,which is one of the achievements of China undefined economic structure adjustment and industrial upgrading.In the report of the 18th National Congress of the Communist Party of China(CPC),it is pointed out that the key to further enhance the comprehensive competitive ability of Chinese enterprises is to allow foreign investment strategy to be carried out by means of M&A investment and so on.Under the background of the new normal of China undefined economy,the M&A market has flourished and developed,and the enthusiasm of Chinese commercial banks to intervene in the M&A market has become more and more high.In the whole of 2017,Chinese enterprises completed 341 M&A projects,with the total actual transaction amount as high as 96.2 billion US dollars.Domestic commercial banks provide nearly 120 billion yuan in M&A financing loans.Commercial banks M&A loans effectively support domestic enterprises to carry out overseas mergers and acquisitions,while rationally allocating high-quality resources at home and abroad,carrying out industrial globalization,building international brands,and striving to become a world-class multinational enterprise as soon as possible.M&A loan is an innovative financing business.Compared with the traditional bank loan business,its risk causes are complex,its business coverage is extensive,and it is easy to produce non-performing assets and business risks,which brings a higher level of challenge to commercial banks.In addition,the integration benefit of the enterprises after M&A directly affects the later benefit and the loan quality of the commercial banks that participate in the M&A loan,and brings great risk to the bank loan recovery and operation benefit.Therefore,this paper focuses on risk management in cross-border M&A loans of commercial banks.Starting from the connotation of M&A loan,this paper makes a normative study on the related concepts of M&A loan,analyzes various types of risk in M&A loan,and briefly describes the evaluation method of credit risk,in order to emphasize the importance of risk identification before bank loan.Taking the overseas M&A loan of N Bank X Branch as an example,this paper analyzes the due diligence link of the case,and studies the risks faced by the M&A loans of commercial banks at present and the risk control measures that can be adopted.In addition,in-depth analysis of the risk assessment and management of M&A loans in China undefined commercial banks standardized operation mode,focusing on the financial management of enterprises to measure the repayment and guarantee capacity,and summarize the risk investigation conclusions.In the empiric,al analysis,the author uses the Z-Score model combined with the case to analyze the credit default risk,which proves the control ability of the loan risk.Finally,the paper puts forward the countermeasures and suggestions on the risk management of M&A loans in China through the empir:ical analysis of the overseas M&A loans of N banks and the practical experience of commercial banks in the United States and Japan in participating in enterprise financing.It has strong practical value and practical significance.In particular,there are more and more cross-border M&A transactions in China in the future.By analyzing the cross-border transaction risks of M&A loans,we can improve the risk management level of domestic banks engaged in overseas transactions.At the same time,it also provides certain reference value for Chinese enterprises in M&A financing.更多还原