【作者】 林志强；

【导师】 蔡志忠；

【作者基本信息】 福州大学 ， 公司理财（专业学位）， 2023， 硕士

【摘要】 改革开放以来,伴随我国市场经济的快速发展,部分企业在积累充足的资金以及丰富的经验后,开始借助并购的手段来优化资源配置,取得战略协同,实现产业整合升级。然而,相关研究以及具体实践显示,部分企业在参与并购活动后,业绩出现了大幅下滑,有的企业甚至不能维持正常生产经营,最终不得已宣告破产。对于我国企业而言,当下的并购失败率相对较高,而其中的重要原因是企业在并购筹集资金的过程中,融资方式太过单一,融资规模相对较大,导致在企业完成并购活动后,其资本结构、公司治理结构和日常经营发展等多个方面出现诸多风险。在这样的现实情境下,本文以S公司为研究对象,探讨S公司并购K公司的融资策略选择及融资效果问题,研究结果以期能够为相关企业的并购融资决策提供现实参考。本文对S公司并购K公司的融资策略选择和融资效果进行具体的案例分析。首先,介绍了选题的现实背景及国内外研究现状,明确本研究的主要内容和研究方法。其次,界定了并购融资等相关概念,并介绍了权衡理论、优序融资理论和控制权理论等基础理论。接着,在对并购双方进行简要介绍的基础上,深入分析了S公司并购的动机,并梳理了具体的并购流程。然后,系统分析了S公司在并购K公司中所运用的融资策略。之后,进一步综合运用事件分析法和F值分析法对S公司的融资效果进行定量评价。最后,通过对S公司并购融资的案例研究的经验总结,给出具体的管理启示。本研究结果表明,S公司此次并购活动是从完善产业链、拓宽盈利增长点和开拓新兴市场等发展战略出发,在三个并购阶段使用了联合体增资、内部融资、权益融资和债务融资等多种融资组合策略,最终筹措到足够资金,从而保证了并购活动的顺利完成。从融资效果来看,在市场反应方面,并购事项提升了企业股票收益率,提高了公司品牌价值;在财务指标方面,尽管短期财务风险增大,但是财务状况长期向好。更多还原

【Abstract】 Since the reform and opening-up,along with the rapid development of our market economy,some enterprises,after accumulating sufficient funds and rich experience,began to use the means of mergers and acquisitions to optimize the allocation of resources,achieve strategic coordination,and realize industrial integration and upgrading.However,relevant studies and specific practices show that after some enterprises participate in M&A activities,the performance of some enterprises decline significantly,and some enterprises can not even maintain normal production and operation,and finally declare bankruptcy.For Chinese enterprises,the current failure rate of merger and acquisition is relatively high,and the important reason is that in the process of merger and acquisition financing,the financing way is too single,the financing scale is relatively large,leading to many risks in capital structure,corporate governance structure and daily operating development after the completion of enterprise merger and acquisition activities.In such a realistic situation,this paper chooses S Company as the research object to discuss the financing strategy selection and financing effect of S Company’s merger and acquisition of K company,and the research results are expected to provide practical reference for the financing decisions of related enterprises.This paper makes a case study of the financing strategy selection and financing effect of S Company’s merger and acquisition of K Company.First,it introduces the background of the topic and the research status at home and abroad,and defines the main content and research methods of this study.Secondly,it defines the related concepts of M&A financing,as well as the basic theories such as MM theory and its modification,information asymmetry theory and agency cost theory.Then,on the basis of a brief introduction to the merger and acquisition of double development,in-depth analysis of the motivation of S company’s merger and acquisition,and sort out the specific process of merger and acquisition.Then,it systematically analyzes the financing strategy used by S company in the merger and acquisition of K company.After that,the quantitative evaluation of the financing effect of S Company is further carried out by the comprehensive use of event analysis and F-to analysis.Finally,through the case study of S company M&A financing experience summary,gives specific management enlightenment.The results of this study show that the M&A activity of Company S is based on the development strategies of improving the industrial chain,broadening the profit growth points and exploring the emerging markets,and use various financing strategies such as joint capital increase,internal financing,equity financing and debt financing in each of the three M&A phases to finally raise sufficient funds to ensure the successful completion of the M&A activity.In terms of financing effects and market response,the M&A matters improves the company’s stock yield and enhances the company’s brand value.In terms of financial indicators,the financial position is positive in the long term,despite the increase in short-term financial risks.更多还原