财务管理类毕业论文—— 企业并购财务融资问题研究.doc

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。现代企业的并购规模越来越大,涉及大量资产的转移,在这一过程中如果没有强有力的资金保障,并购最终就难以确保成功。近年来,随着企业并购数量的增多和并购规模的扩大,企业并购融资问题日益受到重视。目前我国企业并购中,银行贷款因政策和经营层面约束而支持有限,股权融资与债券融资受政策和制度限制障碍重重,致使企业并购融资行为受到极大的制约。这就要求我们完善并创新股权融资渠道,重视培育和发展债券市场,充分利用投资银行等金融中介机构的专业性服务,积极开创新的并购融资方式。本文从企业并购融资基本理论出发,介绍了企业并购融资的主要方式,存在的问题以及原因,最后针对性地提出促进我国企业并购融资健康发展的对策建议。
关键词:企业并购;并购融资;问题及对策
Abstract
Acquisition is enterprise capital operation in a way the mon can effectively achieve the enterprise low cost, high speed expansion. Modern enterprise merger scale more and more bigger, the transfer of assets involved in this process, if there is no strong funding, mergers &acquisitions eventually it will be difficult to ensure ess. In recent years, with the number of merger and acquisition increased the expansion of M&A financing problems, more and more attention. At present our country enterprise merger, bank loans for policy and operational level constraints and support is limited, equity financing and debt financing is policy and institutional restrictions, leaving enterprise merger hindrance financing behavior are highly restricted. This requests us perfect and innovation equity financing channels, pay attention to cultivating and development of the bond market and make full use of investment Banks and other financial intermediaries, professional services to create new acquisitions financing ways. This article from enterprise merger financing basic theory, this paper introduces the main way of M&A financing, problems and causes, and finally pointed proposed to promote the healthy development of China's enterprise merger financing the countermeasures.
Key Words: Enterprise merger; M&A financing; Problems and countermeasures
引言
作为企业增强实力、开拓市场、调整结构以求迅速发展的经济手段,并购这种资本运作的核心手段在西方发达的市场经济国家己经盛行多年,前后经历了五波浪潮。众多的企业由此而走上了发展的高速通道,花旗集团的系列并购、法国雷诺对日本日产的成功并购等成为企业发展的经典案例,为人们所津津乐道。我国的并购活动虽然起步较晚,但随着市场经济体制的建立和完善也日趋活跃,特别是伴随着国民经济产品结构与产业结构的调整,并购被越来越多的企业选用为规模扩张和经营结构调整的手段。
任何事物都有正反两方面,企业并购也不例外。在众多成功案例耀眼光芒的背后却是无数的并购失败的个