【作者】 夏云；

【导师】 赵敏；

【作者基本信息】 河海大学 ， 技术经济及管理， 2003， 硕士

【摘要】 自20世纪90年代以来，随着全球经济一体化趋势的日趋明朗，企业并购作为迅速扩大市场份额、形成规模效应、优化资本结构的一个有效手段，正日益得到世人的关注。 企业并购活动是一个复杂的、系统的过程。融资是企业并购实施阶段最重要的环节，它已经突破了企业发展策略的层面而上升到企业发展战略的高度。在并购活动中，企业可以采用多种融资方式。如果企业能够根据自身的特点选择合适的融资方式，则可以达到事半功倍的效果；如果选择不当，就有可能使企业背上沉重的债务负担，甚至会影响到企业的正常生产经营活动。因此，选择合适的融资方式和制定科学的融资策略是企业应高度关注的问题。 本文主要从并购方的角度，研究其在并购融资中应采取的应对策略： 首先，并购方企业应全面系统分析各种并购融资方式的优劣，在一般原则的指导下，结合企业实际情况，对融资总量进行科学预测，对融资渠道和融资方式进行初步安排。 其次，企业应遵循资本结构优化的原则，在企业价值最大化目标的指引下，通过对多种融资方式的组合分析，确保以最低的资本成本融资。 第三，针对不同支付方式对企业财务经济效益的影响，企业应考虑选择合适的融资方式和融资渠道满足支付的要求。特别是在换股交易中，企业可借助“L-G模型”对换股比率进行科学测算。 第四，在我国企业直接融资规模较小且融资工具不足的情况下，企业可借助投资银行的力量，寻求新的直接融资途径和方法。更多还原

【Abstract】 Since 1990s, under the tendency of the economic globalization, the close attention of Mergers & Acquisitions (M&A) is paid gradually by the world as an effective way of expanding market share rapidly, forming scale effect, and optimizing capital structure.M&A is a complex and systematical process. Financing is the most important in the implementation of M&A, which has been up to the level of development stratagem from the strategy level. In the activities of M&A, the company may adopt various financing methods. If the company can choose appropriate one in line with its characteristics, it may get twice the result with half the effort; otherwise, the company may bear the heavy burden of debt and even exert ill effect on normal production and management. Therefore, suitable financing method and scientific strategy are important issues that should be focused on.In this thesis, the strategies on M&A financing are analyzed from the perseptive of the party that takes M&A activities actively.Firstly, under the direction of normal principle, the company should analyze each M&A financing method comprehensively and systematically, forecast the financing gross scientifically and make initial arrangement for the channel and method according to its condition.Secondly, the company should pursue the lowest capital cost through the analysis of multiple profiles of financing methods, abiding by the principle of optimal capital structure and the target of maximum company value.Taking account of the effect of different way of payment on the financial and economic benefits, the company should choose appropriate financing method and channel to meet the requirement. Especially in the "stock exchange" transaction, the company may make use of " L-G Model" to estimate the exchange rate scientifically.Finally, under the condition that the scale of direct financing is small and the financing tool is deficient in China, the company can take advantage of investment bank to pursue new channel and method of direct financing.更多还原