换股并购研究

【作者】 曾祥兵；

【导师】 傅代国；

【作者基本信息】 西南财经大学 ， 工商管理， 2003， 硕士

【摘要】 美国著名经济学家、诺贝尔经济学奖获得者乔治·斯蒂格勒（George J?Stigler）在《通向垄断和寡占之路——兼并》的论文开篇就说：“一个企业通过兼并其竞争对手的途径成为巨型企业是现代经济史上的一个突出现象。”，"没有一个美国大公司不是通过某种程度、某种形式的兼并收购而成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来。"可见，企业并购是世界经济中的一种常见行为，它已成为企业扩大规模、调整产业结构、改善经营管理的手段和方式。并购通常需要大量的资金支持，当企业没有足够的自由资金但收购时机已臻于成熟时，一种特殊的收购方式——换股并购能解决这个问题。本文从换股并购的基本理论出发，针对换股并购中的几个实际问题进行分析。最后结合一个实际发生的换股并购案例进行讨论。整篇文章先理论后实际。力求做到两者的紧密结合，互相印证，以期总结出换股并购的一般规律并以此来指导作者的一些实践活动。全文共分为五章。第一章 换股并购在我国存在的价值换股并购是指主并购公司通过发行新股（或库存股）来换取目标公司股份的方式而进行的并购。其主要特点是：（1）主并购公司不需要支付大量现金，因而不会影响其资金状况；（2）并购完成后，目标公司的股东不会因此失去他们的所有者权益。而是作为新股东继续在并购后的公司中享有合法权益，并购后公司的股东由并购公司原股东和目标公司原股东共同组成，但并购公司的原有股东在经营控制权方面占主导地位。本章从企业并购的基本概念入手，比较分析了几种常见并购方式的优缺点，进一步探讨了在我国实施换股并购的必要性和可能性，从而揭示了换股并购在我国存在的价值。第二章 换股并购中目标企业的价值分析及定价在换股并购中，对目标企业价值的评估和定价是整个并购活动成败的关键。和其它任何并购方式一样，换股并购在实施并购时也存在<WP=3>对主并购公司和被并购公司进行价值评估和定价的问题。其评估和定价方法与其它形式的并购是一致的。在本章中主要依照这样的顺序来展开讨论：首先分析目标公司的价值构成；再介绍目标公司价值的评估方法：有贴现法、市盈率法和资产价值法等；最后讨论在换股并购中如何确定并购价格的问题，即确定主并购企业可以接受的最高价格，被并购企业可以接受的最低价格以及并购双方都能接受的均衡价格。换股并购中对目标公司的价值评估和定价是换股并购中非常重要的环节，但本文因篇幅所限，对此仅作了定性的描述。第三章 换股并购中换股比例的确定换股比例的确定是换股并购过程中一项重要的决策,如何确定合适的换股比例是换股并购中的核心问题。换股比例的高低，直接影响到购、并双方的股东在并购之后的主体中所拥有的权益份额。在某种意义上，换股并购中换股比例的确定是并购成功与否的关键中的关键。在本章中，首先介绍了几种确定换股比例的常用方法：1、用税后利润确定换股比例。2、用预期收益确定换股比例。3. 用市场价格确定换股比例。然后对在“每股收益不被稀释”约束条件下如何对换股比例进行优化的问题进行了深入的讨论，寻找到并购双方都能满意接受的最优换股比例区间：[ＥＲB、ＥＲA]。本部分涉及内容比较单一，虽极重要，用墨却不多。第四章 换股并购的会计处理企业并购必然要涉及到如何进行会计处理的问题。目前换股并购适用的会计处理方法主要有两种，即购买法和权益结合法（也称为权益法或合股法）。会计处理是企业并购中和并购后一项非常重要财务工作，本章共分为四节，围绕着换股并购的会计处理问题在以下几个方面进行了探讨：1. 阐述换股并购适用的会计处理方法购买法、权益结合法的特征。2. 比较分析换股并购中两种不同的会计处理方法对处理结果的的不同影响。主要有五个方面的不同。<WP=4>3. 在换股并购的实际操作中应该如何选择使用何种会计处理方法。在本文中，我的观点是购买法优于权益法, 对权益法应慎重使用。4. 就企业并购中会计处理的问题提出了几点建议：⑴应尽快对企业并购会计处理方法作出规范。⑵应改进对并购差价的会计处理。⑶提供企业集团分行业财务报告。第五章 案例分析本章以一个实际发生的换股并购案例为例，详细地剖析了其全部操作过程：包括并购双方的基本情况，并购的目的，并购中对目标公司进行价值评估使用的方法，确定换股比例的方法以及并购完成后合并公司的价值分析等。因为案例是按照实际情况记录，所以与文章前面的描述也有不同的地方，但理论依据是一致的，正好可以互相印证，相辅相成。更多还原

【Abstract】 George J?Stigler ,American famous economist and also the Nobel Prize winner in economics, wrote in the beginning of his paper The Way to Monopolization and oligopoly---Annexation:“ That an enterprise becomes a giant enterprise through annexing its competitive adversaries is a protrusion phenomenon in modern economic history",“ None of American large companies grows up through certain degree and form of annexation and purchasing. Nearly no such companies grows up by their internal expansion." So, it is clear that enterprise annexation and purchasing is a common behavior in the world economy, and it has become means and manner for enterprises to expand scale, adjust industrial structure and improve operation and management. Annexation and merging generally needs a lot of funds. When an enterprise has not enough funds, but it is good time for purchasing, a special purchasing manner--stock replacement annexation and merging can solve this problem. Starting with the basic theory of stock replacement annexation and merging, this paper aims to analyze several practical problems in stock replacement annexation and merging and finally discusses a practical case.The entire paper is arranged with theory before practice and tries to make them closely combined, in the purpose of summarizing the general rule of stock replacement annexation and merging to instruct the author’s practices. This paper is composed of the following five chapters.Chapter 1 The existing value of stock replacement annexation and merging in ChinaStock replacement annexation and merging refers to the annexation of master annexation company barter the shares of object company through issuing new share( or storage share). It is featured by :（1）it is<WP=6>unnecessary for the master annexation company to pay large amount of cash, so its status of funds will not be affected;（2）After annexation, the shareholders of objective company will not lose their rights and interests. They will still have legal rights and interests as new shareholders in the new company. The shareholders of new company are composed of those of master company and object company, but the original shareholders of the master company occupy dominant position in operation and control right. Starting with the basic concept of enterprise annexation, this chapter compares and analyzes the advantages and disadvantages of several commonly existing annexation manners, further discusses the necessity and possibility of implementing bartering shares annexation in China, thereby revealing the existing value of bartering shares annexation in China.Chapter 2 Value analysis and fixing the price of object company in bartering shares annexationIn bartering shares annexation, the evaluation and fixing the price of the value of object company is of vital importance to the success of annexation. Like any annexation manners, the problems of performing value evaluation and fixing price of master company and annexed company also exist in implementation of annexation. The method of evaluation and fixing price is in accordance with other annexation forms. In this chapter; the value composition of object company is first analyzed, then such evaluation method as discount method,P/E ratio method and assets value method for evaluating the value of object company are introduced; Finally, how to determine the annexation price in bartering shares annexation is discussed, i.e., to ascertain the highest price acceptable for master annexation enterprise, the lowest price acceptable for annexed enterprise and the equilibrium price acceptable for both parties.The value evaluation and fixing price for object company is a very<WP=7>important link in bartering shares annexation. However, due to the limited length of this paper, it is only qualitatively described.Chapter 3 Determination of the proportion of bartering shares in bartering share annexationThe determination of the proportion of bartering shares is an important decision in bartering share annexation and how to determine pr更多还原