【作者】 林国平；

【导师】 陈纪南；

【作者基本信息】 江苏大学 ， 会计学， 2007， 硕士

【摘要】 并购是一种企业行为,是企业发展的重要手段。为了能够在激烈的市场竞争中生存和发展,谋求企业的规模经营、达到协同效应、减少交易费用、谋求多元化经营、更好地实施公司战略,企业积极寻求并实施并购战略。而并购融资是并购业务中最重要的一个环节,是并购业务的核心内容,它已经突破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。本文主要以当前国内外并购大浪潮为背景,提出并购融资的重要性和国内外研究现状,以及分析了并购融资的渠道和方式;然后从融资结构出发,对并购融资相关的融资成本、融资偏好、投资意愿等因素作相关性分析,并对并购绩效的影响因素在并购前后的变化情况作实证分析。本文主要针对融资策略这个问题,在第3、4、5章作重点介绍,分别介绍了企业并购的融资方式、融资结构、融资成本和融资偏好,将融资成本和融资偏好等因素影响下的投资意愿进行度量和分析,得出低成本的融资越能刺激投资意愿,且融资偏好对投资意愿起到正相关关系;然后再结合并购绩效来分析融资结构、融资成本、投资意愿对并购绩效的相关性和并购前后的影响的变化程度,得出企业在并购当年由于融资成本的增大而导致财务风险的加大及不能够取得较好的成绩,管理层出于并购后绩效较差的压力,企业的投资意愿下降,而经过一年多企业内部的管理整合逐步解决了并购带来的各种差异和矛盾,企业并购后的效益也会逐渐的提高;而如果不能成功整合,则并购绩效也会逐渐恶化。最后通过联想并购IBM的PC业务这个案例来深入分析并购的融资策略,并得出相应结论和建议。更多还原

【Abstract】 "Merger & Acquisition" is a behavior of enterprise, and an important measure of development. Enterprises primarily bring stratagem of "M&A" to be capable of survival and development in market competition, to search for range practice and reach synergia, to reduce transaction costs and try for diversified operation. Financing of "M&A" is an important tache in the business. It has broken through the lay of development strategy and rose to the level of development stratagem in the enterprise. In the activity of "M&A", many forms can be used in the enterprise, if a suitable means of financing based on itself is selected, it will get twice the result with half the effort; if improperly selected, it will be likely to bring heavy debt burden to the enterprise, and even affect the normol operation. Therefore, choosing a suitable means of financing and making scientific financing strategy are deserved to pay great attention for enterprise.The text mainly starts from the background of financing in "M&A", then bring forwad the importance and research on the status around the world. It goes from describing the definitions of financing to analysis of financing routeway and means, then makes the relativity analysis of factors about financing cost, financing preference and investment aspiration based on the financing structure, and also making empirical research of factors affected performance of "M&A" based on change of back and forth. The text mainly aims at financing strategy, and the part 3, 4, 5 are focused introduced. It partly introduces financing means, and explains the financing preference based on capital structure and financing structure, then educe the conclusion that lower cost can stimulate investment aspiration, and financing preference is positive correlativity to investment aspiration; Then It analyses the relativity between financing structure and cost and investment aspiration and performance, then makes the regression analysis of influence degree about the movement of "M&A", and obtains the conclusion that financing risk is increasing and the performance is not good for the increase of financing cost at the current year, then investment aspiration falls as the pressure of bad performance. However, the performance will be better when diffenence and conflict are solved by management and conformity after one year, or else, the permance will be much worse. Finally, financing strategy are deeply analysed based on the case of "Lenovo company merger PC operation of IBM", and then correlative conclusion and advice are put forward.更多还原