摘要近年来,我国上市公司并购重组市场表现出了前所未有的繁荣发展。据不完全统计,2013年A股上市公司对外公布的并购重组交易案例共1189起,交易规模达到5023亿元,而在2014年,在利好政策频频出台、国企改革进一步加速、经济持续转型升级的有利宏观经济环境下,A股上市公司在并购市场中空前活跃,参与并购重组事件超过4450起,参与并购的上市公司达1783家,并购交易规模创造了15600亿元的历史记录。然而,大规模的公司并购时常面临着资金来源的制约。与美国、日本、瑞士等经济发达国家相比,我国当前的金融体系存在的主要问题是并购融资制度不完善,上市公司能够大量、快速使用的融资工具较为单一的缺点。我国A股上市公司还普遍存在进行并购重组时,几乎不采用增发新股以外的方式进行融资,这无疑极大地抑制了资本市场在并购融资过程中的资源配置作用,阻碍了并购市场的进一步发展,拖慢了上市公司间的竞争、淘汰步伐。45860
本文通过对并购融资相关概念的简要介绍,在对国内外并购融资的相关研究的基础上,根据并购和融资的相关理论,立足我国近年来并购融资统计数据,研究上市公司并购业务中对债券融资工具的需求,探讨债券融资工具的发展态势。 毕业论文关键词: 并购; 债券融资;需求;发展态势
Abstract
In recent years, merger, acquisition and reorganization of listed companies in our country active market have made great development. According to incomplete statistics, in 2013 the A shares of listing Corporation announced M & A transactions total 1189 cases, the size of transactions reached 502.3 billion.Especially in 2014,because of the reform acceleration, economic transformation and upgrading, the a-shares acquisition and merger market both create the huge number of transactions and transaction scale as the phenomenon of A billion-gusher. Participate in M & a event more than 4450, participate in M & a listing Corporation reached 1783,M&A funds reached 1.56 trillion yuan . However, large-scale company mergers and acquisitions are often faced with funding constraints.Compared with the developed countries, such as Japan, Switzerland and USA,the main problems existing in our country's current financial system is that the M & A financing system is not perfect,the large, fast tool which listing Corporation can use for financing is relatively single shortcoming.
Brief introduction of this article by the related concepts of M & A financing, on the basis of domestic and international research on M & A financing, according to related theories of M & A and financing in China in recent years, based on the statistical data of M & A financing listing Corporation mergers and acquisitions, demand for financing business development situation, probe into the financing tools bonds.
Key words: Bond financing; Demand; Development situation; M&A
目 录
摘 要Ⅰ
AbstractⅡ
第一章 绪论 2
(一)选题背景及研究意义 2
(二)文献综述 3
(三)研究思路和研究方法 4
第二章 上市公司并购融资的理论概述 5
2.1并购业务及其融资方式简介 5
(一)并购业务简介 5
(二)并购业务中的融资方式 5
2.2并购业务中的融资理论 6
2.2.1优序融资理论 6
2.2.2信号传递理论 7
第三章 我国上市公司并购融资方式的现状 7
第四章 我国上司公司并购融资过程中对债券融资工具的需求分析 11