企业并购中的融资策略研究
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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。
"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.
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。
"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.
引文
[1]Michele Bernasconi,AnnaMarenzi,Laura Pagani.Corporate Financing Decisions and Non-Debt Tax Shields:Evidence from Italian Experiences in the 1990s[J].International Tax and Public Finance.2005(12).741-773
[2]Han,J.C.Y.and Wild.Unexpected earnings and intraindustry information transfers:Further evidence[J].Journal of Accounting Research.1990.25(1).211-219
[3]Freeman,R.N.An earnings prediction approach to examining intercompany information transfers[J]Journal of Accounting and Economic.1992.15(4).509-523
[4]Gebhardt,Lee,Swaminathan.Toward an Implied Cost of Capital[J],Journal of Accounting Research.2003
[5]William Henry Beaver.Financial Reporting:An Accounting Revolution[M].by Prentice-hall Inc 1998
[6]Diamond,D.W.Financial intermediation and delegated monitoring[J].Review of Economic Studies.1984(L1):393-414
[7]Jensen,M.The modem industrial revolution,exit,and the failure of internal control systems [J].Journal of finance.1993(48):831-880
[8]Myers and Majluf,Nicholas S.Corporate financial and investment decision when firms have information that investors do not have[J].Journal of Financial Economics.1984(13):187-221
[9]Brennan,Michael J.,Kraus Alan.Efficient Financing underAsymmetric Information[J].The Journal of Finance.1987(42):1225-1243
[10]Myers.The capital structure puzzle[J].Journal of Finance.1984(39):575-592
[11]王巍.中国并购报告2006[M].北京:人民邮电出版社.2006
[12]刘杰,路小红.企业并购融资策略[M],2002
[13]张泽来,胡玄能,宋林峰.并购融资[M].北京:中国财政经济出版社.2004
[14]陆正飞.中国上市公司融资行为与融资结构研究[M].北京大学出版社.2005
[15]吴晓求.中国上市公司:资本结构与公司治理[M].中国人民出版社.2003
[16]廖理,汪毅慧.中国股票市场风险溢价研究.金融研究[J].2003(4):23-31
[17]阎达五,耿建新,刘文鹏.我国上市公司配股融资行为的实证研究[J].会计研究.2001(9)
[18]高晓红.我国上市公司股权融资偏好分析[J].投资研究,2000(8)
[19]刘星,魏锋,詹宇.我国上市公司融资顺序的实证研究[J].会计研究.2004,6
[20]阎金锷,李姝.会计信息披露、股票价格变动及资本市场效率之关系研究[J].财会月刊2000(2)2-4
[21]石原峰.我国上市公司并购绩效评价及其实证研究.河海大学硕士学位论文.2005
[22]干春晖.大并购:30个世界著名企业并购经典案例[M].上海:上海人民出版社.2006
[23]张夕勇.并购与管理整合:正在改变着中国与世界[M].北京:中国财政经济出版社.2004
[24]王霞,薛爽.上市公司权益融资选择的影响因素分析[J].财经问题研究.2003(11)
[25]李春玲,丁新娅.并购的效应:中国上市公司资金重组案例[M].北京:中国人民大学出版社.2006
[26]吴延坤.公司并购中的融资策略研究.上海理工大学.2000
[27]范如国.企业并购理论[M].武汉:武汉大学出版社.2004
[28]陆正飞,高强.中国上市公司融资行为研究:基于问卷调查的分析[J].2003(10)
[29]梅君.中国上市公司并购规则:财经科学文库[M].北京:中国人民大学出版社.2005
[30](美)Stuart Ferguson.并购整合绩效分析[M].北京:清华大学出版社.2005
[31]廖理,朱正芹.中国上市公司股权融资与债融资成本实证研究[J].中国工业经济.2003(6):63-69
[32]孙涛.公司并购中目标公司定价理论与方法[M].北京:经济管理出版社.2005
[33]陆玉梅,何涛.论资本成本与融资成本的关系:上市公司股权再融偏好解析[J].工业技术经济,2004(12)
[34]何庆明.智力资本与企业战略并购[M].北京:中国经济出版社.2006
[35]周春生.融资、并购与公司控制[M].北京:北京大学出版社.2005
[36](美)普赖斯·普里切特等.并购之后:成功整合的权威指南[M].北京:机械工业出版社.2005
[37]夏云.企业并购的融资策略.河海大学硕士学位论文.2003
[38]顾正娣.公司治理结构对公司融资结构影响的实证分析.南京理工大学硕士论文.2005
[39]巨潮资讯网站(http://www.cninfo.com.cn)
[40]陈耿.上市公司融资结构:理论与实证研究.西南财经大学博士学位论文.2004
[41]中国上市公司资讯网(http://www/cnlist.com.cn)
[42]中国证券监督管理委员会网站(http://www.csrc.gov.cn)
[43]搜狐IT网:联想并购IBM的PC业务
[44]全球并购研究中心.中国十大并购[M].北京:中国经济出版社.2006
[45]Philip Brown著,杨松令等译.Capital Markets-Based Research In Accounting:An Introduction[M].中国人民大学出版社,2004
[46]吴志军.企业并购中的管理整合研究[M].北京:中国财政经济出版社.2004
[47]杨洪章,张德志.浅析企业并购中的财务决策[J].2000
[48]提云涛.我国上市公司股权融资偏好内在动因研究.深圳证券交易所第五届会员单位、基金管理公司研究成果评选论文集[M].2003
[49]姚水洪.企业并购整合问题研究[M].北京:中国经济出版社.2005
[50]叶康涛,陆正飞.中国上市公司股权融资成本影响因素分析[J].管理世界.2004(5)
[51](美)戴维·哈丁,萨姆·罗维特.兼并之道:决定公司并购成败的四个关键决策[M].北京:商务印书馆.2006
[52]金燕.民营企业并购绩效研究.浙江大学硕士学位论文.2005
[53](美)亚历山德拉·里德·拉杰科斯.并购的艺术:融资与再融资[M].2001
[54]李荣融.并购重组:企业发展的必由之路[M].北京:中国财政经济出版社.2004
[2]Han,J.C.Y.and Wild.Unexpected earnings and intraindustry information transfers:Further evidence[J].Journal of Accounting Research.1990.25(1).211-219
[3]Freeman,R.N.An earnings prediction approach to examining intercompany information transfers[J]Journal of Accounting and Economic.1992.15(4).509-523
[4]Gebhardt,Lee,Swaminathan.Toward an Implied Cost of Capital[J],Journal of Accounting Research.2003
[5]William Henry Beaver.Financial Reporting:An Accounting Revolution[M].by Prentice-hall Inc 1998
[6]Diamond,D.W.Financial intermediation and delegated monitoring[J].Review of Economic Studies.1984(L1):393-414
[7]Jensen,M.The modem industrial revolution,exit,and the failure of internal control systems [J].Journal of finance.1993(48):831-880
[8]Myers and Majluf,Nicholas S.Corporate financial and investment decision when firms have information that investors do not have[J].Journal of Financial Economics.1984(13):187-221
[9]Brennan,Michael J.,Kraus Alan.Efficient Financing underAsymmetric Information[J].The Journal of Finance.1987(42):1225-1243
[10]Myers.The capital structure puzzle[J].Journal of Finance.1984(39):575-592
[11]王巍.中国并购报告2006[M].北京:人民邮电出版社.2006
[12]刘杰,路小红.企业并购融资策略[M],2002
[13]张泽来,胡玄能,宋林峰.并购融资[M].北京:中国财政经济出版社.2004
[14]陆正飞.中国上市公司融资行为与融资结构研究[M].北京大学出版社.2005
[15]吴晓求.中国上市公司:资本结构与公司治理[M].中国人民出版社.2003
[16]廖理,汪毅慧.中国股票市场风险溢价研究.金融研究[J].2003(4):23-31
[17]阎达五,耿建新,刘文鹏.我国上市公司配股融资行为的实证研究[J].会计研究.2001(9)
[18]高晓红.我国上市公司股权融资偏好分析[J].投资研究,2000(8)
[19]刘星,魏锋,詹宇.我国上市公司融资顺序的实证研究[J].会计研究.2004,6
[20]阎金锷,李姝.会计信息披露、股票价格变动及资本市场效率之关系研究[J].财会月刊2000(2)2-4
[21]石原峰.我国上市公司并购绩效评价及其实证研究.河海大学硕士学位论文.2005
[22]干春晖.大并购:30个世界著名企业并购经典案例[M].上海:上海人民出版社.2006
[23]张夕勇.并购与管理整合:正在改变着中国与世界[M].北京:中国财政经济出版社.2004
[24]王霞,薛爽.上市公司权益融资选择的影响因素分析[J].财经问题研究.2003(11)
[25]李春玲,丁新娅.并购的效应:中国上市公司资金重组案例[M].北京:中国人民大学出版社.2006
[26]吴延坤.公司并购中的融资策略研究.上海理工大学.2000
[27]范如国.企业并购理论[M].武汉:武汉大学出版社.2004
[28]陆正飞,高强.中国上市公司融资行为研究:基于问卷调查的分析[J].2003(10)
[29]梅君.中国上市公司并购规则:财经科学文库[M].北京:中国人民大学出版社.2005
[30](美)Stuart Ferguson.并购整合绩效分析[M].北京:清华大学出版社.2005
[31]廖理,朱正芹.中国上市公司股权融资与债融资成本实证研究[J].中国工业经济.2003(6):63-69
[32]孙涛.公司并购中目标公司定价理论与方法[M].北京:经济管理出版社.2005
[33]陆玉梅,何涛.论资本成本与融资成本的关系:上市公司股权再融偏好解析[J].工业技术经济,2004(12)
[34]何庆明.智力资本与企业战略并购[M].北京:中国经济出版社.2006
[35]周春生.融资、并购与公司控制[M].北京:北京大学出版社.2005
[36](美)普赖斯·普里切特等.并购之后:成功整合的权威指南[M].北京:机械工业出版社.2005
[37]夏云.企业并购的融资策略.河海大学硕士学位论文.2003
[38]顾正娣.公司治理结构对公司融资结构影响的实证分析.南京理工大学硕士论文.2005
[39]巨潮资讯网站(http://www.cninfo.com.cn)
[40]陈耿.上市公司融资结构:理论与实证研究.西南财经大学博士学位论文.2004
[41]中国上市公司资讯网(http://www/cnlist.com.cn)
[42]中国证券监督管理委员会网站(http://www.csrc.gov.cn)
[43]搜狐IT网:联想并购IBM的PC业务
[44]全球并购研究中心.中国十大并购[M].北京:中国经济出版社.2006
[45]Philip Brown著,杨松令等译.Capital Markets-Based Research In Accounting:An Introduction[M].中国人民大学出版社,2004
[46]吴志军.企业并购中的管理整合研究[M].北京:中国财政经济出版社.2004
[47]杨洪章,张德志.浅析企业并购中的财务决策[J].2000
[48]提云涛.我国上市公司股权融资偏好内在动因研究.深圳证券交易所第五届会员单位、基金管理公司研究成果评选论文集[M].2003
[49]姚水洪.企业并购整合问题研究[M].北京:中国经济出版社.2005
[50]叶康涛,陆正飞.中国上市公司股权融资成本影响因素分析[J].管理世界.2004(5)
[51](美)戴维·哈丁,萨姆·罗维特.兼并之道:决定公司并购成败的四个关键决策[M].北京:商务印书馆.2006
[52]金燕.民营企业并购绩效研究.浙江大学硕士学位论文.2005
[53](美)亚历山德拉·里德·拉杰科斯.并购的艺术:融资与再融资[M].2001
[54]李荣融.并购重组:企业发展的必由之路[M].北京:中国财政经济出版社.2004