企业并购支付方式分析
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摘要
二十一世纪，中国的国企正面临着决定其生死存亡的深化改革，主要有以下几个方面：转变落后的机制，发挥企业的比较优势和完成国际化，而这三次改革都与这个时代最先进的并购形式紧密相联。转变机制有管理者收购（MBO），企业整合用战略性并购，国际化大业用的是外资并购。显而易见，并购是这三次转变的亮点，并购是市场经济发展的加速器。
并购实施主要环节－支付方式的选择，已经越来越受到人们的重视。在并购方作出并购目标企业的决策后，对采用何种支付工具来获取目标企业的资产或股权是一个非常重要的议题。不同的并购支付方式对并购双方的财务影响各异，支付工具选择适当与否，不仅关系到并购策略的实现还会显示出不同的并购信息价值，从而影响到并购市场的运行，甚至决定并购交易是否能够成功。
并购的支付方式主要有以下几种：以现金支付方式、股权支付方式和综合证券支付方式。现金支付方式所占的比重最大，是最主要的支付方式，其次为股票交换，而使用固定收益证券支付方式只占很小一部分。
本文讨论了现金支付方式和股权支付方式的理论基础，既各种假说、融资选择和经济效益分析，给出了现金支付方式及股权支付方式的实证分析，列举了我国股权支付的一些具体的数据，并对此进行了分析，随后对国内的情况做了小结。认为在很长的一段时间内，我国受法律环境和金融市场的制约，现金支付仍然是我国并购的主要方式，但是随着改革的进行，中介机构的完善，股权支付和综合证券支付还是可行的。
因为跨国并购与国内的并购有一定的差异，且又是近年来的热点之一。在上述基础上，作者参照国内并购的方法讨论了跨国并购，并做了归纳总结。认为我国的跨国并购发展的比较快，但是由于一些如政策、国情等原因使得外资并购的道路还很曲折。随着中国相关外资参股上市公司和外资并购法律法规的出台，在一定的时间内，外资对于上市公司的并购将成为热点。
In the 21st century, Chinese nation-owned companies are facing the further innovation determining their fate. The innovation mainly includes the following contents: changing out-of-date mechanism, exerting advantages in comparison and achieving internationalisation. These three innovations all closely relate with the most advanced merger&acquisition (M&A) manners in the era. Changing mechanism utilizes Management Buy-outs (MBO); conformity utilizes strategic M&A; and internationalisation utilizes M&A with foreign capital. Obviously, M&A is the highlight of these three innovations. It's the accelerator for the development of market economy.
The core step to implement M&A --- choosing payment manner, has more and more caught people's attentions. After the purchaser has made the decision to M&A its goal company, it becomes a very important question that which payment tool should be adopted to gain that company's assets or stocks. Different M&A payment manner has different influence on the finance. Whether the payment tool adopted is appropriate, not only influences the implement of incorporation strategy, but also displays different values of M&A information, which will further influence the operation of M&A markets, and even determine the final result of M&A transactions.
In general, there are following payment manners of M&A: cash payment manner, stock payment manner and integrative securities payment manner. Cash payment manner is the main payment manner, occupying the largest proportion. The next is stock exchange manner. And fixed income security payment manner only occupies a very small proportion.
In this thesis, the basic theories of cash payment manner and stock payment manner are discussed, that is, various hypotheses, financing selection and economic benefit analysis; practical cases in these two manners are demonstrated respectively; and some concrete data in Chinese stock payment is enumerated and analyzed. The conclusion is drawn that cash payment will keep as the main M&A manner in a long time due to the limit of Chinese laws and financial markets conditions, but with the proceeding of innovation and development of agencies, stock payment and integrative security payment are also feasible.
There is certain difference between multinational incorporation and domestic incorporation, which is also a hot topic discussed in recent years. Thus, multinational M&A is also studied and concluded referring to domestic M&A manners. The conclusion is drawn that although multinational M&A in China develops fast, there is still much difficulty on M&A with for listed company that foreign company share for some reasons such as policy and national situation. With the issue of laws and rules
related with foreign capital-funded companies and M&A with foreign capital, foreign capital will be a very active factor for M&A of listed company.
并购实施主要环节－支付方式的选择，已经越来越受到人们的重视。在并购方作出并购目标企业的决策后，对采用何种支付工具来获取目标企业的资产或股权是一个非常重要的议题。不同的并购支付方式对并购双方的财务影响各异，支付工具选择适当与否，不仅关系到并购策略的实现还会显示出不同的并购信息价值，从而影响到并购市场的运行，甚至决定并购交易是否能够成功。
并购的支付方式主要有以下几种：以现金支付方式、股权支付方式和综合证券支付方式。现金支付方式所占的比重最大，是最主要的支付方式，其次为股票交换，而使用固定收益证券支付方式只占很小一部分。
本文讨论了现金支付方式和股权支付方式的理论基础，既各种假说、融资选择和经济效益分析，给出了现金支付方式及股权支付方式的实证分析，列举了我国股权支付的一些具体的数据，并对此进行了分析，随后对国内的情况做了小结。认为在很长的一段时间内，我国受法律环境和金融市场的制约，现金支付仍然是我国并购的主要方式，但是随着改革的进行，中介机构的完善，股权支付和综合证券支付还是可行的。
因为跨国并购与国内的并购有一定的差异，且又是近年来的热点之一。在上述基础上，作者参照国内并购的方法讨论了跨国并购，并做了归纳总结。认为我国的跨国并购发展的比较快，但是由于一些如政策、国情等原因使得外资并购的道路还很曲折。随着中国相关外资参股上市公司和外资并购法律法规的出台，在一定的时间内，外资对于上市公司的并购将成为热点。
In the 21st century, Chinese nation-owned companies are facing the further innovation determining their fate. The innovation mainly includes the following contents: changing out-of-date mechanism, exerting advantages in comparison and achieving internationalisation. These three innovations all closely relate with the most advanced merger&acquisition (M&A) manners in the era. Changing mechanism utilizes Management Buy-outs (MBO); conformity utilizes strategic M&A; and internationalisation utilizes M&A with foreign capital. Obviously, M&A is the highlight of these three innovations. It's the accelerator for the development of market economy.
The core step to implement M&A --- choosing payment manner, has more and more caught people's attentions. After the purchaser has made the decision to M&A its goal company, it becomes a very important question that which payment tool should be adopted to gain that company's assets or stocks. Different M&A payment manner has different influence on the finance. Whether the payment tool adopted is appropriate, not only influences the implement of incorporation strategy, but also displays different values of M&A information, which will further influence the operation of M&A markets, and even determine the final result of M&A transactions.
In general, there are following payment manners of M&A: cash payment manner, stock payment manner and integrative securities payment manner. Cash payment manner is the main payment manner, occupying the largest proportion. The next is stock exchange manner. And fixed income security payment manner only occupies a very small proportion.
In this thesis, the basic theories of cash payment manner and stock payment manner are discussed, that is, various hypotheses, financing selection and economic benefit analysis; practical cases in these two manners are demonstrated respectively; and some concrete data in Chinese stock payment is enumerated and analyzed. The conclusion is drawn that cash payment will keep as the main M&A manner in a long time due to the limit of Chinese laws and financial markets conditions, but with the proceeding of innovation and development of agencies, stock payment and integrative security payment are also feasible.
There is certain difference between multinational incorporation and domestic incorporation, which is also a hot topic discussed in recent years. Thus, multinational M&A is also studied and concluded referring to domestic M&A manners. The conclusion is drawn that although multinational M&A in China develops fast, there is still much difficulty on M&A with for listed company that foreign company share for some reasons such as policy and national situation. With the issue of laws and rules
related with foreign capital-funded companies and M&A with foreign capital, foreign capital will be a very active factor for M&A of listed company.
引文
1、 王巍主编：《中国并购报告》，华夏出版社，2002
2、 王巍、欧阳晓明主编：《并购手册》，中国时代经济出版社，2002
3、 郑海航、李海舰等主编：《中国企业兼并研究》，经济管理出版社，1999
4、 殷醒民著：《企业购并的金融经济学解释》，上海财经大学出版社，1999
5、 汤谷良主编：《企业改组、兼并与资产重组中的财政与会计问题研究》，经济科学出版社，2002
6、 洪银兴主编：《资本市场：结构调整和资产重组》，中国人民大学出版社，2002
7、 戴永良主编：《并购交易管理》，中国戏剧出版社，2001
8、 王斌著：《股权结构论》，中国财政经济出版社，2001
9、 段爱群著：《跨国并购原理与实证分析》，法律出版社，1999
10、 王一著：《企业并购》，上海财经大学出版社，2001
11、 朱宝宪主编：《中国并购评论》，清华大学出版社，2003
12、 席彦群、岳松著：《企业并购与资源配置》，东北财经大学出版社，2001
13、 张秋生、王东编著：《企业兼并与收购》，北方交通大学出版社，2001
14、 刘恒著：《外资并购行为与政府规制》，法律出版社，2000
15、 张春蓉、H.Thatcher[美]《企业财务国际化管理案例》，中国财政经济出版社，2002
16、 胡玄能著：《企业并购分析》，经济管理出版社，2001
17、 许子枋著：《企业兼并风险研究》，经济管理出版社，2000
18、 [美]弗雷德 ·威斯通、[韩]S 郑光、[美]苏珊 E 侯格：《兼并、重组与公司控制》，唐旭等译，北京，经济科学出版社，1998
19、 [美]斯坦利·福斯特·里德等著：《并购的艺术：兼并 收购 买断指南》，中国财政经济出版社，2001
20、 [美]亚历山大德拉·里德·拉杰科斯等著：《并购的艺术：融资与再融资》，中国财政经济出版社，2001
21、 《中国证券报》上的相关文章
22、 《经济观察报》上的相关文章
2、 王巍、欧阳晓明主编：《并购手册》，中国时代经济出版社，2002
3、 郑海航、李海舰等主编：《中国企业兼并研究》，经济管理出版社，1999
4、 殷醒民著：《企业购并的金融经济学解释》，上海财经大学出版社，1999
5、 汤谷良主编：《企业改组、兼并与资产重组中的财政与会计问题研究》，经济科学出版社，2002
6、 洪银兴主编：《资本市场：结构调整和资产重组》，中国人民大学出版社，2002
7、 戴永良主编：《并购交易管理》，中国戏剧出版社，2001
8、 王斌著：《股权结构论》，中国财政经济出版社，2001
9、 段爱群著：《跨国并购原理与实证分析》，法律出版社，1999
10、 王一著：《企业并购》，上海财经大学出版社，2001
11、 朱宝宪主编：《中国并购评论》，清华大学出版社，2003
12、 席彦群、岳松著：《企业并购与资源配置》，东北财经大学出版社，2001
13、 张秋生、王东编著：《企业兼并与收购》，北方交通大学出版社，2001
14、 刘恒著：《外资并购行为与政府规制》，法律出版社，2000
15、 张春蓉、H.Thatcher[美]《企业财务国际化管理案例》，中国财政经济出版社，2002
16、 胡玄能著：《企业并购分析》，经济管理出版社，2001
17、 许子枋著：《企业兼并风险研究》，经济管理出版社，2000
18、 [美]弗雷德 ·威斯通、[韩]S 郑光、[美]苏珊 E 侯格：《兼并、重组与公司控制》，唐旭等译，北京，经济科学出版社，1998
19、 [美]斯坦利·福斯特·里德等著：《并购的艺术：兼并 收购 买断指南》，中国财政经济出版社，2001
20、 [美]亚历山大德拉·里德·拉杰科斯等著：《并购的艺术：融资与再融资》，中国财政经济出版社，2001
21、 《中国证券报》上的相关文章
22、 《经济观察报》上的相关文章