企业并购融资方式分析

摘 要
当今，随着全球经济一体化趋势的进一步加强，企业并购作为迅速扩大市场份额、形成规模效应、优化资本结构的一个有效手段，正日益受到人们的关注。企业并购活动是一个复杂的、系统的过程。融资是企业并购实施阶段最重要的环节。它已经突破了企业发展策略的层面而上升到战略的高度。在并购活动中，企业可以采用多种融资方式。本文试图从并购融资的角度出发，借鉴国内外企业并购融资的有关理论和实践经验，为解决企业并购融资中的优化问题提供一点建议。本文研究的是企业并购中融资方式的选择策略以及我国企业并购融资中存在的问题与对策。研究的基本思路是:首先，由并购的一般程序，引出并购融资的概念，并强调融资在并购中的重要性，阐明了研究并购融资的重要意义。其次，对西方企业并购融资理论进行了简要的回顾，并同时介绍了并购融资的主要方式及其影响因素。并购企业根据其预计并购后新企业的产出能力高低在股权融资、负债融资、内部融资三种方式中选择最优的融资方式，并且还可确定最优的融资额度。另外，本文还强调了，并购企业在以市场价值最大化为原则选择并购融资方式时侯，还应兼顾融资成本、融资风险。最后，对我国企业并购融资中出现的问题提出了发展建议。
关键词：企业并购；并购融资；融资方式；融资问题
Abstract
Nowadays, the trend of the global economy integration has been deeply strengthened, people at all levels have drawn more attention on the enterprise mergers& acquisition , since it’s a kind of effective means to expand market share, develop scale production and optimize enterprise capital tructure . The merge and acquisition of enterprise is a complicated and systematic process   . In general, there are four stages inenterprise combination, which are investigation, negotiation ,administration and conformity. As a part of execution procedure, corporate financing is the most important one during such process, which has surpassed the enterprise development tactic consideration, therefore uplifting to such a high level to the development strategy. It’s of vital significance and severe urgency to study on the problem of corporate financing during enterprise combination .The thesis firstly introduces the related conceptions of combination and financing ,reviews the financing theories in the western countries, and analyze each M&A financing methods comprehensively and systematically .  them firms can choose the best financing channel from equity financing, debt financing and internal financing, and define the optimum financing scale, after estimating the output ability of the new enterprise after merger. Besides, this test emphasizes that merger firms should also consider the financing cost and financing risk to make the enterprise value maximum .Finally, the author puts forward suggestions to develop China’s enterprises financing of merger and acquisition.
Key words：Merger and acquisition of enterprises; Enterprise financing in M&A; Financing mode ; Optimized question

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