经济社会体制比较
經濟社會體製比較
경제사회체제비교
Comparative Economic and Social Systems
2014年
2期
74~86
,共null页
民营企业 海外并购 内部资本市场融资 战略联盟融资 金融创新
民營企業 海外併購 內部資本市場融資 戰略聯盟融資 金融創新
민영기업 해외병구 내부자본시장융자 전략련맹융자 금융창신
Private Enterprises; Overseas Mergers and Acquisitions （M＆As） ; Internal Capital Market Financing; Strategy Alliance Financing; Finance Innovation
基于融资优序理论，文章构建了民营企业海外并购融资创新“I—A—I”模式：内部资本市场融资（I）一战略联盟融资（A）一金融创新（I）。实务证据显示：民营企业海外并购存在显著的融资约束与融资风险；集团化运作及境外上市更有利于民营企业海外并购实施内部资本市场融资；民营企业海外并购战略联盟融资伙伴中债务型多于股权型。并购贷款是民营企业海外并购债务型融资的主要类型，国外同行、国外PE更愿意成为民营企业海外并购股权型融资伙伴；民营企业海外并购金融创新包括参与主体创新、融资方式创新、交易方式创新、契约务款创新和风险控制创新，并购上市公司、银团贷款、分步收购、新股预约权、目标企业破产等金融创新方式已被广泛使用，并购基金、优先股、股权一现金互换、价格调减机制、并购保证保险等金融创新方式尚待大力推广。
基于融資優序理論，文章構建瞭民營企業海外併購融資創新“I—A—I”模式：內部資本市場融資（I）一戰略聯盟融資（A）一金融創新（I）。實務證據顯示：民營企業海外併購存在顯著的融資約束與融資風險；集糰化運作及境外上市更有利于民營企業海外併購實施內部資本市場融資；民營企業海外併購戰略聯盟融資夥伴中債務型多于股權型。併購貸款是民營企業海外併購債務型融資的主要類型，國外同行、國外PE更願意成為民營企業海外併購股權型融資夥伴；民營企業海外併購金融創新包括參與主體創新、融資方式創新、交易方式創新、契約務款創新和風險控製創新，併購上市公司、銀糰貸款、分步收購、新股預約權、目標企業破產等金融創新方式已被廣汎使用，併購基金、優先股、股權一現金互換、價格調減機製、併購保證保險等金融創新方式尚待大力推廣。
기우융자우서이론，문장구건료민영기업해외병구융자창신“I—A—I”모식：내부자본시장융자（I）일전략련맹융자（A）일금융창신（I）。실무증거현시：민영기업해외병구존재현저적융자약속여융자풍험；집단화운작급경외상시경유리우민영기업해외병구실시내부자본시장융자；민영기업해외병구전략련맹융자화반중채무형다우고권형。병구대관시민영기업해외병구채무형융자적주요류형，국외동행、국외PE경원의성위민영기업해외병구고권형융자화반；민영기업해외병구금융창신포괄삼여주체창신、융자방식창신、교역방식창신、계약무관창신화풍험공제창신，병구상시공사、은단대관、분보수구、신고예약권、목표기업파산등금융창신방식이피엄범사용，병구기금、우선고、고권일현금호환、개격조감궤제、병구보증보험등금융창신방식상대대력추엄。
Overseas M＆As by Chinese private enterprises is developing rapidly, but faces difficult problem of financing constraints and financing risks. This paper extends the pecking order theory and suits measures to local conditions to build a financing innovation ＂I -A -I＂ model of overseas M＆As by private enterprises： l -A -I stands for Internal capital market financing （1）, strategy Alliance financing （A） and finance Innovation （I）. Practical evidence shows： there are significant financing constraints and financing risks of overseas M＆As by private enterprises; it is more conducive for overseas M＆As by private enterprises implementing internal capital market financing to set up group operations and become listed overseas ; there is more debt alliance than equity alliance among financing partners of overseas M＆As by private enterprises strategic alliance; the M＆As of loans is the main type of debt financing of overseas M＆As by private enterprises, and foreign counterparts and foreign PEs are more likely to become equity financing partners of overseas M＆As by private enterprises; financial in- novation of overseas M＆As by private enterprises includes innovation concerning participating subjects, finan- cing methods, trading methods, contract clauses and risk control; and M＆As of a listed company, syndicate loan, stage M＆As, new share option rights, bankruptcy of the target enterprise have been widely used, but M＆As funds, preferred stock, equity - cash exchange, price reduction mechanism and M＆As guarantee insur- ance are yet to be widely used.
