摘 要
随着第五次并购浪潮的到来，全球并购活动达到了前所未有的高潮。我国企业并购活动经过近20年的发展，也日趋成熟。从宏观管理的角度看，今后并购将继续作为调整国家经济结构和促进国有经济战略重组的主要手段。从企业战略发展角度看，无论对于民营企业还是国有企业，并购都将是其增强竞争力、实现可持续发展的重要外部战略发展方式之一。
本文首先介绍了并购与融资的相关概念，然后在阐述了我国企业并购融资方式的基础上对我国企业并购融资的现状进行了分析，最后结合并购融资决策理论提出了发展我国企业并购融资的对策。
关键词：跨国并购 融资 方式 成本
Along with the fifth merger and acquisition tide arrival, global M & A activity reached the climax of the hitherto unknown. Our country enterprise merger and acquisition activity after nearly 20 years of development, has become more and more mature. From the view of macro management, combination will continue to adjust the national economic structure and the promotion as the main means of the strategic reorganization of national economy. From the view of enterprise strategy development, whether private enterprises or state-owned enterprises, mergers and acquisitions will be its competitiveness, realizes the sustainable development important external development strategies of.
This paper first introduces the mergers and acquisitions of related concepts, and then elaborates our country enterprise merger and acquisition financing mode of our country on the basis of enterprise merger and acquisition financing present situation to carry on the analysis, finally combined with the financing of m a decision theory to the development of China’s enterprise merger and acquisition financing countermeasure.
Keywords ： transnational mergers and acquisitions financing cost
目 录
引 言………………………………………………………………………………………………………………………. 1
一、我国企业跨国并购的融资方式及成本分析………………………………………………………….. 2
（一）并购融资的含义……………………………………………………………………………………….. 2
（二）传统融资方式…………………………………………………………………………………………… 2
（三）新兴融资方式…………………………………………………………………………………………… 5
三、影响我国企业并购融资最优方式选择…………………………………………………………………. 8
（一）影响方式选择宏观因素…………………………………………………………………………….. 8
（二）影响方式选择微观因素…………………………………………………………………………….. 8
（一）吉利海外并购融资背景分析……………………………………………………………………. 11
（二）吉利海外并购融资措施分析……………………………………………………………………. 11
（三）吉利海外并购融资风险分析……………………………………………………………………. 12
四、我国企业跨国并购融资方式选择的对策……………………………………………………………. 13
（一）发展资本市场，拓宽并购融资渠道…………………………………………………………. 13
（二）加强金融产品的创新，丰富和完善并购融资的工具………………………………… 13
（三）利用资产证券化融资………………………………………………………………………………. 13
（四）发展投资银行业,帮助企业并购融资………………………………………………………… 14
（五）大力发展金融和中介机构，为并购融资活动提供各种服务……………………… 14
结 论…………………………………………………………………………………………………………………….. 16
参考文献…………………………………………………………………………………………………………………. 17
致 谢…………………………………………………………………………………………………………………….. 18
