存档日期:存档编号:本科生毕业设计(论文)论文题目:姓名:学院:专业:年级、学号:指导教师:江苏师范大学教务处印制我国投行参与并购业务的策略研究1江苏师范大学商学院学位论文独创性声明本人郑重声明:本人所呈交的学位论文是我在老师的指导下进行的研究工作及取得的研究成果。据我所知,除文中已经注明引用的内容外,本论文不包含其他个人已经发表或撰写过的研究成果。对本文的研究做出重要贡献的个人和集体,均已在文中作了明确说明并表示谢意。本人承担本声明的法律责任。学位论文作者签名:邴守英日期:2011年6月1我国投行参与并购业务的策略研究摘要:近年来,并购活动的规模和范围不断扩大,逐渐成为热点,这是一种打破存量刚性、促进结构调整、提高资源效用的经济增长机制。作为金融中介服务机构的投资银行,是该种经济增长机制运转过程中不可或缺的润滑剂和助推器。而我国投资银行因业务范围小,利润空间狭窄,客观上要求调整业务结构,对抗来自海外同行的竞争,更好地服务并购企业。本文采用案例法、文献检索法、对比分析法,着眼于我国投资银行并购业务的优点及不足,分析了我国投资银行开展并购业务的必要性和可能性,针对不足提出具体的解决措施,强调提高投资银行自身的能力。首先,投资银行要从战略上对并购进行准确定位,合理搭建组织结构,开展业内联合,实现规模经济;其次,要加强专业人才培育,树立并购品牌,形成并购特色;再次,投资银行要加强金融创新,扩大并购资金来源,持续开发客户。除此之外,最重要的是完善并购流程,提高并购服务质量。发展并购业务是改变我国投行利润来源单一,拓宽利润发展空间的重要途径。为保证研究结论的可靠性,辅以考虑了我国投行与国际先进投行外部治理环境的差异,法律法规的支持程度,并购企业的发展趋势,指出投资银行开展并购业务是一个多方共同作用的结果,除了投资银行自身业务能力的提高,还需要国家政策的配合,并购企业的认可,才能确保我国投资银行在企业并购中充分发挥积极作用,进而推动我国经济体制改进和产业结构调整。本文的创新点主要是从作为金融服务中介的我国投资银行业的宏观角度看待并购事项,提出实际业务操作中开展并购业务的策略方法,同时以微观个体案例进行实施说明。关键词:并购不足策略2ABSTRACTABSTRACT:Inrecentyears,withtheexpandingofthesizeandscopeofM&AactivitiesofChineseenterprises,M&Abecomeahotspot,whichisaneconomicgrowthmechanismforbreakingrigidstock,enhancingstructureadjustmentandimprovingresourceutility.Theinvestmentbankers,asfinancialintermediaries,areindispensablelubricantsandboostersduringthecourseoftheoperationofthemechanism.Ontheotherhand,duetothesmallbusinesscopeandnarrowformandprofitmargins,Chineseinvestmentbankersarerequiredtoadjustthebusinessstructure,andcompeteagainstcompetitionoverseascounterparts,soastobetterserveenterprisesofM&A.Inthispaper,casemethods,literaturesearchmethods,comparativeanalysismethodsareused.ThefocusisputontheadvantagesandshortcomingsoftheM&AtransactionsbyChineseinvestmentbankers,andontheanalysisofthenecessityandpossibilityofChineseinvestmentbankerstodoM&Atransactions,specificsolutionsandmeasuresareputforwardtocompensatefortheshortcomings,andemphasisispaidtoimprovetheabilityofinvestmentbankers.First,investmentbanksshouldmakeaccuraterepositioningofM&Afromastrategicview,reasonablybuilduptheorganizationalstructure,conductinter-industryallianceandachieveeconomicscale.Second,investmentbankersshouldstrengthentrainingprofessionalpersonnel,establishthebrand,andformfeatureofM&A.Also,investmentbanksshouldstrengthenfinancialinnovation,andexpandthefundingsources,continuetodevelopcustomers.Inaddition,themostimportantistoimprovetheprocessesandservicequalityforM&A.Itisanimportantwaytochangethesingleprofitsourceandexpandprofitdevelopmentroom.Toensurethereliabilityoftheconclusion,andfurtherconsiderthedifferenceofourinvestmentbankerswithinternationaladvancedinvestmentbankersintheexternalgovernanceenvironment,in3thedegreeofsupportofthestateforM&Alawsandregulations,inthedevelopmenttrendofM&A,itispointedoutthatinvestmentbankers'involvinginM&Atransactionsistheresultofmulti-partyinteraction,whichneedsthecooperationofnationalpolicy,recognitionofM&Aenterprises,sothatcanensureChineseinvestmentbankersactfullyandpositivelyinM&Aofenterprises,andboosttheenhancementofChineseeconomicmechanismandadjustmentofindustrialstructure.What'snewinthispaperistoseeM&Atransactionsfromtheviewofinvestmentbankerasfinancialintermediary,PutforwardthestrategiesandmethodstocarryoutM&Atransactionsinactualoperation,meanwhileinstructwithmicroandindividualcases.KEYWORDS:M&A;shortcomings;strategiesI目录:一、引言.................................................1(一)、研究背景................................................1(二)、研究目的和意义..........................................3(三)、研究方法和思路..........................................4(四)、研究内容................................................4二、概念及文献综述.......................................5(一)、基本概念................................................51、投资银行.................................................52、并购.....................................................6(二)、文献综述................................................7三、我国投行并购业务的现状与问题分析....................10(一)、实际情况...............................................10(二)、存在的问题.............................................121、专业人才医乏............................................132、规模小收益低............................................143、并购业务不受重视........................................144、企业并购动机不纯........................................155、无标准化并购规范........................................176、政府替代投资银行........................................177、资本市场尚未健全........................................17四、我国投资银行参与并购业务的可行性分析................18(一)、国内外投资银行并购业务比较.............................18(二)、我国发展并购业务的潜力.................................22五、投行参与并购业务的策略与服务........................25(一)、加强专业人才培育.......................................25II(二)、实现强强联合或优势互补.................................26(三)、准确进行战略定位.......................................28(四)、开发引导客户并购.......................................29(五)、创新开发资金来源.......................................31(六)、树立国内并购品牌.......................................32(七)、积极参与海外并购.......................................33(八)、实施并购交易...........................................351、发现并购对象............................................382