投资研究2011-5-23吉利收购案分析.docVIP

《投资研究》投稿 并购对价与融资方式选择：控制权转移与风险承担 ——基于吉利并购沃尔沃的案例分析 通讯作者:刘淑莲 单位：东北财经大学会计学院/中国内部控制研究中心 邮编：116023 电话E-mail: liushulian@dufe.edu.cn 资助：本文系2011年东北财经大学重点学科资助项目、2009年度辽宁省哲学社会科学规划基金资助项目的阶段性成果之一（项目批准号：L09BJY010）。 感谢 并购对价与融资方式选择：控制权转移与风险承担 ——基于吉利并购沃尔沃的案例分析 [摘要] 并购对价和融资方式是实现公司控制权转移的支付手段和资金保证，不同的对价和融资方式反映了不同的控制权转移风险。本文以吉利并购沃尔沃为主线，分析并购对价方式和融资方式的影响因素及其对并购整合的影响。本文研究的启示是，相对现金对价，股票对价和混合对价可使并购双方共同分担海外并购风险。在外部融资选择中，除银行贷款、债券或股票融资外，利用海外并购项目的号召力，引进政府资源，实现以项目换资金，对于规避并购融资风险具有重要意义。 [关键词]并购对价 融资方式 控制权转移 Method of Payment and Financing Choice in Mergers and Acquisitions: Transfering Control and Taking Risk ——A case analysis on Geely Acquiring Volvo Liu Shulian （School of Accounting in Dongbei University of Finance and Economics/ China Internal Control Research Center Dalian 116023） Abstract: The paper shows that method of payment and financing are way of offer and assurance of fund to transfer the corporate control right, and furthrmore, different methods of payment and financing reflect different risk to transfer control right.Considering method of payment and sources of financing in Geely acquiring Volvo as the main line, this paper, analyzes the determinants of payment methods and financing sources, and their impacts on post acquired Volvo. The inspiration of these conclusions for oversea acquisitions is that, except cash payment, firms should pay more attention to euqity payment and mixed payment when choosing methods of payment; in the external financing options, in addition to syndicated loans, debt and equity financing, we can use the appeal of oversea projects in MA, introduction of government resources, realization of projects for funds. This private and state-owned joint financing source is paramount meaningful for solving the MA financing risk. Keywords: method of payment; source of financing; transfering control JEL codes: G31 G32 G34 一、引言与文献简述 根据投资发展理论，中国企业投资发展轨迹正逐渐从“引进来”吸收外资向“走出去”海外投资转化。根据数据提供商Dealogic统计，中国企业海外并购交易额2005年为96亿美元，2009年上升为432亿美元，相当于2005年交易额的3