我国粘小企业风险杠杜并购若干问题研究.pdfVIP

The Research on Some Problems of Leverage Buy Out by Venture Capital between Small and Medium Size Enterprises in China Major：Quantitative Economics Writer：Ge Wei Tutor：Tang Xiaowo，Zhou Zixue Abstract： Citing the development of Merger＆Acquisition and Venture Capital abroad and domestically,and also basing on the concept of Leverage Buy Out，this thesis explains the conce}pt of Leverage Buy Out by Venture Capital，and analyses the function of Leverage Buy Out with Venture Capital between small and medium size enterprises in China．Furthermore．this thesis discusses some main problems and establishes a theoretic framework of Leverage Buy Out by Venture Capital between small and medium size enterpdses in China． The thesis： 1 Introduces the theodes of Merger＆Acquisition．Venture Capital，Leverage Buy Out and Leverage Buy 0ut with Venture Capital； 2．DiscuSses the function of Leverage Buy Out with Venture Capital between small and medium size enterprises in China on microcosmic and macrocosmic aspects； 3．Introduces the history in choosing the approach of MergerAcquisition．and the revelation to the smalI and medium size ante巾dses in China； 4．DiscuSses the methods in choosing the target enterprise and in evaluating the value of target enterprise； 5．Designs the mode of the financing in Leverage Buy Out with Venture Capital between sinail and medium size enterDnses jn China； 6．Discusses the countermeasures in improving the financing environment and in risk controlling in Leverage Buy Out with Venture Capital between small and medium size anterprises in China． Key words： Merger＆AcquisitionNentum Capital／Leverage Buy Out by Venture Capital／Small and Medium Size Enterprises／Approach of Merger Acquisition／Value Evaluating／FinancingJCountermeasures 前言 企业并购作为一种市场经济条件下的企业行为，在西方发达资本主义国家100多年的 发展史上经久不衰。在刚刚过去的20世纪，美国就已经发生了五次大的并购浪潮。每次并 购浪潮的发生，都在美国经济生活中产生深远的影响。我国企业并购虽然起步较晚，但势 头汹涌，从1984年至今，我国的企业并购也经历了两个阶段。尤其是党的十五大以后，我 国企业兼并、重组与破产的进程加快，取得了一定的进展与成就。这对推进企业改革、优 化资源配置、提高经济效益创造了一定的条件。企业并购对推动我国经济体制改革