吉利公司并购支付方式分析论文 大学论文.doc

本科生毕业论文(设计) 吉利公司并购支付方式分析 院系名称 会计学院 姓　　名 学　　号 专　　业 指导教师 2011年月日 摘 要 并购交易一直是引人注目的资本交易活动，它是产业结构变迁和企业成长壮大的基本手段和运营常态。会计和金融学者对该问题进行了大量的研究，并购支付方式作为并购过程的最后环节，对并购的成功有重要的影响。不同的并购支付方式对并购双方的财务影响各异，支付工具选择恰当与否，不仅关系到并购策略的实现，还会显示出不同的并购信息价值，从而影响到并购市场的运行，甚至决定并购交易是否能够成功。本文采用案例法对吉利并购沃尔沃轿车业务的支付方式进行了研究，介绍了并购双方财务状况，并购过程和并购支付方式，肯定了其从国内外银行贷款、通过权益融资方式吸收海外资金、争取政府资金等的多种融资方式。但研究发现吉利并购支付方式比较单一，过度依赖现金支付，没有合理控制股权融资和债务融资比例的缺陷。为了并购的顺利进行，我们要做好融资前期的分析工作，重视海外融资平台的建立，充分利用中介机构的协助，做好各项风险防范工作。 关键词：Abstract MA transactions has been a remarkable capital transactions that it is the basic means and the normal operation of the changing of industrial structure and the growth and expansion of businesses. A lot of researches have been done by accounting and finance regarding to this problem. As the last step of the success of mergers and acquisitions, the payment method of MA process has important implications. Different MA payment methods have different impacts on the both sides of the financial of MA. Choosing appropriate payment instruments not only is related to the implementation of acquisition strategy, but also shows a different value of information on mergers and acquisitions, thus affecting the operation of MA market, and even can be decided whether the transaction will be successful or not. This paper studies on the acquisition of Volvo car business Geely payment by using case law. It affirms its bank loans from abroad and absorbing foreign capital through equity financing, government funding for a variety of other forms of financing. But the study found that its method of payment is relatively simple, and that cash payment is over-relied, and that there is no reasonable control of the proportion of equity financing and debt financing of the defects. In order to complete the MA successfully, we need to do a good job of pre- financing of wages, attaching the importance to the establishment of overseas financing platform, and making a full use of intermediaries to assist and carry out ris