公司并购中融资工具的国际比较(国外英文资料).docVIP

公司并购中融资工具的国际比较 In mergers and acquisitions, financing is one of the key factors that determine the success of mergers and acquisitions. From the development of mergers and acquisitions of Listed Companies in China, for a long time, the sources of funds for mergers and acquisitions have become one of the major bottlenecks restricting large-scale strategic mergers and acquisitions. Compared with foreign countries, the financing channels for mergers and acquisitions of Listed Companies in China are still not smooth, and the variety of financing instruments is relatively simple. With the development of Chinas listed companies from financial mergers to strategic mergers and acquisitions, it has become increasingly important to draw on international successful experience and enrich the types of mergers and acquisitions financing instruments and develop financing channels for mergers and acquisitions. First, mature capital market mergers and acquisitions financing tools are rich in variety, widely used, 1 debt financing instruments, debt financing is one of the oldest financing methods. In order to achieve through debt financing, listed companies can choose to apply for loans from commercial lenders or other lenders, or issuing bonds or notes, or through auction, customer service leaseback etc.. Mergers and acquisitions using debt financing is generally applicable to the following conditions: (1) due to debt financing after the merger will increase the debt burden of enterprises, therefore requires the acquirer must have high debt sustainability and security of debt; (2) to raise funds through debt financing for mergers and acquisitions, need to have a viable financing channels and tools; (3) acquisition of debt financing for the enterprise to maintain the independence, avoid the original shareholders equity dilution under the condition of ultra conventional expansion. 2, equity financing tools, with the gradual maturity of the capital market and the growing scale of merge