关于投资银行参及企业并购.pdfVIP

论文提要 随着经济的发展和生产力的进步 企业并购已经成为当今世界经济中的一个 重要的课题 作为一种经济主体的市场行为 并购在优化资源配置方面发挥着重 要的作用 同时 企业并购是一项非常专业而复杂的经济活动 没有投资银行的 帮助 企业并购是很难顺利进行的 投资银行凭借其信息 人才 经验 业务等 特长和优势推动企业并购的顺利进行 起到了不可替代的作用 而且,在我国经 济转轨时期 企业并购有着其中国国情下的特殊意义――促进现代企业制度的建 立和优化产业结构的调整 其可谓任重而道远 因此 我们应当大力发展我国的 投资银行业 推动企业并购的健康发展 本文先回顾了企业并购和投资银行业的基本概念和理论 然后分析了投资银 行参与企业并购的具体作用和对我国的特殊意义 继而从中外投资银行并购业务 的比较入手 分析我国投资银行业在企业并购中存在的业内问题和外部约束 最 后针对上述不足提出具体的解决措施 强调提高投资银行业自身的能力并辅以外 部相应的配套措施 以改善当前的不利状况 确保我国投资银行能在企业并购中 充分发挥积极作用 进而推动我国的经济体制改革和产业结构调整 1 Summary Along with the development of economy and the rising of productivity, Merger Acquisition (MA) has become one of the most important topics of the world economy. As a kind of activity of economic entities, MA plays a significant role in optimization of resource allocation. At the same time, MA is so complex and professional that it can hardly be fulfilled without the help of investment bank. Depending on its advantages of information, talents, experiences and business, investment bank play an unparalleled part in the operation of MA. Furthermore, at the stage of economic transformation, MA contributes to our country for boosting the establishment of modern corporate system and for optimizing the adjustment of industrial structure. Therefore, it is necessary to develop investment banking industry to make MA healthily work. This article is arranged according to the following structure: firstly, basic definitions and theories about MA and investment bank are reviewed; secondly, analysis on the investment bank’s specific function in MA business and its special significance for our country is made; thirdly, based on the comparison of MA operation of domestic and foreign investmen