华能并购大士能源融资研究-工商管理专业论文.docxVIP

摘 摘 要 受国际金融危机影响，我国企业生产经营面临着严峻的挑战，同时也带来新一轮 的发展机遇：在当前的形势和条件下，产业结构调整就是机遇之一。在保住企业主业 特长、带来稳定现金流以确保企业生存的前提下，通过并购来调整结构、完成产业升 级换代，是企业发展的一条不错的途径。随着企业国际化的发展，企业国际并购大大 增多。并购中需求资金量非常大，成功的并购需要雄厚的资金支持，做好融资工作有 时甚至会影响到并购的成败。企业仅靠自有的积累资金很难完成并购，必须借外部融 资来完成。如何进行有效的融资，达到快速筹集足够资金用于并购，同时又使融资成 本最低，以最大可能降低企业运营成本，是值得研究的一个课题。 国外关于并购融资的研究已较多且较为深入，形成了一系列的相关理论。但那是 在市场化程度较高的金融市场中，且与当初的金融发展阶段相关，并不一定适合我国 当前形势下的国际并购融资，仅能起一些参考作用。国内相关的研究还处于刚刚起步 阶段，是伴随着中国企业国际化的发展而逐步开始的。 本文重点分析了华能并购大士能源融资中的背景条件及方式、决策，结合另外两 起案例进行了对比分析。重点从债务融资与权益融资的选择、国内融资与海外融资的 选择、融资成本计算等方面进行数据对比，认为本次华能并购大士能源融资方式及决 策是合理的，并据此提出了近期中国企业海外并购融资应注意的问题。 关键词：并购，融资方式，融资决策：资本结构 ABSTRACTBy ABSTRACT By the international financial crisis，China’S production and operation enterprises faced with severe challenges，but also new round of development opportunities：in the current situation and conditions，adjustment of industrial structure is one of opportunity．Expertise in the industry to keep business owners and bring steady cash flow to ensure the survival of enterprises under the premise of restructuring through mergers and acquisitions to complete the industrial upgrading，business development is a good way．With the development of international business， corporate mergers and acquisitions greatly increased international．MA volume of demand for funds is very large，successful acquisition needs strong financial support，financing the work and sometimes do affect the success or failure of mergers and acquisitions．The accumulation of funds alone owned enterprises is difficult to complete the merger，must be accomplished through external financing． How effective financing，achieve rapid mobilization of sufficient funds for acquisitions，while also allowing the lowest cost financing to the largest possible reduce business operating costs，is a subject worthy of study． Research on the acquisition of foreign financing has been more and more in—depth， forming a series of related theories．But that is a higher degree in the market of financial markets，and with the initial