企业海外并购融资方式选择研究—基于雅戈尔公司的并购融资案例.docxVIP

PAGE PAGE 17 摘　要 随着一体化的经济与世界金融的不断更迭，许多的企业和公司为了实现其良性经营会通过海外并购这一方式来达到其扩大经营规模的目的。海外并购已经成为各国公司与企业扩大市场占有率、融入一体化经济的主要途径。同时也是调整企业经营结构和深化经济改革的重要手法。并购融资是决定并购成败的关键节点之一，选择灵活与较优的相关文案可以有效减轻公司的财务压力，开拓集资通道，巩固公司统治地位。 本文通过钻研相关海外并购的融资方式，发现选择不同的融资渠道影响着成本的高低、融资的数量以及风险的大小，这在一定的程度上决定了海外并购的有效性甚至最后的成败。和欧美发达国家相比，我国企业在这一环节还处于初级阶段，对其有关方面的研讨还刚刚起步。目前我国的金融体系还需要进一步完善，相关法律机制还不健全，针对现今下的情境多数是对外发展的相关类型进行探究，然而对企业本身的所采用的相应类型水平还有所欠缺。通过研究并购融资的方式与运作模式并参考我国企业的现行的状况，同时借鉴西方国家的成功经验来探索适合我国的海外并购融资方式。为内地企业提供相关的建议，希望帮助其筛选出合适的相关有效方式来助推我国市场经济蓬勃向上。 关键词：融资方式　跨境并购　融资通道　世界金融 Abstract With the continuous change of the integrated economy and world finance, many enterprises and companies will expand their business scale through overseas mergers and acquisitions in order to achieve their sound operation. Overseas ma has become the main way for companies and enterprises to expand market share and integrate into the integrated economy. At the same time, it is also an important way to adjust the business structure and deepen economic reform. Merger and acquisition financing is one of the key nodes to decide the success or failure of merger and acquisition. Selecting flexible and superior related documents can effectively reduce the financial pressure of the company, expand the financing channels, and consolidate the dominant position of the company. By studying the financing methods of relevant overseas mergers and acquisitions, this paper finds that the selection of different financing channels affects the level of cost, the amount of financing and the size of risk, which to a certain extent determines the effectiveness of overseas mergers and acquisitions and even the final success or failure. Compared with developed countries in Europe and America, Chinese enterprises are still in the primary stage of this link, and the research on its related aspects is just starting. At present, Chinas financial system still needs to be further improved, and the relevant legal mechanism is not perfect. Most of the current situatio