| In 1992 the market economy was set up in our country. Since 1997, M&A has become an important phenomenon in capital market. More and more listed companies have taken active part in it , and their scale gets larger and larger, and at the same time M&A needs a greater deal of fund than before. Frankly speaking, our market of M&A has a close contact with the international market. Luckily, some proper policies which are beneficial for M&A have been drawn up after China enters the WTO. It is clear that these policies will make M&A in our country reach a new stage and operate smoothly. As we know, M&A is a common practice in the world economy, but on the other hand, it is so complicated that it badly need proper theories to guide it. Financing problems will be taken into consideration if enterprises want to launch M&A successfully. In general, proper financing will play a key function in M&A, so the author will take it seriously and aim at analyzing it and settling some problems in our country's situation. This thesis expounds as the following.First, the thesis begins with M&A and financing theories. After researching on the theories, the author begins to study on the topic of this thesis, financing problem of M&A in our country. And then the author deals with the related problems.Second, the author organizes the whole thesis in the sequence of "coming up with the questions-analyzing the questions-settling the questions". After all analyses, the author draws the conclusion in the end.The thesis is divided into four parts.Part One: The financing theories of M&A. In this part, the author gives the definition and objectives of M&A at first, then introduces agency cost theory and asymmetric information theory. At last, the author does some comparisons on the two theories. Based on above-mentioned analysis, the author concludes that the two theories are useful and helpful for financing of M&A. So this part serves as the basis .Part Two: Financing tools and choices of M&A. This part mainly analyzes two topics, one is the payment mode of M&A, the other is the financing mode of M&A. In detail, this part consists of five sectors. Firstly, the author introduces payment modes and their characteristics which includes cash payment, stock payment and so on. Secondly, the author discusses financing tools and how to choose them correctly in cash payment mode. It is mainly debt financing, equity financing and so on. Thirdly, the author analyzes special payment modes and financing modes, such as leveraged buy-out and seller financing. At last, the author makes four conclusions about financing characteristics of M&A in western countries.Part Three: Analyzing the financing situation and its reasons of M&A in our country. This part is the focus of this thesis. It is composed of two sectors. At first, the author discusses financing practice of M&A in our country. It includes the familiar financing modes and some innovative modes. The author indicates that MBO is quite beneficial for our companies' reform. The author believes that during the change of the whole economic environment MBO will become an important mode of M&A. What' more, financing modes of M&A in our country are affected by both economic and non-economic factors. In Sector Two, the author analyzes some defects and imperfects in financing of M&A, and at the same time, the author gives reasonable explanations.Part Four: Thinking about the perfection of financing of M&A in our country. This part is the conclusion of this thesis. Based on above-mentioned analyses, the author puts forward some suggestions to settle those problems. At first, we should strengthen laws and regulations construction, improving the financing environment. Secondly, we should develop capital market and cultivate medium institutions in capital market. At last, we should accelerate the development of economy and further reform of enterprises, weakening the non-economic effects. Only through this way, would financing of M&A be rational and scientific.There are some innovat... |
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