| In China, M&A (Merger & Acquisition) has been undergoing like araging fire with a history of no more than twenty years. Since 1997,M&A has become an important part of our capital market activities.With China's entering into WTO, M&A reached a new summit. Therelative government departments issued a series of policies in succession.With the deepening of state-owned enterprises' revolution, M&A will bemore popular in our country. M&A is an important approach for enterprises' development.Through M&A, the enterprise, on one side, can improve its competitoryability. On the other side, it can beat down the competitors. Also, M&Ais an effective approach to achieve the goal of state-owned enterprises'revolution. Financing problem is a key to the success of M&A, because it tendsto need much money to buy the target enterprise. That's why M&AFinancing has been paid close attention to as a special problem. BeforeM&A, the enterprise has to calculate the number of the fund needed, tochoose the best financing instrument, to make sure the reasonability ofcapital structure, and to make a thorough financing plan. There is not much obstacle to undergo M&A financing indeveloped capital market, which owes to its various financinginstrument. For example, the bank loan, the bonds, and the strategicinvestors, which all make enterprises' M&A and even cross-borderM&A standard and easy. In China, on the contrary, there is a smallnumber of available financing instruments. The worst thing is that theusing of financing instruments is strictly limited. On the other side, theincreasing number and scale of M&A demands support of diversefinancing instruments. Under the background, it's urgent and meaningful to study aboutthe enterprises' M&A financing instruments of China. So the authorchooses "the enterprises' M&A financing instruments of China" as theresearch object. The core content is about the development andinnovation of the financing instruments. The author wants to discussabout the problem based on the analyzing of financing theories and thecomparison with the instruments on developed capital market. The thesisputs forward some solution and suggestion to both the development andinnovation of the financing instruments of China, and wants to offertheoretical and practical help to guide Chinese enterprises to get out ofthe financing predicament. The whole thesis expounds as following: First of all, the thesis begins with the discussion about the relativefinancing theories. Than, the thesis illustrates the various financinginstruments on developed capital market. Further, the thesis analyzes thecircumstance of the financing instruments on our own market. Based onthe formal study and analyzing, the thesis points out that there are someproblems of Chinese financing instruments. The problems are asfollowing: 1)The number of our financing instruments is small. 2)Theusing of our M&A financing instruments is not normal. 3)Theintermediary organizations are poorly developed. 4)The preference tochoose financing instruments is reverse. 5)The environment of ourM&A financing instruments is not mature. To resolve the problems above, the thesis gives suggestions andsolutions on both macroscopic and microscopic viewpoints. Onmacroscopic standpoint, the author puts forward to build up a outsidesupporting system to accelerate the development of our M&A financinginstruments. On microscopic standpoint, the author points out thetendency of the development of our M&A financing instruments. Andthe author puts forward a series of innovative themes of M&A financinginstruments, which are more suitable with our capital marketenvironment and law background nowadays. There are some innovations in this thesis itself: First, the author chooses a very realistic topic, the enterprises' M&Afinancing instruments of China, combining the theories of M&A andfinancing, and analyzing the reality of financing instruments of bothdeveloped capital market and our own economy. Second, the author combines the theories and concrete evidencethrough the study... |
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