Research On Transnational Mergers And Acquisitions Financing Problems Of Private Enterprises In China

In recent years, as China’s economic development, China has become a net capital exporter is a big country, China’s enterprises "going out" pace has accelerated noticeably. The degree of globalization of the world economy is also further deepened. The number and amount of individual enterprises transnational mergers and acquisitions increased year by year. World are experiencing the sixth wave of Chinese enterprises transnational mergers and acquisitions present state-owned enterprises is a bit strong, the corporation more features, and private enterprises are gradually become the main force of our country enterprise of foreign investment. After 30 years development strength and the rapid growth of private enterprises in our country, to our country growing contribution of exports, employment, etc. In pursuit of core technology, expand product market, avoid trade barriers, our country private enterprise transnational merger and acquisition of interest. But private enterprises often without the transnational merger and acquisition of state-owned enterprises financing the strong policy support; But also because of the immature capital market in China, private enterprises in our country enterprise m&a financing funds raised very hard, for strict examination and approval system of listed companies in our country, lead to private enterprises listed road is full of hardships; Relevant laws in our country and our country to the enterprise bond issuance has many restrictions of the bond market is small, private enterprises but also because of the lack of credit is hard to issue bonds, bond financing in China’s private enterprises cross-border m&a financing rarely used. Macro environment and the enterprise’s own reasons resulting in China’s private enterprises cross-border m&a financing channels are very narrow, capital cost is higher. Compared with many western developed capital market financial innovation tool, leveraged buyouts, vendor financing, convertible bonds, warrants the financial instruments in our country, development is very slow, seldom use in the territory of China capital market. Most of the private enterprises in our country transnational m&a financing problems, affect the further development of private enterprises. The appellation is peculiar to our country private enterprises, because our country started relatively late private economy is developing rapidly, cross-border m&a financing for private enterprises in our country’s research also is not very full hasn’t caught up with the pace of development of private enterprises, and foreign because with the different national conditions of our country, most of the research on Chinese private enterprises cross-border m&a financing significance is not big. It also would require the Chinese scholars to private enterprises cross-border m&a financing problems in-depth study, can form a set of theory system of solve the problem of private enterprises transnational mergers and acquisitions; Thus to ensure that the vitality of private enterprises transnational mergers and acquisitions, go to the world to optimizing the allocation of resources for international operation, promote the development of national economy as a whole.Capital structure theory, this paper analyzes the cost and the volume of mergers and acquisitions melt finance relationship between capital structure and enterprise value, enterprise the optimal capital structure is the lowest cost of financing, to maximize enterprise’s value. Based on the problems of private enterprises in our country private enterprise in our country are analyzed and divided into private listed private enterprises, domestic private enterprises, the overseas listed private enterprises to the current situation of the private financing of our country with a large number of cases are analyzed; And selected the hong kong-listed geely overseas m&a Volvo’s typical case analysis of the cost of our country most of the private enterprises cross-border m&a financing difficult reason, and the successful experience of this case gave the enlightenment for Chinese private enterprises cross-border m&a financing. Based on the above analysis put forward the improvement of China’s private enterprises overseas mergers and acquisitions financing countermeasures and Suggestions. To perfect our country capital market from the macroscopic aspect, the financial control; Provide financial intermediaries in China m&a financing service level, perfect the relevant legal system of finance, the government should also for private companies alike intensify fostering of corporation "go out". For private enterprises themselves is to provide their own credit level, improve the internal governance, in particular, commercial Banks and other financial institutions feel you credible; And actively use mergers and acquisitions overseas mature capital market financing, broaden the financing channels of transnational merger and acquisition, and active use of emerging Internet widen the channel of the financing of private enterprises in the financial development.