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A Study On Overseas M&A Financing Mode Of Chinese Private Enterprises

Posted on:2018-01-01Degree:MasterType:Thesis
Country:ChinaCandidate:H Q LiFull Text:PDF
GTID:2429330569985582Subject:International business
Abstract/Summary:PDF Full Text Request
With the development of global economic integration,the implementation of the strategy of "going out" and " the Belt and Road Initiatives ",as well as the transformation and upgrading of enterprises,in recent years,the number and amount of overseas mergers and acquisitions in Chinese enterprises have continued to rise.In the past few years,several Chinese private enterprises to complete the huge type of overseas mergers and acquisitions caused worldwide attention.In most cases,overseas M & A activity is costly,it is difficult for private enterprises to rely on their own funds to pay the transaction price of mergers and acquisitions,so the financing problem has become an important factor in the success of private enterprises M & A.However,the development of China's capital market is lagging behind,the relevant laws and policies are strictly limited,and the lack of reasonable financing arrangement of enterprises has greatly restricted the overseas M & A financing of private enterprises in China.Therefore,it is of great practical significance to study the financing mode of overseas M & A of private enterprises in China.This thesis firstly introduces the related concept of overseas merger and acquisition financing,summarizes a variety of overseas M&A financing theory by the majority of the scholars at home and abroad and analyzes the advantages and disadvantages of the various M&A financing methods and put forward to make financing decision.Secondly,it analyses the current situation of Chinese private enterprises overseas mergers and acquisitions financing.Based on a large number of private enterprises' merger cases and the latest policies concerning M&A,it analyzes the characteristics and financing mode of private enterprises in overseas mergers and acquisitions financing at present stage.Such problems are recognized as inferior-fund-dominant mode,restricted debt financing,high threshold of equity financing and rare usage of new financing mode.Thirdly,based on the typical case study of Lexmark's acquisition by Apes,the thesis illustrates the innovation financing mode used in the case,and points out rich experience for other private enterprises in their acquisition financing.Finally,several suggestions to improve Chinese overseas mergers and acquisitions financing of private enterprises are put forward from the microscopic angle of private enterprise themselves and the macroscopic angle of national laws and policies.
Keywords/Search Tags:private enterprises, overseas merger and acquisition, method of financing
PDF Full Text Request
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