导　　师： 朱滔

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 近年来，我国对外投资金额一直呈高增长趋势，并正逐步缩小与外资利用规模的差距，而海外并购作为对外投资的主要方式，一直是我国对外投资增长的重要动力。而在海外并购中，融资一直是一个至关重要的问题，目前我国海外并购融资主要以间接融资为主，这种方式会使资金的运作变得僵化，无法把资金盘活成资本，这就使得我国上市企业在海外并购中存在着巨大的融资缺口，而私募基金的参与或许能改变我国当前的这种困局。近年来国家政策对并购基金的重视力度不断加强，使得并购基金这一融资模式在海外并购中的作用得到了广泛关注。 本文通过对弘毅投资助力中联重科成功出海并购意大利企业CIFA一案进行深入探讨与分析，旨在研究并购基金作为我国上市企业海外并购融资模式的可行性。通过对上述案例的分析发现，私募股权基金在海外并购融资过程中的信息收集环节、交易结构设置、融资方案设计等方面都发挥了重要作用，而进一步总结发现，并购基金在海外并购融资过程中能发挥资本支持、资源整合和风险管理三大功能，这些功能能够有效地解决我国上市企业在海外并购中遭遇的融资难问题，减轻债务融资给并购企业带来的沉重负担，同时降低海外并购中的多种风险。最后，本文从从完善融资方式及发挥并购基金三大功能两方面，试图对我国上市企业海外并购融资模式的完善提出相关建议。 Recently, our country’s foreign investment has been risen up rapidly, and as the main way offoreign investment, overseas mergers and acquisitions is always the most important motivation.But we find out that the financing part in the process of overseas M/&A has always been the mainobstacle. So far in Chinese listed companies, the way of indirect financing used mostly in theoverseas M/&A, which is hard to turn money into capital, but the fact that the PE takes role inM/&A financing may solve this problem. Nowadays, the Chinese government has paid more andmore attention into the way of buyout fund, which may make the function of buyout funds moreinstinct in the process of overseas M/&A financing. This thesis aims to study over the function of the buyout funds in the aspect of overseasM/&A financing, and to highlight its role in the process of overseas M/&A financing. Through thestudy of the case which Hony helped Zoomlion successfully merge the Italian enterprise CIFA,we can find out that the buyout funds had provided great help in the deal structure, financingprogram,information collection and so on. To further conclude, we find out that the buyoutfunds play as capital supporting, risk management and sources integration in the process ofoverseas M/&A financing, which offers great help to solve the financing difficulties and avoidheavy burden the debt financing may bring to the merger firms. Finally, we provide somesuggestions to help improve Chinese listed companies’ financing activities in the overseas M/&Abased on the case study, including the improvement of financing ways and the fulfillment ofbuyout funds.

关 键 词： 上市公司 海外并购 融资 并购基金

领　　域： [经济管理] [经济管理] [经济管理] [经济管理] [经济管理] [经济管理]