导　　师： 沈军

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 在经济全球化的背景下，企业间的并购活动逐渐增多。杠杆收购，作为企业并购活动中一种特殊的并购方式，是指借助增加企业的财务杠杆去完成并购交易。这种融资模式能有效解决我国民营企业融资难问题，协助企业扩大规模，是企业拓展投资领域的一条好途径。同时该模式也逐渐被国内资本市场接受和应用。我国作为农业大国，在当今并购浪潮的背景下，农业企业的跨国并购对本国经济发展有着重要的战略意义。杠杆收购的应用有助于国内农业企业进行海外扩张和产业转型升级。 本文首先对跨国并购与杠杆收购的相关理论进行归纳总结，进而对我国农业海外并购发展状况进行概述，并详细剖析了杠杆收购在我国企业并购中的适用性。随后，本文以我国农业企业海外并购为研究对象，选取了我国在美最大并购案——双汇国际收购美国食品巨头史密斯菲尔德，对此进行案例剖析，总结双汇国际在整个并购实施过程中的成功经验，并提出了相关的策略与建议，希望为今后在海外并购中运用杠杆收购融资模式的相关企业给予有价值的参考。 In the background of economic globalization, mergers and acquisitions activities amongcompanies arise tremendously. As a creative form of corporation, leveraged buyouts /(LBO/)increase the financial leverage to fulfill the mergers and acquisitions activities. This financialpattern can effectively solve the problem of difficult financing for private firms, to assistenterprises to expand, which is a good way to expand investment for business. At the same time,this pattern also gradually accepted by the domestic capital market. As an agricultural country,in the context of today's merger wave, agricultural enterprises overseas mergers andacquisitions play an important role in the economic development. LBO will help domesticagricultural companies to expand overseas and industrial transformation and upgrading. This paper summarizes the relevant theory and literature which is applicable to Chineseagricultural M/&As. Then we analyze the present situation of agricultural LBO, the mode ofinvestment, and the present facing difficulties. After that, choosing the Chinese agriculturalenterprises overseas mergers and acquisitions as the research object, and select the mostrepresentatively case of M/&A, such as SHINEWAY GROUP’s acquisition of Smithfield in2013. Through analyzing this case, summing up the successful experience and finding out theproblems of overseas M/&A in Chinese enterprises. Finally, in the view of the problems thatexist in this case, give out advice that suitable for overseas M/&A of Chinese agriculturalenterprises and related government department.

关 键 词： 农业 海外并购 杠杆收购 融资模式 案例分析

分 类 号： [F324 F271 F302.6]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]