夹层融资在杠杆收购中的应用--以金投锦众收购焦作万方为例

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作者	李正勇
姓名汉语拼音	Li Zhengyong
学号	2018000005178
培养单位	兰州财经大学
电话	18894019808
电子邮件	353989299@qq.com
入学年份	2018-9
学位类别	专业硕士
培养级别	硕士研究生
一级学科名称	金融
学科代码	0251
授予学位	金融硕士
第一导师姓名	陈芳平
第一导师姓名汉语拼音	Chen Fangping
第一导师单位	兰州财经大学
第一导师职称	教授
题名	夹层融资在杠杆收购中的应用--以金投锦众收购焦作万方为例
英文题名	The Application of Mezzanine Financing in Leveraged Buyout--Taking Jintou Jinzhong's acquisition of Jiaozuo Wanfang as an example
关键词	夹层融资杠杆收购焦作万方
外文关键词	Mezzanine financing ; LBO ; Jiaozuo Wanfang
摘要	当前，传统产业迫切需要进行产业转型升级，我国庞大的传统产业体量需要大量的并购融资来支持其转型升级。但是，我国的并购融资体系还不完善，法律环境壁垒高，银行参与企业的并购重组的限制较高，股权融资时股东资格、投资发起人资格的门槛也较高，总体并购融资渠道相对狭窄。夹层融资则因其结构的灵活性、收益的稳定性、风险的可控性等优势，按照并购双方主体的要求量身定制其适合的并购融资方案。国内传统产业的矛盾突出问题将带来并购融资交易需求的持续增长，夹层融资将会成为我国并购市场中重要的新型融资渠道。本篇文章以夹层融资为主线，首先概述了夹层融资的概念、特点和理论基础，然后分析整理了普通型和权益型夹层融资的运作模式及其适用性，为焦作万方的夹层融资案例做铺垫。其次探讨了金投锦众采用夹层融资方式对上市公司焦作万方进行杠杆收购的案例，分析了此次交易的交易模式及具体流程，突出夹层基金在杠杆收购中的独特优势，并分析此次交易对焦作万方产生的绩效影响，对焦作万方并购成功的原因进行了深入的分析。由此得出阶段性结论，并购是传统产业重组整合、新型企业融资发展的重要手段，而采用夹层基金融资模式可以为企业提供结构化资金，灵活设计夹层基金融资方案来满足投融资双方的需求，助力我国传统企业实现转型升级。文章的最后，分别从投资者立场、社会角度、国家层面论述了我国发展夹层融资的可行性与对策建议。
英文摘要	At present, traditional industries urgently need to conduct an industrial transformation and upgrading, my country's huge traditional industrial volume requires a lot of mergers and acquisition financing to support its transformation and upgrading. However, my country's acquisition financing system is still not perfect, the legal environmental barriers are high, and bank participating enterprises have higher restrictions, equity financing shareholders, and the threshold for investment initiator is also high, and the overall mergers and acquisition financing channels are relatively narrow. The mezzanine financing is based on the flexibility of its structure, the stability of the income, and the requirements of the leveraged buyout the parties in accordance with the requirements of the M & A of the main body of the mergers and acquisitions. The contradiction between the domestic traditional industries will bring the continued growth of merger financing transactions, and the financing will become an important new financing channel in my country's M & A market. This article is mainlined by sandwich financing as the main line, first outline the concept, characteristics and theoretical basis of mezzanine financing, and then analyzes the operation mode of ordinary and equity mezzanine financing and its applicability, which is the sandwich financing case of Jiaozuo Wanfang. bedding. Secondly, the case of Jintou Jinzhong used a sandwich financing method to leverage the listed company Jiaozuo Wangfang's leverage, analyzed the transaction mode and specific process of the transaction, highlighting the unique advantage of the laminated fund in the leverage, and analyzed this time The transaction affects the performance of Jiaozuo Wanfang, has been analyzed in the reasons for the success of Jiaozuo Wanfang M & A. Thus, the classroom conclusion, mergers and acquisitions are an important means of traditional industrial restructuring, new enterprise financing development, while using mezzanine fund financing models can provide structural funds for enterprises, flexible design of mezzanine funds to meet the requirements of the investment and financing Help our traditional enterprises to implement transformation and upgrading. At the end of the article, from the investor position, social perspective, the national level discussed the feasibility and countermeasures recommendations of my country's development of mezzanine financing.
学位类型	硕士
答辩日期	2021-05-22
学位授予地点	甘肃省兰州市
语种	中文
论文总页数	52
参考文献总数	46
馆藏号	0003713
保密级别	公开
中图分类号	F83/383
文献类型	学位论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/29480
专题	金融学院
推荐引用方式 GB/T 7714	李正勇. 夹层融资在杠杆收购中的应用--以金投锦众收购焦作万方为例[D]. 甘肃省兰州市. 兰州财经大学,2021.

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