中国企业并购融资中存在的问题及其对策

The Problems and Solutions of Enterprises'Financing for Mergers and Acquisitions in China

中国企业并购融资中忽视内部融资、对股权融资相对偏好、对债务融资轻视。融资渠道狭窄,融资方式单一;资本市场体系不完善,并购融资中介机构作用没有效发挥。可继续定向增发新股和进行信托融资。还需引入资产证券化融资,分期付款下的或有支付卖方融资,设立企业并购基金,以及完善企业并购融资的外部环境。

The enterprises in China ignore the internal financing, prefer to equity financing, neglect debt financing when they finance for merger and acquisition. The financing channels are very narrow, financing mode is single; the capital market system is imperfect in China and the M ＆ A financing agency did not operate effectively. The enterprises can continue to issue targeted stock and use trust financing. And they should introduce asset securitization financing, the contingent defray seller financing of divided payment, set up fund to finance mergers and acquisitions, as well as improve the external environment.