我国企业海外并购融资方式创新研究

Financing Methods Innovation for Overseas Mergers & Acquisitions

目前,我国企业海外并购融资存在的主要问题是:融资渠道狭窄、并购支付方式单一。影响企业海外并购融资方式以及效益的因素主要是法律法规的限制和资本市场发育不成熟。我国企业应充分借鉴国外企业并购融资经验,大胆创新并购融资方式,探索使用优先股融资、可转换债券融资、并购基金等融资方式,在并购中将多种融资方式进行有效组合,以降低并购成本,分散并购风险。

The narrow financing channel and simplex payment method are the main problems for domestic enterprises＇ overseas MA.The legal and regulatory limitation and the underdeveloped capital market affect the MA methods and profitability.Domestic enterprises should learn successful MA experience from foreign companies,innovating MA financing method,exploring financing methods in terms of preferred shares,convertible bond and MA fund,and effectively teaming up various financing ways so as to reduce the MA cost and risks.