發(fā)布時間：2018-02-05 02:33

  本文關(guān)鍵詞： 西山居 管理層收購 融資方式 借貸融資　出處：《河北大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國經(jīng)濟的高速發(fā)展,企業(yè)所有權(quán)和經(jīng)營權(quán)分離所產(chǎn)生的問題變得越來越激烈。管理層通過收購擁有了企業(yè)的實際控制權(quán),更容易主導(dǎo)企業(yè)日常事務(wù)的決策和制定,也提高了企業(yè)的經(jīng)營效率。但是在實際操作中,因管理層可以提供的資金非常有限,絕大部分的資金需要通過其他途徑融通,因此融資及其方式的選擇對于MBO能否成功極其關(guān)鍵。隨著我國互聯(lián)網(wǎng)行業(yè)的蓬勃發(fā)展,MBO也成為互聯(lián)網(wǎng)公司為促進自身發(fā)展的重要手段之一。由于我國的管理層收購在法律法規(guī)方面的規(guī)定和限制頗多,直接導(dǎo)致了想要進行管理層收購的企業(yè)融資渠道狹窄,融資困難。如何在這樣的環(huán)境下,解決互聯(lián)網(wǎng)公司融資及其方式選擇的問題顯得尤為重要。本文通過分析西山居這一互聯(lián)網(wǎng)公司在融資過程中存在的問題,提出解決措施,并為未來互聯(lián)網(wǎng)行業(yè)公司MBO融資方式的選擇提供了借鑒。本文在對管理層收購及融資的理論研究的基礎(chǔ)上,通過西山居管理層收購的融資案例,對其收購的背景、動因、過程和選擇的融資方式進行闡述,分析西山居管理層選擇融資方式過程中存在的問題,提出相應(yīng)的解決建議和合理的融資方式選擇。通過研究發(fā)現(xiàn)西山居管理層收購的融資方式選擇中存在內(nèi)部和外部的問題,其中內(nèi)部問題是人員素質(zhì)缺乏且人力成本較高、MBO中的金山貸款極易引發(fā)西山居管理層的道德風(fēng)險、MBO后西山居管理層的控制權(quán)掌握不徹底;外部問題是信息不對稱使西山居的MBO成本存在估值風(fēng)險、西山居的融資工具使用受限和西山居融資所面臨的法律環(huán)境異常復(fù)雜。針對上述問題,本文提出以下幾點建議。在內(nèi)部環(huán)境的完善上,西山居主要有以下三點應(yīng)對策略:第一,增加購買者數(shù)量來打破西山居單邊購買的現(xiàn)狀;第二,利用投資者的力量來優(yōu)化管理層收購的資本結(jié)構(gòu);第三,完善退出機制來完善收購后的重組和優(yōu)化。在外部環(huán)境的完善上,西山居主要有以下三點應(yīng)對策略:第一,建立信息對稱機制來避免估值風(fēng)險;第二,通過信用體制的放松來優(yōu)化管理層收購可以選擇的融資工具;第三,完善管理層收購相關(guān)的法律法規(guī)政策來為管理層收購的未來發(fā)展進行鋪路。同時本文也對西山居合理選擇收購方式進行了分析,認(rèn)為西山居可以將自己的融資方式變得更加多元化來對融資進行優(yōu)化,從而更好的開展管理層收購方案。通過對我國目前管理層收購現(xiàn)存問題的分析及西山居管理層收購的創(chuàng)新思維的總結(jié),得出可能適合我國互聯(lián)網(wǎng)行業(yè)管理層收購的融資方式,為我國未來互聯(lián)網(wǎng)行業(yè)管理層收購融資的良好發(fā)展帶來一定的啟示。
[Abstract]:With the rapid development of economy in our country, the problems arising from the separation of enterprise ownership and management rights become more and more intense. It is easier to lead the decision-making and making of the daily affairs of the enterprise, and it also improves the efficiency of the business. But in the actual operation, the funds that can be provided by the management are very limited. Most of the funds need to be financed through other means, so the financing and the choice of the way is crucial to the success of MBO. With the rapid development of the Internet industry in China. MBO has also become one of the important means for Internet companies to promote their own development. This directly leads to narrow financing channels and difficult financing for enterprises that want to carry out MBO. How to in such an environment. It is very important to solve the problem of financing and how to choose the Internet company. This paper analyzes the problems existing in the financing process of Xishanju Internet Company and puts forward some solutions. And for the future of the Internet industry company MBO financing options for reference. This paper on the basis of the theory of management buyouts and financing through Xishanju management buyouts financing cases. To its acquisition background, motivation, process and the choice of financing methods to elaborate, analysis of Xishanju management in the selection of financing mode of the process of the existing problems. Through the research, it is found that there are internal and external problems in the financing mode selection of Xishanju MBO. The internal problem is the lack of personnel quality and the high manpower cost Jinshan loan can easily lead to the moral hazard of Xishanju management. After MBO, the control right of Xishanju management is not fully grasped. The external problem is that the information asymmetry makes the MBO cost of Xishanju have the risk of valuation, the Xishanju's limited use of financing tools and the legal environment of Xishanju's financing are extremely complex. In order to improve the internal environment, Xishanju mainly has the following three strategies: first, increasing the number of buyers to break the status quo of unilateral purchase of Xishanju; Second, to optimize the capital structure of MBO by using the strength of investors; Third, improve the exit mechanism to perfect the restructuring and optimization after acquisition. In the external environment, Xishanju mainly has the following three strategies: first, establish information symmetry mechanism to avoid valuation risk; Second, optimize the financing tools that can be chosen by MBO through the relaxation of credit system; Third, improve the laws and regulations related to MBO to pave the way for the future development of MBO. The author thinks that Xishanju can make its own financing way more diversified to optimize the financing. Through the analysis of the existing problems of MBO in our country and the summary of the innovative thinking of MBO in Xishan. The conclusion is that the financing method which may be suitable for the MBO of the Internet industry in our country will bring some enlightenment to the good development of MBO financing in the future of the Internet industry in our country.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F49;F271;F275

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本文編號：1491868