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论文_一带一路背景下产融结合并购模式对并购绩效影响研究-基于蓝帆医疗

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伴随着“一带一路”倡议的实施,如何将国内的优势产业资本和金融资本输 出,与“一带一路”沿线国家的金融资本和产业资本结合,助力走出去的企业通 过企业并购实现做大做强已成为理论界与实务界关心的热门话题。在梳理了国内 外有关国际资本流动理论、产融结合理论和企业并购相关理论的基础上,采用案 例研究法,以蓝帆医疗通过换股合并的产融结合方式并购柏盛国际为研究对象, 从资本流动和产融结合的动态视角出发,围绕在“一带一路”背景下,“产融结 合并购模式是什么,蓝帆医疗为什么要进行产融结合,产融结合并购模式对企 业并购绩效的影响路径与机理是什么,”等问题展开讨论。研究结果表明,中国 的产业资本呈现单向流出特征,主要表现为中国的产业资本向“一带一路”沿线 国家的流入,和“一带一路”沿线国家对中国产业资本的吸纳,并在此基础上, 将“一带一路”背景下,产融结合并购模式总结为,“产业资本—资产证券化— 产业升级”模式,在此模式下,中国的优势产业资本通过与金融资本的结合,成 功的实现了跨国并购,并对并购绩效产生了不同的影响。研究对拓展并购理论, 并对具有优势产业资本和金融资本的中国企业走出去有一定的现实指导意义。 关键词,资本流动,跨国并购,资产证券化,案例研究法II Abstract Along with the implementation of the one belt and one way initiative, how to combine the advantages of domestic industrial capital and financial capital output with the financial capital and industrial capital of the countries along the one belt and one road has helped the enterprises to go out and achieve bigger and stronger through mergers and acquisitions, which has become a hot topic of concern in the theoretical and practical circles. Based on the theory of international capital flow, the theory of integration of industry and finance and related theories of mergers and acquisitions, the case study method is adopted to take the blue river international merger and acquisition as a research object. From the dynamic perspective of capital flow and financial integration, the merger of industry and finance is carried out under the background of one belt and one road. What is itWhy should Blue Sail Medical Care Combine Industry and FinanceWhat are the paths and mechanisms of the impact of M&A mode of industry-finance integration on M&A performanceDiscussions will be held on such issues as the issue of The results show that China's industrial capital presents a one-way outflow, which is mainly manifested by the inflow of China's industrial capital to the one belt along the way, and the absorption of China's industrial capital by the countries along the one belt road. On the basis of this, the merger mode of integration of industry and finance is summed up as follows: industrial capital asset securitization industry. Under this model, China's superior industrial capital has successfully realized cross-border M&A through the combination of financial capital and industrial capital, and has different effects on M&Aperformance. The study has certain practical guiding significance for expanding the theory of M&A and for Chinese enterprises with superior industrial capital and financial capital to go out. Key words: capital flow,cross-border mergers and acquisitions,assetsecuritization,case studyIII 目 录 第一章 绪论 ........................................................ 1 1.1 研究意义..................................................... 1 1.2 研究内容..................................................... 3 1.3 文章框架与逻辑关系........................................... 4 第二章 文献回顾与评价启示 .......................................... 6 2.1 文献回顾 ..................................................... 6 2.1.1 并购模式理论研究........................................ 6 2.1.2 并购绩效评价研究........................................ 8 2.2 评价与启示................................................... 9 第三章 研究设计 ................................................... 12 3.1 研究思路设计................................................ 12 3.2 研究案例的选取.............................................. 13 3.3 数据收集的说明.............................................. 13 3.4 研究信度和效度的保证........................................ 15 第四章 案例分析 ................................................... 16 4.1 案例简介.................................................... 16 4.2 案例分析.................................................... 17 4.2.1 并购战略的制定对并购绩效的影响 ........................ 17 4.2.2 并购标的的选择对并购绩效的影响 ........................ 23 4.2.3 交易方案的设计对并购绩效的影响 ........................ 30 第五章 研究结论、理论贡献、实践启示与研究展望 ..................... 38 5.1 研究结论.................................................... 38 5.2 理论贡献.................................................... 40 5.3 实践启示.................................................... 40 5.4 研究展望.................................................... 41