摘要 党的“十八大”以来我国经济已由高速增长阶段转向高质量发展阶段，伴随 着世界经济发展和全球化进程加快，作为我国经济重要支柱的民营企业也逐渐迈 入海外并购成为世界经济舞台上的新角色。为了加快步入全球市场进行资源配置 和产业整合之路，我国的龙头企业不断增强自身实力，通过海外并购获取技术、 资源、市场等优势资源，提升对外投资的积极性。然而，我国企业的海外并购之 路也并非轻松，与西方发达国家相比存在相当显著的滞后性，其中融资问题是重 要的制约因素之一，具体表现为其融资手段单一，仍以传统债务融资、自有资金 为主。事实上，海外并购是否达到企业目标预期，与合适的融资方式以及顺畅的 融资渠道都有着息息相关，融资问题不仅影响我国企业海外并购的效果质量和过 程效率，更多主导海外并购行为的我国企业的可持续发展至关重要。如何利用现 有融资渠道与资源，把握政策和形势的有利条件，积极拓宽融资渠道、完善融资 安排，都是我国企业实施海外并购中需重点考虑的问题。 因此，此研究聚焦于我国企业海外并购的融资模式问题，坚持理论与实践相 结合，在夯实企业海外并购及其融资管理的相关概念和理论基础之上，选取 XW 公司作为具体的研究对象，通过对公司海外并购融资的外部环境和内部条件进行 全面分析，并通过行业专家和并购融资工作一线人员的问卷调查，获取一手数据， 以分析 XW 公司海外并购融资模式的现状和关键性成功要素，从而为我国企业未 来海外并购融资提出有建设性的优化对策建议，以期为我国企业海外并购的可持 续发展提供参考和借鉴。 经研究发现，XW 公司对 Kerr 公司实施海外并购具有重要价值和深远意义， 而海外并购需要大量的现金作为支撑，因此并购融资在此案例中尤为重要。XW 公司实施的是包括“联合 PE+两层并购贷款+过桥资金+定增融资+Earnout”五大 融资手段在内的混合融资模式。XW 公司海外并购融资模式获取成功的关键因素， II 包括，融资工具多元创新、融资渠道宽阔、市场化运作空间充足和风险管控机制 完善。因此，此研究提出我国企业进行海外并购融资模式的优化建议，（1）多 元组合与创新融资工具，（2）明确并拓展融资渠道，（3）构建与完善风险管控 机制。而针对我国企业进行海外并购融资模式的优化提出积极提升市场化运作程 度、建立和疏通相关沟通渠道等保障措施。 关键词，海外并购，融资模式，XW 公司 论文类型，应用研究 III RESARCH ON FINANCING MODEL OF OVERSEAS M&A OF ENTERPRISES --XW ENTERPRISES'OVERSEAS MERGERS AND ACQUISITIONS AS AN EXAMPLE ABSTRACT With the development of world economy and the acceleration of globalization, the overseas mergers and acquisitions of private enterprises, as an important pillar of China's economy, have gradually become a new role on the world economic stage. In order to quicken the pace of resource allocation and industrial integration in the global market, China's private enterprises continue to strengthen their strength, enhance their enthusiasm for foreign investment, and acquire market, technology, resources and other advantages through overseas M&A. However, the way of overseas M&A of private enterprises in China is not easy. Compared with western developed countries, the financing problem is one of the important constraints, which is manifested in its single financing means, mainly by traditional debt financing and private capital. In fact, whether overseas mergers and acquisitions can meet the expectations is closely related to the smooth financing channels and appropriate financing methods. Financing problems not only affect the quality and efficiency of overseas mergers and acquisitions of private enterprises in China, but also play an important role in the sustainable development of private enterprises in China. How to make full use of the existing financing resources, grasp the favorable conditions of the situation and policies, actively broaden the financing channels and improve the financing arrangements are the key issues to be considered in the implementation of overseas mergers and acquisitions by China's private enterprises. Therefore, this study focuses on the financing mode of overseas M&A of private enterprises in China, adheres to the combination of theory and practice, on the basis of consolidating the related concepts and theories of overseas M&A and its financing management, selects XW Company as the specific research object, through the external environment and internal financing of overseas M&A of private enterprises. Conditions are comprehensively analyzed and first-hand data are obtained through IV questionnaires conducted by industry experts and frontline personnel in M&A financing to analyze the status quo and key success factors of XW's overseas M&A financing mode, so as to put forward constructive optimization countermeasures and suggestions for future overseas M&A financing of private enterprises in China. China's private enterprises can provide reference and reference for the sustainable development of overseas mergers and acquisitions. It is found that XW company has important value and far-reaching significance for Kerr company to carry out overseas M&A, and this overseas M&A needs a lot of cash as support, so M&A financing is particularly important in this case. XW company implements the mixed financing mode including five financing means of joint PE + two-tier M&A loan + bridge financing + fixed increment financing + Earnout. The key factors for the success of XW's overseas M&A financing mode include diversified financing instruments, wide financing channels, sufficient market operation space and perfect risk control mechanism. Therefore, this study puts forward some suggestions to optimize the financing mode of overseas M&A for private enterprises in China: (1) diversified portfolio and innovative financing tools; (2) defining and expanding financing channels; (3) constructing and improving risk control mechanism. In view of the optimization of overseas M&A financing mode for private enterprises in China, the paper puts forward some safeguard measures, such as actively promoting the degree of market-oriented operation, establishing and dredging relevant communication channels. KEY WORDS: Overseas M & A; financing mode; XW company TYPE OF DISSERTATION / THESIS: Application research V 目录目录 1 绪论 ............................................... 1 1.1 研究背景与意义 ..........................................1 1.1.1 选题背景...........................................1 1.1.2 研究意义...........................................2 1.2 国内外研究现状 ..........................................3 1.2.1 国外研究现状.......................................3 1.2.2 国内研究现状.......................................5 1.3 研究内容与思路 ..........................................8 1.3.1 研究内容...........................................8 1.3.2 研究思路...........................................9 1.4 研究方法与研究框架 ......................................9 1.4.1 研究方法...........................................9 1.4.2 研究框架..........................................10 2 相关概念与理论基础 ................................ 11 2.1 相关概念阐述 ...........................................11 2.1.1 海外并购..........................................11 2.1.2 并购融资..........................................11 2.2 海外并购融资模式选择的相关理论 .........................11 2.2.1 优序融资理论......................................12 2.2.2 代理理论..........................................12 2.2.3 M-M 及其修正理论 ..................................12 2.3 本章小结 ...............................................13 3 我国企业海外并购融资发展现况与趋势分析 ............ 14 3.1 我国企业海外并购交易的发展历程与特征 ...................14 3.1.1 我国企业海外并购相关政策制度的发展................14 3.1.2 我国企业海外并购交易的规模成效....................15 3.1.3 我国企业海外并购交易的特征........................16 3.2 我国企业海外并购市场发展趋势 ...........................17 3.2.1 从国家战略向企业战略转型的趋势....................17 3.2.2 产业格局升级主导力显著的趋势......................18 3.2.3 并购主体和融资手段呈多元化的趋势..................19 3.3 我国企业海外并购融资模式分析 ...........................19 3.2.1 股权融资模式......................................19 3.2.2 债券融资模式......................................20 VI 3.2.3 混合融资模式......................................20 3.4 本章小结 ...............................................21 4 XW 公司海外并购融资案例分析........................ 22 4.1 XW 公司海外并购融资案例简介.............................22 4.1.1 并购主体 XW 公司简介...............................22 4.1.2 并购标的 Kerr 公司简介.............................23 4.1.3 并购交易动机及安排................................23 4.2 XW 公司海外并购融资模式与手段分析.......................25 4.2.1 联合 PE ...........................................26 4.2.2 两层并购基金......................................26 4.2.3 过桥资金..........................................27 4.2.4 内保外贷..........................................27 4.2.5 盈利能力支付计划..................................28 4.3 XW 公司海外并购融资模式关键要素分析.....................28 4.3.1 变量选取和问卷设计................................28 4.3.2 问卷发放与回收....................................30 4.3.3 IPA 法概述 ........................................31 4.3.4 可靠性检验........................................32 4.3.5 基于 IPA 模型的矩阵分析............................32 4.3.6 获得成功经验的关键性要素提取和分析................34 4.4 本章小结 ...............................................35 5 我国企业海外并购融资模式建议与保障 ................ 36 5.1 我国企业海外并购融资模式的优化建议 .....................36 5.1.1 多元组合与创新融资工具............................36 5.1.2 明确并拓展融资渠道................................36 5.1.3 构建与完善风险管控机制............................37 5.2 我国企业海外并购融资模式优化的保障措施 .................37 5.2.1 积极提升市场化运作程度............................37 5.2.2 建立和疏通相关沟通渠道............................37 5.3 本章小结 ...............................................38 6 结论与讨论 ........................................ 39 6.1 研究结论 ...............................................39 6.2 研究不足与展望 .........................................39 附 录 ...............................................44 致谢