金融危机下央企跨国并购融资模式研究  

Study on State-owned Key Enterprises' Cross- border M&A Financing Mode under Financial Crisis

作　　者：毛学佳 万幼清[1] 

机构地区：[1]武汉理工大学管理学院

出　　处：《财会通讯（中）》2017年第3期19-21,共3页Communication of Finance and Accounting

摘　　要：金融危机一定程度上给央企跨国并购带来了新机遇和新动力,但并购中的融资安排关乎并购能否顺利进行。本文首先分析央企跨国并购融资模式现状,然后结合金融危机背景下的央企最大外资收购案——中海油收购尼克森案,研究中海油此次收购的融资模式,同时对并购前后的绩效进行分析,并得出金融危机下央企跨国并购融资模式的相关建议,包括改善并购支付方式、创新融资模式和拓宽融资渠道。To a certain extent, financial crisis has brought new opportunities and new impetus to state-owned key enterprises' cross-border M&A, but financing arrangement is a key point that affect the smooth execution of project. Firstly, this paper analyzes financing mode status of state-owned key enterprises' overseas M&A. Then, the paper researches the largest foreign acquisitions under the background of financial crisis——CNOOC's acquisition of Nexen, analyzes CNOOC's financing mode and performance, and this paper gives some suggestions of state-owned key enterprises' cross-border M&A financing mode under financial crisis, including improving M&A's payment mode, innovating financing pattern and broadening financing channels.

关 键 词：金融危机 央企 跨国并购 融资模式 

分 类 号：F426.22[经济管理—产业经济] F271