债务融资偏好与我国企业海外并购融资方式研究
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摘要
并购融资是决定并购成败的基础和关键环节，合理的融资安排不仅可以为并购方提供充裕的并购资金，减轻并购方的融资成本和并购后的财务负担，而且它还影响到并购双方资本结构的变化、控制权的转移。从宏观上讲，并购融资工具是否齐全、融资渠道是否通畅又与一个国家的金融市场是否发达、监管体系是否健全、企业治理是否完善有着密切的联系。2000年以后，我国以跨国并购为主要形式的对外直接投资快速增长，成为我国企业参与国际经营的主要途径和形式。而我国企业的跨国并购融资却表现出严重的债务融资偏好，还面临着诸如支付方式单一、融资方式落后、融资渠道狭窄、市场化程度低等一系列缺陷和问题。如何改善我国的并购融资环境、创新并购融资工具、拓宽并购融资渠道，让并购融资能够真正成为我国企业健康成长的工具，已经成为企业界和金融界共同关注的重要课题。
我国企业跨国并购中表现出的债务融资偏好只是问题的表象，文章的重点是揭示产生这一系列问题的深层次原因。研究表明，目前我国企业跨国并购中所存在的债务融资偏好实质上是受融资工具约束的股权融资偏好，债务融资偏好并没能掩盖我国企业治理机制的不健全。正是国有企业内部所面临的股东和管理者之间冲突、股东和债权人之间冲突、委托人之间的冲突（PP冲突），和国有企业集政治功能与经济功能为一身的特殊性才使我国企业的跨国并购融资行为表现出市场的非理性。同时我国企业普遍存在的融资约束，特别是不同的融资工具相对约束程度的不同大大地限制了企业跨国并购融资方式可以选择的范围，这也给了我国企业跨国并购债务融资偏好一个合理的解释。
可以说目前的跨国并购融资方式是我国企业特殊的内部治理机制和外部融资环境综合作用的结果。这种融资方式所蕴含的巨大的融资风险使其不可持续，而且它还直接阻碍了我国企业跨国并购规模的发展，加剧了金融风险的积聚，增加了跨国并购后整合的难度。
文章认为以可转债为代表的混合型融资工具在减少信息不对称、优化融资结构、避免财务危机、降低代理成本、改善公司治理方面，有着单一股票或债券无以比拟的优势。发展以可转换债券为代表的混合性融资工具是解决我国跨国并购融资工具创新的主要途径。而私募股权基金作为国际并购市场重要的参与者，其本身也是企业并购重要的融资来源。引进私募股权基金作为战略投资者和资金来源，不但可以多方面开拓并购融资渠道、完善融资结构，有效地降低资金负担和分散财务风险，而且还可以有效地解决信息不对称和降低投资风险、完善治理结构、淡化国家色彩降低政治风险，并起到为跨国并购提供技术上支持的作用。
文章最后指出，虽然解决目前我国跨国并购融资存在的问题可以有很多措施，但它们都只能从某一方面使问题得到改善，全面解决跨国并购融资难的根本措施在于放松对融资的行政管制，给企业和金融机构创造一个公开、公平和透明的法律制度环境，只有公平的竞争环境才是金融创新的源泉，只有管制的放松才能打开金融创新的空间，才能从根本上解决并购融资难等问题。
M&A financing is the foundation and the key to the success of M&A activities.A suitable financing arrangement can not only provide ample funds for the M&Aactivities,but also reduce the financing cost and ease the post-merger burden for theacquirer.It may also affects the capital structure of two sides and probably changesthe control of the corporate. From a macroeconomic viewpoint, whether theacquisition financing tools are diversification, or the financing channels are smoothyis closely correlated with the degree of the country’s financial market development,the soundness of the regulatory system and the perfection of the corporate governance.After2000, the outward FDI of China have growing rapidly, which the main mode ismergers and acquisitions. The buyout activities have become the main channels forChinese enterprises to participate the international business. But the cross-borderM&A financing of Chinese enterprises have showed serious debt financingpreferences, and also faced with a series of flaws and problems such as the paymentmethod is single, the financing mode is backward, the financing channel is narrowand the market-oriented financing decision is poor. How to improve the ChineseM&A financing environment, innovate the M&A financing instruments, broaden theM&A financing channels, and let the M&A financing really become the tool for theChinese enterprise’s healthy growth, have become the common issue and the seriousconcern for the business and financial circles.
Debt financing preferences demonstrated in the cross-border M&A of Chineseenterprise is only the appearance, the focus of the dissertation is to reveal the deep-seated reasons that caused these series problems. The dissertation have shown that thedebt financing preferences in Chinese outward M&A is actualy the equity financingpreferences which constricted by financing instruments, the debt financingpreferences did not cover up Chinese corporate goverance mechanism’s imperfect. Itis the principal-agent conflicts and the principal-principal conflicts in the state-ownedenterprises, which have the dual goals of political and economic, that make Chineseenterprises financing behavior in the cross-border M&A irrational from the market view. At the same time the financing constraints which is common for Chineseenterprises, especially the financing instruments constraints greatly limit the range offinancing methods choice in the cross-border M&A, this can give an anotherreasonable explanation of debt financing preference in Chinese cross-border M&A.
It can be said that current cross-border M&A financing mode is the result of theinteraction between internal governance mechanisms and the external financingenvironment. But the current financing mode is not sustainable because of its inherenthuge financial risks. It can also hinder the development of the cross-border M&A ofChina, exacerbate the financial risks, and increase the difficulty of integration ofcross-border mergers and acquisitions.
The dissertation holds that hybrid financing instruments represented byconvertible bonds, can play an important role in reducing information asymmetry,optimizing the financing structure, avoiding financial crisis, reducing the agency costs,and improving corporate governance, which the pure stock or bond can not achieve.To develop the hybrid financing instruments such as convertible bonds is the maindirection of Chinese cross-border M&A financing tool innovation. As an importantparticipant in international M&A market, Private equity funds itself is also animportant source of financing in the mergers and acquisitions. To introduce privateequity funds as a strategic investor in cross-border M&A, can not only broaden the M&A financing channels, optimize the financing structure, reduce the interest burdenand disperse of financial risks effectively, but also solve the information asymmetryand reduce investment risk, improve the governance structure, dilute the political risk,and provide technical support for cross-border mergers and acquisitions.
The dissertation concludes that, the solution to the problems of China’s currentcross-border M&A financing may be a lot, but they can only improve situation fromsome point. The comprehensive settlement of the cross-border M&A financingdifficulties is to remove the administrative controls and to create an open, fair andtransparent legal and institutional environment for the enterprises. Only a faircompetitive environment is a source of financial innovation. Only the deregulationcan open the space of financial innovation, and solve the difficultivies of mergers andacquisitions financing.
我国企业跨国并购中表现出的债务融资偏好只是问题的表象，文章的重点是揭示产生这一系列问题的深层次原因。研究表明，目前我国企业跨国并购中所存在的债务融资偏好实质上是受融资工具约束的股权融资偏好，债务融资偏好并没能掩盖我国企业治理机制的不健全。正是国有企业内部所面临的股东和管理者之间冲突、股东和债权人之间冲突、委托人之间的冲突（PP冲突），和国有企业集政治功能与经济功能为一身的特殊性才使我国企业的跨国并购融资行为表现出市场的非理性。同时我国企业普遍存在的融资约束，特别是不同的融资工具相对约束程度的不同大大地限制了企业跨国并购融资方式可以选择的范围，这也给了我国企业跨国并购债务融资偏好一个合理的解释。
可以说目前的跨国并购融资方式是我国企业特殊的内部治理机制和外部融资环境综合作用的结果。这种融资方式所蕴含的巨大的融资风险使其不可持续，而且它还直接阻碍了我国企业跨国并购规模的发展，加剧了金融风险的积聚，增加了跨国并购后整合的难度。
文章认为以可转债为代表的混合型融资工具在减少信息不对称、优化融资结构、避免财务危机、降低代理成本、改善公司治理方面，有着单一股票或债券无以比拟的优势。发展以可转换债券为代表的混合性融资工具是解决我国跨国并购融资工具创新的主要途径。而私募股权基金作为国际并购市场重要的参与者，其本身也是企业并购重要的融资来源。引进私募股权基金作为战略投资者和资金来源，不但可以多方面开拓并购融资渠道、完善融资结构，有效地降低资金负担和分散财务风险，而且还可以有效地解决信息不对称和降低投资风险、完善治理结构、淡化国家色彩降低政治风险，并起到为跨国并购提供技术上支持的作用。
文章最后指出，虽然解决目前我国跨国并购融资存在的问题可以有很多措施，但它们都只能从某一方面使问题得到改善，全面解决跨国并购融资难的根本措施在于放松对融资的行政管制，给企业和金融机构创造一个公开、公平和透明的法律制度环境，只有公平的竞争环境才是金融创新的源泉，只有管制的放松才能打开金融创新的空间，才能从根本上解决并购融资难等问题。
M&A financing is the foundation and the key to the success of M&A activities.A suitable financing arrangement can not only provide ample funds for the M&Aactivities,but also reduce the financing cost and ease the post-merger burden for theacquirer.It may also affects the capital structure of two sides and probably changesthe control of the corporate. From a macroeconomic viewpoint, whether theacquisition financing tools are diversification, or the financing channels are smoothyis closely correlated with the degree of the country’s financial market development,the soundness of the regulatory system and the perfection of the corporate governance.After2000, the outward FDI of China have growing rapidly, which the main mode ismergers and acquisitions. The buyout activities have become the main channels forChinese enterprises to participate the international business. But the cross-borderM&A financing of Chinese enterprises have showed serious debt financingpreferences, and also faced with a series of flaws and problems such as the paymentmethod is single, the financing mode is backward, the financing channel is narrowand the market-oriented financing decision is poor. How to improve the ChineseM&A financing environment, innovate the M&A financing instruments, broaden theM&A financing channels, and let the M&A financing really become the tool for theChinese enterprise’s healthy growth, have become the common issue and the seriousconcern for the business and financial circles.
Debt financing preferences demonstrated in the cross-border M&A of Chineseenterprise is only the appearance, the focus of the dissertation is to reveal the deep-seated reasons that caused these series problems. The dissertation have shown that thedebt financing preferences in Chinese outward M&A is actualy the equity financingpreferences which constricted by financing instruments, the debt financingpreferences did not cover up Chinese corporate goverance mechanism’s imperfect. Itis the principal-agent conflicts and the principal-principal conflicts in the state-ownedenterprises, which have the dual goals of political and economic, that make Chineseenterprises financing behavior in the cross-border M&A irrational from the market view. At the same time the financing constraints which is common for Chineseenterprises, especially the financing instruments constraints greatly limit the range offinancing methods choice in the cross-border M&A, this can give an anotherreasonable explanation of debt financing preference in Chinese cross-border M&A.
It can be said that current cross-border M&A financing mode is the result of theinteraction between internal governance mechanisms and the external financingenvironment. But the current financing mode is not sustainable because of its inherenthuge financial risks. It can also hinder the development of the cross-border M&A ofChina, exacerbate the financial risks, and increase the difficulty of integration ofcross-border mergers and acquisitions.
The dissertation holds that hybrid financing instruments represented byconvertible bonds, can play an important role in reducing information asymmetry,optimizing the financing structure, avoiding financial crisis, reducing the agency costs,and improving corporate governance, which the pure stock or bond can not achieve.To develop the hybrid financing instruments such as convertible bonds is the maindirection of Chinese cross-border M&A financing tool innovation. As an importantparticipant in international M&A market, Private equity funds itself is also animportant source of financing in the mergers and acquisitions. To introduce privateequity funds as a strategic investor in cross-border M&A, can not only broaden the M&A financing channels, optimize the financing structure, reduce the interest burdenand disperse of financial risks effectively, but also solve the information asymmetryand reduce investment risk, improve the governance structure, dilute the political risk,and provide technical support for cross-border mergers and acquisitions.
The dissertation concludes that, the solution to the problems of China’s currentcross-border M&A financing may be a lot, but they can only improve situation fromsome point. The comprehensive settlement of the cross-border M&A financingdifficulties is to remove the administrative controls and to create an open, fair andtransparent legal and institutional environment for the enterprises. Only a faircompetitive environment is a source of financial innovation. Only the deregulationcan open the space of financial innovation, and solve the difficultivies of mergers andacquisitions financing.
引文
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