对中国投资银行参和跨国并购的研究

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1、西北T业大学MBA论文AbstractSinceChina’sentryintotheWorldTradeOrganizationfWTO)，thehighwallofseclusionhasgraduallytumbleddown．InternationalenterpriseshavebeenabletoenterChinawithdecreasingcostandloweringrisk．TransnationalcompanieswillmorefrequentlyadoptM&AtoolstoenterChinesemarket，soastoreduc

2、ecOStSandtime．Meanwhile，theChinesegovernmenthasissuedaseriesofpreferentialregulationstoattractandencourageforeigncapitalstomergeenterprises，gearingtodeepenthereforinoftheeconomicsystemaswellasenhanceChina’seconomicdevelopmentandthereforrnofstate—ownedenterprises．Confrontedwiththecomi

3、ngwaveoftransnationalmerger,ourinvestmentprofessionalsshouldconductfurtherresearchesandexplorationstofacilitatethegrowthandmaturityofthedomesticinvestmentbanks．andmakeduecontributiontothedevelopmentofChina’scapitalmarket．Thispapersummarizedthegeneralprocedureandthetypesofcross—border

4、M&Athroughinvestigatingthetransnationalmergersofwesterninvestmentbanks．BasedontheTheoryofInformationAsymmetryandTobin’setheory,thepaperelaboratedthecross．borderM＆Awiththeparticipationofinvestmentbanks，andanalyzedtheroleofinvestmentbanksinthecross．borderM&AMeanwhile，byanalyzingChina’s

5、investmentbank’spresentconditionsandthefuture，the。papercameupwithsomestrategiesonhowtoparticipateincross—borderM&A．Intheend．thepapergaveanin—depthanalysisonttolleyGroupmergingPhilip’sCDMADevelopmentDepartment，acasedesignedbyPKUAlliance．Havinginvestigatedanddiscussedtheprocedureandmod

6、esadoptedbydomesticinvestmentbanksintheoperationofcross—borderM&A，thepapergaveinsightsonsomeimportantproblemsthatdeservescloseattentioninthemerger,inthehopeofofferingreferencefoe。domesticinvestmentbanksintheirparticipationinCROSS-borderM&A．[KeyWords]InvestmentBankCross—borderM&A嘶北丁业人

7、学MBA1宅文1导论1．1选题背景一区以米，跨国并购是FDI(外国直接投资)的主要方式，同时作为FDI载体的跨国公司迅速发展及其全球经营战略的客观需要，它对国际经济神I我国经济，对国际政治和各国社会，都产生日益强烈、广泛和深刻的影响。加入WTO意味着中国的改革开放进入了一个新阶段。与过去二f年相比，以前的开放实际上只是象征意义上的开放。经常项目下的关税和非关税壁垒，资本项日F的流动限制等赴，}I国经济与全球经济之间筑起道高墙。伴随中国加入WTO，与肚隔绝的高墙渐渐被推倒，国际企业进入中国的成本与风险逐渐降低，我WJ将看到全球经济中最活跃的中小公司群体将有机会K驱

8、直八中国市场。它们将不再