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On the financing problems of asset reorganization of enterprise and innovation measures

Author: HuYuCun From: www.yourpaper.net Posted: 2010-06-04 18:27:07 Read:
Keywords: the recombinant     merger and acquisition of enterprises; financing; financing
Abstract: merger is a way of reorganization of enterprise assets, is an important way to the rapid expansion of enterprises, the success of mergers and acquisitions can create value for the enterprise. In recent years, China's M & A case to increase significantly, but China's enterprises in merger and acquisition financing still in great disorder, this kind of phenomenon seriously hamper the development of China's business growth, are in urgent need of reform and innovation.
, the meaning of enterprise restructuring
Reorganization to allocation of resources in enterprises, including enterprise resource reconfiguration and human recombinant resources, organizational resources and capital resources, it is not only the adjustment of production resources, but also to adjust the production resource elements and the core of enterprise restructuring is the reorganization of assets, relative to other restructuring is a foundation engineering.The work of enterprise assets reorganization financing has a clear purpose, the main work is to make clear the property right of enterprise, improve enterprise capital structure, so as to improve the enterprise capital profits, enhance the enterprise capital financing ability, reach the separation of social functions of enterprises, promote enterprise management mechanism is formed and standardized operation, improve enterprise competition ability.Reorganization of assets capital scale and capital structure decision of enterprises, such as restructuring and capital structure is different, can cause long-term capital and short-term capital, the capital structure of a firm's own funds and debt investment proportion of different.
The presence of two, enterprise restructuring difficult
(a) means of financing of Chinese enterprises in the process of restructuring is not much
At present, China's restructuring of the financing channel is mainly to raise funds through the stock market, but because of the listing process difficult, market there are many not standard phenomenon, compared and fund-raising in Hongkong and Europe and the United States market is very weak, and the M & A financing capital demand is big, the risk is bigger also, less attractive to investors, resulting in the capital demand and supply gap significantly; in addition the stock issuance control, will also affect the financing scale.The main channel of the bond market is the enterprise's financing, but because our country bond issuing enterprise credibility is not high, resulting in servicing the worry, to protect the interests of investors, countries tend to strictly control the issuance of corporate bonds, a total control, two is the complicated procedures, procedures and documentation are available to issue, often resulting in enterprises mergers and acquisitions funds are not in accordance with the expected.Once again, the corporate bond investors in Chinese capital market scanty, western developed countries, there are many special fund investing in these securities, and institutional investors in our country is less in quantity, demand, bond financing capacity is reduced.
(two) lack of commercial credit scale
One is due to the state-owned property in our country banks, investors for the asset at LAX, some enterprises in the debt restructuring process, and malicious evasion of bank debt, so that banks suffered heavy losses, the impact of bank's willingness to participate.The main issue of China's credit is the bank, while the main users are state-owned enterprises, the state-owned enterprise property right is not clear, cause enterprise capital has not formed a set of effective complement mechanism, has been to rely on blood banks, the banks, and the enterprise does not think enterprising, finally causes the enterprise try various devices to avoid the bank debt, government to support the behavior of enterprises, the formation of a large number of bad debts, dead.At the same time in the process of large-scale state-owned enterprises at the end of the century, a large number of state-owned enterprises did not stop production for the master, but most of the state-owned assets loss.The bank creditor rights can not be guaranteed.The behavior of enterprises directly reduces the quality of bank credit assets.So the above historical background caused banks on credit ability and confidence is affected, causes the enterprise to reduce the chance of bank financing.
(three) merger enterprise activation ability is not strong
M & A is mainly in order to strengthen corporate management ability, or make up for deficiencies in certain aspects, or in order to occupy the market, so the importance of corporate mergers and acquisitions were activated ability, reconstruction of activation of enterprises not only need to enterprise architecture, more important is the capital injection.But the current corporate merger and reorganization, only pay attention to M & a success, M & A is filling, activation process does not focus on the completion of the merger of enterprises, and easy to cause the M & A activities lost their previous significance.
three, asset restructuring of enterprise financing innovation measures of
(a) take the operation model group, to build credibility enterprises
First, improve the operating mechanism, and take stock of business or group business, by increasing shareholder scale, improve capital supply capacity, not only can expand the scale of enterprises, but also can reduce the risk of financing.The establishment of modern enterprise financial system strictly, strengthen and the third party of CPA firms and audit departments, especially the well-known enterprise cooperation, enhance the credibility of financial statements.
(two) rich financing method, difference of M & A
First, we should vigorously improve the structure of the capital market, establishing large-scale enterprise and small and medium-sized enterprises to establish, perfect plate, different types of capital market system, rich enterprise direct financing channels, such as to increase the independent strength of high-tech enterprises, creating the risk investment market, the establishment of small enterprises of mutual funds and other methods.Second, at present, the recombinant mainly has two kinds, respectively is the administrative allocation and market transaction.Enterprises should be scientific assessment of M & a prospect in mergers and acquisitions, careful selection of M & A.
(three) of the merged enterprise activation modification
The difference between treated acquisitions of existing assets of enterprises: 1 for excellent assets part of enterprise M & A, high brand awareness, product stable performance products and resources, further funding, to promote their healthy development; 2 for general business conditions, reduced its debt, reducing the burden on enterprises, reengineering technology, products and management the cultivation of such enterprises, development: 3 for turning hopelessness, defaulting enterprise, take the shutdown mode, reduce the burden on enterprises, and sell their assets, which can access the other enterprise funds for further development of enterprise mergers and acquisitions, deal with the reasonable choice of financing channels, timely activate the assets acquired, for the new enterprises to take off and put up the wings!
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