并购基金运作及风险管理外文文献翻译最新

外文文献翻译:原文+译文
原文
The study on fund operation and risk management of mergers and acquisitions
Haslem A
Abstract
International mergers and acquisitions fund first appeared in the United States, and then spread to Europe and Japan. Now M&A has developed into a mature market, the mainstream form of private equity funds. As of January 2012, global mergers and acquisitions fund capital reserves of $367 billion, total private equity fund capital reserve ratio of 40%, 2.3 times for venture capital fund capital reserves. From brokers involved in mergers and acquisitions fund Angle, this paper introduce the basic operation mode of the buy-out funds, focusing on pricing mechanism has carried on the analysis and research, also note the M&A risks, combined with the current problems in mergers and acquisitions related policy Suggestions are put forward. Keywords: M&A fund, operation form, M&A risk
1 Introduction
Acquisition refers to a company achieved a certain degree of control over other companies through property rights transactions, in order to achieve certain economic objectives of economic behavior. Under the background of economic transformation, through mergers and acquisitions to develop emerging industry is of great significance to the development of the company. One is to realize the quick access to enterprise growth, break through the barriers to enter the best choice of the emerging industries. It is to help industry consolidation, perfecting the product layout, produce scale effect and synergistic effect, improve the efficiency of management, and realize the strategic development goal. Three is the enterprise to choose high quality targets, complementary advantages, at the same time to obtain investment returns. According to the Angle of industry division, can be divided into three types: one is horizontal mergers and acquisitions: refers to the same belongs to an industry or trade, production and sales of similar products of enterprises between the purchase behavior. Its aim is to eliminate competition, expand market share, increase the acquisition of
the company's monopoly power or to form scale effect. Generally occur in the competition between enterprises, is one of the most often used in corporate mergers and acquisitions, the most direct impact on industry development. The second is the longitudinal mergers and acquisitions: refers to the process of production or business links between closely related company acquisitions. Basic features are the market as a whole range of vertical integration. Take place between the upstream and downstream of the same industry, between suppliers and customers, mainly concentrated in the iron and steel, oil dependence on raw materials such as larger energy and basic industries. Three is mixed M&A: also called compound acquisition, refers to the production and business operations unrelated to each other between the product or service company acquisitions. Basic characteristics is occurred in the merger between enterprises of different industries, mainly in order to spread risk, diversification is an important method, for the enterprise to enter other industries provides a powerful and convenient, low-risk way, mainly in the stronger in the enterprise.
2 The status of M&A fund
Over the past few years private equity funds by taking a stake in the Pre ‐lucrative IPOs, so growth funds is still the mainstream. However, as the Pre ‐ IPO investment increased competition, pre-IPO investment and the secondary market spreads gradually narrowed, growth fund returns will gradually decline. Buy-out fund just belong to the early stage, its development lag reason is that mergers and acquisitions fund for corporate control has the certain difficulty, supporting financing channel is narrow, and exit channel not free, such as professional manager market to mature, and mergers and acquisitions fund operation is more complex, less capable management team. In recent years, however, with the rapid development of economy, the increased number of scale enterprise, and the majority of the industry have excess capacity and transition of vicious competition, mergers and acquisitions increased demand quickly, and private entrepreneurs also faces the problem of change and renewal and the possibility of controlling owners increase, state-owned enterprises are facing the critical moment of industrial upgrading and transformation, integration through the industry leading industry become an important choice. At the same time,
with the increasingly mature of investment and financing channels and capital market increasingly market-oriented, form a complete set of channels of financing channels and exit problems resolved step, the ranks of professional managers also gradually growing, mergers and acquisitions fund market environment is gradually mature. The increasing competition of the project and the rate of return is reduced, makes the dominant status of shrinking space of growth funds. Therefore, mergers and acquisitions fund will occupy the mainstream position, and through the combination of different financing products, promote mergers and acquisitions to further improve capital market environment, promote the product diversification, by adjusting the enterprise structure optimization of the existing market allocation of resources. Buyout funds has become the mainstream, is its actively look for in a financial or management dilemma or point of large and medium-sized companies, large scale and complex structure, these companies will be involved in the process of acquisition is the overall amount of capital scale and specialization of transaction structure design. Acquisition process operation complexity was also significantly higher than that of growth fund or risk investment, high barriers to entry, and mergers and acquisitions fund long-term yields similar to venture capital, but not higher than the risk coefficient of risk investment, also has great appeal to investors. And mergers and acquisitions fund of a single investment scale, obtain the absolute return is bigger, so the investors profit scale is larger. At the same time, buyout funds usually consist of relatively large, experienced private equity fund management companies, institutional investors for its relatively high recognition. In mature markets, the financing channel is smooth, with a certain income or profit growth companies have access to a variety of financing market environment. So mature markets private equity fund market pattern is usually embodied in: the rapid growth of venture capital to assist start-ups, mergers and acquisitions fund supporting large and medium-sized enterprises to upgrade transformation, the space of growth funds are compressed very small.
3 The major functions of M&A fund
In operation, mergers and acquisitions funds generally belong to holding funds, but sometimes buy-out funds can also be an equity funds, play a different role in
mergers and acquisitions.
3.1 Providing the funds needed for the merger, acquisition and reorganization
Main types of projects including but not limited to: based on laws and regulations, on time, the main body of the policy limit, need to mergers and acquisitions fund to cross the bridge project. Payment shall be limited to cash, the cash after complete the capital operation such as recycled back to the project of related parties. Such projects have shorter time period, income is relatively stable, risk control, etc.
3.2 Assisting customer acquisition target enterprise
Main application field for actual mergers raise all the money is difficult in the short term, the funding gap part by buy-out funds to help solve, joint acquisition target enterprise, enterprise mergers and acquisitions fund participation mark. For the target project after the completion of the acquisition, produced by acquirers with actual project cash flow or other sources of cash flow fund holds a minority stake in the repurchase M&A. These projects have a certain risk, but may provide the equity pledge by requiring the actual acquirers (including the equity pledge, the acquirers of the target company equity pledge, etc), the pledge of movable property, real estate/mortgage, the third party risk control in the form of joint liability guarantee, etc.
3.3 Holding acquisition target enterprise directly
Enterprise M&A object mainly is the quality good target, after adjusting for industrial integration, management structure can quickly improve value, in the future through the whole/money selling and listed spin-off. The difficulty lies in its own funds footprint is big, cycle is relatively long, management pressure, and have a certain risk. Buyout funds for all kinds of restructuring projects to provide the funds required for the cash option, absorption merger of listed companies often need to have financial strength of a third party to provide cash option. Buy-out funds can be the option of the disclosing party, as cash acquisition of dissent shareholders, when conditions are ripe again by major shareholders repurchase of listed companies, to get premium (a better quality of the listed company, also can hold for a long time).Cash option can be provided to all shareholders, can also provide to vote at shareholder's
meetings for the shareholders.
4 Brokerage M&A fund operation model
One is as sponsor by brokers direct investment company, set up wholly owned or controlled by the fund management co., LTD., the fund management company as the general partners in combination with other investment funds of the partnership, limited partners jointly set up M&A and responsible for mergers and acquisitions after the buyout funds set up fund management and operations, general partners bear unlimited joint and several liability for the debts of buy-out funds. The advantages of limited partnership is professional management autonomy, can realize the investor the perfect combination of capital investment skill and professional managers, profit distribution and flexible avoid double pay taxes.Second, the partner meeting for mergers and acquisitions fund all the partners of the organization, partner meeting can be classified into regular meetings and interim meetings. Annually convene a meeting regularly, its content for the communication information and general partners limited partners to report investment situation. Interim meeting mainly discuss specific major matters of the partnership agreement. Three is the general partner shall establish a commission investment decisions, responsible for the final decision of equity investment business investment items, including investment in the buy-out funds, buy, sell and transfer matters to make a decision. Generally can also set the advisory committee, whose members are held by a representative of the general partner invited a limited partner. Responsibilities mainly include the potential conflicts of interest or investment matters more than investment restrictions, valuation issues and associated business matters to discuss and make recommendations to the general partner. Fourth, mergers and acquisitions fund entrust a commercial bank as mergers and acquisitions fund custodian, the basic responsibility for mergers and acquisitions of cash implementation in the fund account keeping. Mergers and acquisitions funds all cash assets, manage according to the provisions of the partnership agreement, including the deposit bank, buying bonds and other fixed-income security products etc. Buyout funds generally total amount will be made to the same portfolio companies in excess of 30% of the mergers and acquisitions fund total amount subscribed capital
investment. Buyout funds generally shall not invest in real estate shall not be engaged in guarantee business and may not be on the secondary market for short-term price difference for the purpose of buying and selling shares. Five is according to the characteristics of the current M&A market, combined with the brokerage industry talent reserves, tend to focus on financial and business services, consumer and agricultural, manufacturing and technology, energy and materials in areas such as investment opportunities, culture and media. Through controlling acquisition, consolidation investment and other laws and regulations permit the investment in the form of investment, business restructuring to the target company and improve, improve enterprise value, eventually to listing, equity transfer, private placement, the original shareholders to buy back a variety of ways, such as exit to obtain investment returns. Six is mergers and acquisitions fund investment management operation, generally according to the concept of market-oriented operation, establish a professional and efficient investment decision-making system and scientific process, performance and risk management, promote the market mechanism to improve the efficiency of the allocation of resources and quality, to create a return on investment for investors. Mergers and acquisitions fund is based on the value of the invested enterprise value-added investment value of appreciation. Mergers and acquisitions fund work closely with the invested enterprise management team, for the enterprise to provide value-added services, including: the implementation of enterprise long-term value promotion plan. The acquirer's management is to achieve the interests of the community, through the design of incentive mechanism to solve the problem of agent. Produce synergies with the management, balance short-term results and long-term development strategy, asset integration promote enterprise value, the integration of these assets include: splitting and sale of inefficient assets and departments, withdraw the low return on investment, reduce and control costs, reduce bureaucracy, simplify the management mechanism, adjustment of capital structure, reduce the cost of capital, improve the company reputation, etc. M&A fund according to the different patterns of investment strategy, for the enterprises to implement different levels of control and influence, take control of the enterprise including, or joining the board of directors,
participation in enterprises in the aspects of finance, personnel, strategic decision making; Close supervision enterprise financial situation, help enterprises to introduce capital and the partner, extend new market opportunities.
文献出处：Haslem A. The study on fund operation and risk management of mergers and acquisitions [J]. Economic Journal, 2016, 3(2): 18-28.
译文
并购基金运作及风险管理研究
摘要
国际并购基金最早出现在美国，随后扩展到欧洲以及日本。

目前并购基金已经发展成为成熟市场私募股权基金的主流形式。

截至2012 年 1 月，全球并购基金资本储备为3670 亿美元，占全部私募股权基金资本储备比例达到40%，为风险投资基金资本储备的 2.3 倍。

本文从券商参与并购基金角度，介绍了并购基金的基本运作模式，重点对定价机制进行了分析与研究，还特别提示了并购交易存在的风险，并结合目前在并购交易中存在的问题提出了相关政策建议。

关键词：并购基金，运作形式，并购风险
1 引言
收购指一个公司通过产权交易取得其他公司一定程度的控制权，以实现一定经济目标的经济行为。

在经济转型的背景下，通过并购开拓新兴产业对公司的发展具有重要意义。

一是实现企业成长的快速通道，突破行业壁垒进入新兴行业的最佳选择；二是有助于产业整合、完善产品布局，产生规模效应和协同效应，提高经营效率，实现战略发展目标；三是企业选择优质的并购标的，可优势互补，同时获取投资收益。

按行业角度划分，可分为三类：一是横向并购：指同属于一个产业或行业，生产或销售同类产品的企业之间发生的收购行为。

其目的在于消除竞争，扩大市场份额，增加收购公司的垄断实力或形成规模效应。

一般发生在竞争企业间，是在企业并购中运用最多的一种方式，对行业发展影响最为直接。

二是纵向并购：指生产过程或经营环节紧密相关的公司之间的收购行为。

基本特征是市场整体范围内的纵向一体化，发生在同一产业的上下游之间，供应商和客
户之间，主要集中在钢铁、石油等对原材料依赖较大的能源与基础工业。

三是混合并购：又叫复合收购，指生产和经营彼此没有关联的产品或服务的公司之间的收购行为。

基本特征是发生在不同行业企业之间的并购，主要为了分散风险，多元化的一个重要方法，为企业进入其他行业提供了有力、便捷，低风险的途径，主要发生在实力较强的企业中。

2 并购基金现状
过去几年私募股权基金可通过参股Pre‐IPO 项目获得丰厚回报，因此成长型基金仍是主流。

然而，随着Pre‐IPO 投资竞争加剧，上市前投资和二级市场价差逐渐缩小，成长型基金丰厚回报必然逐渐下降。

并购基金刚刚属于起步阶段，其发展滞后的原因在于：并购基金获取企业控制权有一定难度、配套融资渠道窄、以及退出渠道不畅、职业经理人市场有待成熟等，加之并购基金的运作比较复杂，有能力的管理团队较少。

然而近几年，随着经济的快速发展，成规模企业数目增多，而多数行业又存在产能过剩和过渡恶性竞争的情况，并购需求增加很快，而民营企业家也面临更迭换代的问题，控股权易主的可能性增加，国有企业则面临产业升级和转型的关键时刻，通过行业龙头进行产业整合成为重要选择。

同时，随着投融资渠道的日益成熟和资本市场的日益市场化，配套融资渠道和退出渠道等问题步得到解决，职业经理人队伍也逐步壮大，并购基金的市场环境逐渐成熟。

而项目竞争的日益激烈和回报率降低，会使目前占主流地位的成长型基金的空间逐渐缩小。

因此，并购基金将占据主流地位，并通过对不同融资产品的组合运用，推动并购资金配套市场环境的进一步改善，促进产品多元化，通过调整企业结构优化现有市场的资源配置。

并购基金之所以会成为主流，在于其主动寻找处于财务或管理困境或者转折期的大中型公司，这些公司规模较大、交易结构复杂，收购过程中会涉及相当规模的资金量和专业化的交易结构设计。

收购过程的操作复杂度也显著高于成长型基金或风险投资，具有较高的进入门槛，而且并购基金的长期收益率与风险资本相近，但风险系数却不高于风险投资，对投资人也具有较大的吸引力。

加上并购基金的单一投资规模较大，所获取的绝对收益较大，因此投资人获得利润规模也较大。

同时，并购基金通常由相对大型的、有经验的私募股权基金管理公司运作，机构投资人对其认可度相对较高。

在成熟市场中，融资渠道较通畅，有一定收入或者利润的成长型企业（完整译文请到百度文库）具
有获取多种融资的市场环境基础。

因此成熟市场的私募股权基金的市场格局通常体现为：风险资本协助初创企业快速增长，并购基金支持大中型企业升级转型，成长型基金的空间则被压缩的很小。

3 并购基金主要功能
在操作中，并购基金一般属于控股型基金，但有些时候并购基金也可以成为参股型基金，在并购交易中发挥不同的作用。

3.1并购基金为客户提供并购重组所需的资金
主要的项目类型包括但不限于：基于法规、政策有关时间、主体等方面的限制，需要并购基金出面过桥的项目。

支付方式限于现金，该等现金在完成资本运作后可循环回相关方的项目。

此类项目具有时间周期较短、收益较为稳定、风险可控等特点。

3.2并购基金以自有资金协助客户收购标的企业
主要的应用领域为实际并购方短期内筹措全部收购资金存在困难，资金缺口部分由并购基金协助解决，共同收购标的企业，并购基金参股标的企业。

待目标项目收购完成后，由实际收购方用项目产生的现金流或其他来源的现金流回赎并购基金持有的少数股权。

此类项目有一定风险，但可通过要求实际收购方提供股权质押（包括将目标公司的股权质押、将收购方股权质押等方式）、动产、不动产质押/抵押、第三方连带责任担保等形式控制风险。

3.3并购基金动用自有资金直接控股收购标的企业
并购对象主要是质量较好的标的企业，经过产业整合、管理结构调整后能够迅速提升价值，未来通过整体/分拆出售、上市等途径获利。

难点在于自有资金占用量大，周期相对长，管理压力大，有一定风险。

并购基金为各类重组项目提供现金选择权所需资金，上市公司吸收合并经常需要有资金实力的第三方提供现金选择权。

并购基金可作为现金选择权的提供方，收购异议股东的股份，条件成熟时再由上市公司大股东回赎，获取溢价（上市公司质量较好的，也可长期持有）。

现金选择权既可以向全体股东提供，也可以向股东大会上投反对票的股东提供。

4 券商并购基金的运作模式
一是由券商直投公司作为出资人，设立全资或控股的基金管理有限公司，该基金管理公司作为普通合伙人联合其他有限合伙人共同设立并购投资基金合伙
企业，并在并购基金设立后负责并购基金的管理和运营，普通合伙人对并购基金的债务承担无限连带责任。

有限合伙制的优点在于专业管理方有管理自主权，可以实现出资人的资本和专业管理人投资技巧的完美结合，利润分配灵活且避免双重纳税。

二是合伙人会议为并购基金全体合伙人的议事机构，合伙人会议可分为定期会议和临时会议。

定期会议每年度召开一次，其内容为沟通信息及普通合伙人向有限合伙人报告投资情况。

临时会议主要讨论合伙协议约定的特定重大事项。

三是普通合伙人设投资决策委员会，负责股权投资企业投资事项的最终决策，包括对并购基金的投资、收购、出售以及转让事宜作出决定。

一般还可设咨询委员会，其成员由普通合伙人邀请有限合伙人的代表担任。

职责主要包括对存在潜在利益冲突或超过投资限制的投资事项、估值事项、关联交易事项等进行讨论并向普通合伙人提出建议。

四是并购基金委托一家商业银行作为并购基金的托管机构，其基本职责为对并购基金账户内的现金实施保管。

并购基金全部现金资产，可按合伙协议的规定进行管理，包括存放银行、购买国债及其他固定收益类产品等安全方式。

并购基金一般不得对同一投资组合公司进行总额超过并购基金总认缴出资额30%的投资。

并购基金一般不得投资于不动产、不得从事担保业务、不得在二级市场上以获取短期差价为目的买卖上市股票。

五是根据目前并购市场的特点，结合券商的行业人才贮备情况，一般会重点关注金融与商业服务、消费与农业、制造与科技、能源与材料、文化与传媒等领域的投资机会。

通过控股权收购、行业整合投资以及其他法律法规允许的投资方式进行投资，对目标公司进行业务重组及改善，提升企业价值，最终以上市、股权转让、定向增发、原股东回购等多种方式退出获取投资收益。

六是并购基金的投资管理运营一般按市场化理念运作，建立专业、高效的投资决策体系和科学投资流程，绩效与风险管理并重，促进以市场机制提升资源配置的效率与质量，为投资人创造投资回报。

并购基金通过对被投资企业的价值增值获得投资的价值增值。

并购基金与被投资企业管理团队紧密合作，为企业提供增值服务，包括：实施企业长期价值提升计划；与被收购方管理层达成利益共同体，通过设计激励机制解决代理人问题；与管理层产生协同效应，平衡短期业绩和长期发展战略，进行资产整合提升企业价值，其中资产整合包括：剥离和出售低效资产和部门、抽回低回报投资、削减和控制费用、裁减冗员、简化公司管理机构、调整资本结构、降低资本成本、提高
公司知名度等。

并购基金根据投资策略中不同的模式，对所投资企业实施不同程度的控制力和影响力，包括取得企业的控制权，或者加入董事会，参与企业在财务、人事、战略等方面的决策；密切监督企业的财务状况，帮助企业引进资金和合作伙伴，拓展新的市场机会等。