商业银行理财资金投资并购项目研究(硕士)(论文40000字)
摘 要
近年来，国内金融市场不断变化，融资方的融资需求日趋多样化，金融行业从分业经营逐渐向混业经营的方向发展。国内商业银行的发展也与时俱进，在表内资金不可做股权投资的条件下，逐步创新银行的金融产品，在银监会督导下商业银行以投行思维，充分挖掘银行理财资金的潜能，以理财资金为资金源头搭建符合市场要求的金融产品，对接当前金融市场的差别化融资需求，解决市场上需要股权融资的问题。在中国经济面临深刻转型的大背景下，本文将以商业银行如何运用理财资金运用投行思维搭建金融产品满足项目并购融资并合理退出投资展开研究。
案例以某商业银行深圳分行拟通过理财资金认购Q基金（本文案例中的融资方式）份额14亿元以结构化形式投资于上市公司背景的H医药项目（本文案例中的并购标的）并购，解决上市公司并购项目的融资。以此为背景探讨商业银行以投行思维搭建金融产品来满足金融市场客户并购的项目融资，通过案例流程的细节分析，进一步探讨商业银行未来投行业务的发展。
文章中，绪论部分阐述了文章的研究意义和背景、国内外的研究成果、研究时使用的方法及相应的技术路线等，然后进一步分析我国商业银行利用理财资金发展的投行业务。在此基础上，展开对全文研究重点的论述。全文的研究重点是金融产品的资金源、金融方案（即金融产品搭建）、投资退出机制（包括项目可行性分析、风险分析及资金退出策略）。由于金融方案是运用私募基金作为搭建通道，故简单介绍的该基金的运作（包括基金要素、基金投资策略、出资架构、预期内部收益率、投资退出与管理等五个方面）。退出机制的重点包括并购标的项目的可行性分析及资金退出时可能面临的风险（项目管理风险、分配风险、退出风险、政策和环境风险、市场风险、操作或技术风险、税收政策风险、其他风险等）及相关应对措施。最后，本文详细阐述理财资金退出的若干可行性方案。 版权所有WWW.56DOC.COM
关键字：资产分析、金融方案、退出机制
Abstract
In recent years, with the growing awareness of people's investment, there is more and more bank financial products, and commercial banks have increasingly large scale of financial capital. According to the financial data of the General Interest Standard, the current commercial bank financing funds in China is mainly standardized assets. The efficiency and effectiveness of the commercial bank's financial investment is directly related to the profitability and vital interests of the commercial banks. The wealth of financial products and the scale of the financial management of commercial banks have been growing, and the matching of financial management and investment has become increasingly prominent. In the context that China's economy is facing a profound transformation, the medical and health industry becomes the preferred direction of sound investment.
Shenzhen branch of a commercial bank intends to subscribe to the Q Fund (limited partnership) share of 1.4 billionyuan through the financial funds for the pharmaceutical project directed investment. Based on this background, this paper discusses the related problems of commercial banks' financial investment in H pharmaceutical projects, and expounds the concrete operation scheme of Q fund and the investment analysis of H pharmaceutical investment projects. The paper studies on commercial bank's financial fund business, by entering the commercial bank financial funds through specific case investigation and analysis of medical fund investment projects. There will be great significance to discuss the future development trend of the commercial bank of the paper.
In the article, the introduction explains the research significance and background of the article, the research results at home and abroad, the methods used in the study and the corresponding technical routes, research status at home and abroad, research methods and research content and framework. Then, further analysis of China's commercial banks financial funds and the development of the status. The paper analyzes the current situation of commercial banks' financial capital from three perspectives: product survival analysis, investor analysis and investment asset analysis. The full text of the study is focused on financial investment fund program overview, H pharmaceutical project investment analysis and financial capital investment risk warning and response measures. The research on the financial investment fund focuses on the operation of the Q fund, including five aspects: the investment fund, the fund investment strategy, the investment structure, the expected internal rate of return, investment and management. For the analysis of H pharmaceutical investment projects from the project specific background and necessity, the general situation of the project investment, market demand forecast and the scale of construction, economic evaluation, social impact assessment and comprehensive. Subsequently, a simple analysis of risks the financial investment funds may face and related countermeasures. The paper introduces 9 types of investment risk, such as operation risk, management risk, exit risk, policy risk and market risk, management risk, risk allocation, operation or technical risk, tax policy risk and other risk. There are also relevant countermeasures put forward. Finally, the paper reviews the investment situation of financial capital investment H project and the corresponding risk response measures.
Keywords:Asset Analysis, Finacial program, Withdrawalmechanism.
目录
摘 要 1
Abstract 2
第一章 引言 8
第一节 研究背景与意义 8
一、 研究背景 8
二、 研究意义 10
第二节 相关文献综述 11
一、 投资学方面文献 11
二、 私募基金投资方面文献 12
三、 理财资金投向方面文献 12
四、 理财资金风险管理方面文献 13
五、 理财投资并购方面文献 13
第三节 研究目的、方法及创新点 14
一、研究目的 14
二、研究方法 15
三、研究创新点 15
第四节 研究内容与框架 15
第二章 投资结构化私募基金理论概述 17
第一节 投资学相关理论支撑 17
一、金融资产定价理论 17
二、资产组合理论 18
三、资本市场理论 18
四、回购理论（增信措施一） 18
五、流动性支持理论（增信措施二） 19
六、 差额补足理论（增信措施三） 19
第二节 融资方式介绍与选择 20
第三节 融资方案确认 22
一、融资需求背景 23
二、融资方案确定 24
三、基金出资架构 25
第三章 并购标的投资价值评估 27
第一节 融资方实施并购的必要性 27
一、并购标的项目提出的背景 27
二、政策背景分析 28
三、标的项目建设的必要性分析 29
四、H项目建设的可行性分析 31
第二节 并购标的项目概况 34
一、项目简介 34
二、承办单位概况 36
第三节 市场需求预测 37
第四节 项目经济效益评价 38
一、评价说明 38
二、财务评价的基础数据与参数选取 39
三、营业成本和收入估算（估值管理） 39
四、基金预期内部收益率 42
第五节 项目社会影响评价 43
一、项目社会影响分析 43
二、社会风险分析 44
三、社会效益分析 44
第六节 并购标的评估小结 46
第四章 投资分析、应对措施及退出机制 47
第一节 项目投资风险分析 47
第二节 风险应对措施 48
第三节 退出机制 49
第五章 各方当事人的收益及建议 61
第一节 各方当事人的收益 61
第二节 投资理论运用建议及结论 62
一、投资与风险理论的运用及估值体系融资建议 62
二、结论 63
参考文献 65
致 谢 67
