Research On Financing Methods Of Avolon In Bohai Leasing Mergers And Acquisitions

In recent years,China has implemented a series of macro-development strategies.The strategy of going abroad has opened the door for enterprises.The proposal of Belt and Road has further deepened the investment and financing of enterprises at abroad.Supply-side reform has also provided economic restructuring support for overseas mergers and acquisitions of enterprises.These macro-strategies have a positive impact on overseas mergers and acquisitions of enterprises,especially private enterprises.In 2016,private enterprises in China surpassed the central enterprises and state-owned enterprises for the first time in the proportion of overseas mergers and acquisitions of enterprises,and became the main participants in overseas mergers and acquisitions of Chinese enterprises.However,due to the limited capital chain,professional support is scarce,the progress of private enterprises in overseas mergers and acquisitions is not very successful,and single financing process and excessive debt-assets ratio caused by credit financing are still normal problems of overseas mergers and acquisitions financing of private enterprises.As a result,a series of innovative financing methods have emerged in overseas,such as United PE Company,the issuance of exchangeable bonds by controlling shareholders,and so on.Under the situation of the increasing opening of China’s capital market,innovative financing method breaks through the financing constraints of private enterprises,while at the same time they also face many new problems,like the financial risks after M & A,the integration management of enterprises after M & A and the conflict of interest of joint investors,etc.It’s necessary to be further discuss about how to deal with problems.This thesis focuses on the overseas merger and acquisition of Bohai Leasing Company(Avolon),which is a snake elephant,making an in-depth study on financing method of private enterprises in terms of financing motivation,influencing factors,advantages and risks,etc.Firstly,this thesis tells the background and significance of the case of overseas mergers and acquisitions in Bohai Leasing,summarizing the relevant literature,and giving brief introduces of the research contents and ideas.Secondly,the thesis introduces the industry background,policy environment background and the main participants and financing methods of the Bohai Leasing M & A(Avolon)respectively.Then,through the detailed description of the whole M & A process and results,this thesis sums up the influencing factors of the multiple M & A financing scheme of Bohai Leasing,and describes the innovative financing methods in detail,such as foreign investment and the issuance of exchangeable bonds by controlling shareholders.Finally,this thesis analyzes the financial risk,risks of exchange rate and interest rate and other risks brought by financing methods of the multi-financing scheme,and thus summarizes the characteristics of Bohai Leasing overseas merger and acquisition(Avolon),and puts forward the enlightenment of universal enterprise financing in the process of overseas M & A financing of private enterprises and the developmental enlightenment of the government for building a good financing environment for M&A.