摘要
并购作为企业融资来源和资源有效配置的手段之一，在近些年的
经济社会发展中起到越来越重要的作用。在国家促进企业并购重组及
十二五规划产业整合的政策支持下，并购将成为下一个中国经济快速
发展浪潮的主要特征之一。相比于国外并购市场，国内并购无论是在
并购规模、成熟度，还是资金配套，相关法律环境体系方面都还有待
成熟。本文系统的分析了国外并购市场，结合了其发展的经验及中国
目前的实际情况，归纳了中国并购市场存在的问题，并总结出并购资
金来源是当前该欧亿·体育（中国）有限公司发展的主要瓶颈。在当前的中国经济发展形势下，
通过各方面的支持推出并购基金将能促进并购欧亿·体育（中国）有限公司的极大发展。

本文首先梳理了并购中常用的概念及文献综述，界定了杠杆收购、
债务型融资、并购基金相关概念，然后总结分析了中西并购市场发展
的状况；后一部分探讨了并购基金在中国没有广泛形成的原因，并根
据目前现状对各方共同推出并购基金提供了相关的建议。作者希望通
过本文的研究，使大家对中国并购市场及并购基金的发展有一个清晰
的认识，并能对我国从事并购的业内人士提供有益的帮助。

关键词：并购市场，杠杆收购，并购基金,高收益债券
ABSTRACT
M&A, one of the effective way financing for the company as well as
the allocation of resource, plays more and more important role in the
development of economy and society. It will be another key feature in the
next roll of economy’s growing, with the simulation and regulation of
government policy. Comparing with the situation of M&A abroad, China’s
M&A market gradual progress and mature, not only in scale, capital
support, but also in perfection of law system. This paper combining the
development of M&A market in and abroad, generalized the contemporary
problem in reality in China, and got the conclusion that the source of
capital to support M&A was the one of the key bottleneck of this industry,
the release of the buyout fund would be the effective way to solve this
problem.
This paper listed the concepts usually used in the M&A field, to facilitate
the understanding of the whole paragraph. In the middle part, the paper
made a comparison between the M&A in and abroad, the last part the
narrator discussed the element retract the development of the Buyout fund,
and provided suggestion to related party. I hope this summarization and
discussion can give the reader a clear recognition and understanding about
the M&A and Buyout fund, as well as the professionals engaged in this
field.
KEY WORDS:M&A, LBO, Buyout fund, High-yield bond