【作者】 许喜平；

【导师】 肖振红；

【作者基本信息】 哈尔滨工程大学 ， 管理科学与工程， 2006， 硕士

【摘要】 自19世纪末20世纪初美国发生了第一次企业并购浪潮以来，企业并购方兴未艾，一浪高过一浪。但是目前从世界范围来看，企业并购成功率低于50％，我国由于并购历史短，缺乏经验和良好的外部环境，成功率还要低于这一水平。如何使我国的企业尽可能规避并购风险，提高并购有效程度，这是我国目前并购工作中急需解决的问题。本论文将在企业并购有效性方面作一些有益的探讨，以使企业并购有效性的评价更为科学、客观，从而引导企业更有效地进行并购活动，并使之真正成为企业发展的重要途径。 本文运用定量分析与定性分析相结合、理论分析与案例分析相结合、短期评价与长期评价相结合的研究方法，从我国企业并购有效性评价的现实状况出发，应用相关的并购理论、并购有效性理论及并购有效性评价理论研究我国企业并购的有效性；分析了影响企业并购有效性的因素，设计了评价企业并购有效性的非财务指标，建立了财务指标与非财务指标相结合的评价体系，并利用EVA-B模型对并购前后企业的业绩进行对比评价；提出了并购前期、短期和长期相结合的、多阶段的、动态的评价思路。 本文研究分析得出：对一次并购是否有效的分析，应该从并购前期、短期和长期这三个阶段来分别评价。并购是否有效，前期要看并购产生的协同效应是否大于并购的溢价；再者，要看此次并购的动机及长、短期目标是什么，如果并购后达到了并购前预期的短期目标，那么此次并购在短期看来是有效的；同时要看并购后企业的业绩是否有所改善，是否完成了预期的长期目标，如果完成了说明此次并购在长期看来也是有效的。任何一个阶段都很重要，所以企业在并购时，应该从这三个方面综合考虑，提高并购成功的可能性。更多还原

【Abstract】 Since US has had the first M&A since 19 century’s ends or the beginning of 20th century, M&A has always fierily running. But, the success ratio of M&A is lower than 50% in the world at present. The success ratio of M&A in our country is lower than this standard, due to the history of M&A are short and M&A is lack of experience and good outer circumstance. The problems asked to solve in our internal enterprises’ M&A are how to avoid the M&A risks and increase M&A efficiency. The paper discusses well some M&A efficiency in order that the appraises of M&A efficiency are scientific and aseptic, that it leads to carry on effectively M&A, that M&A becomes an important developing track.This article utilizes the research technique mainly including the method of the combine of quantitative and qualitative, the method of the combine of theory and case analysis, and the method of the combine of short-run and long-term appraises measures. On the basis of practical conditions about our internal enterprises M&A efficiency, the paper applies the correlative theories to research our internal enterprises M&A efficiency, such as: the M&A theories, the M&A efficiency theories, the appraises theories of M&A efficiency. And it analyzes the factors influencing the enterprises M&A efficiency; it designs some non- finance indexes that valuate suitably enterprises M&A efficiency; it establishes appraising system of the coalition finance indexes and non- finance indexes; it appraises enterprises performances of the front and rear M&A using EVA-B model; and it establishes the multistage and dynamic appraising clue including the prophase, the short-run, the long-run.With the pass of research and analyses, it considers that analyzing efficiency of enterprises M&A should discuss separately from three stages: the prophase, the short-run, the long-term. Firstly, it is feasible if synergy of M&A is larger than premium value of M&A. Secondly, it should make sure what the strategic M&A and the short-run and the long-run targets are. If it obtains expectant targets, M&A is effective from the short-run. Finally, whether the enterprises’ performances更多还原