企业兼并中的财务决策研究

【作者】 陆亚兰；

【导师】 杨大兴；

【作者基本信息】 广东工业大学 ， 企业管理， 2000， 硕士

【摘要】 纵观西方发达国家的经济发展历程，企业兼并始终贯穿其中，并扮演了极其重要的角色。企业兼并将企业本身变成商品，使产权进入交易市场，这对西方国家产业增长的格局和市场经济的发展以极大影响。我国改革开放以后，企业兼并也开始出现，并随着社会主义市场经济体制的建立、证券市场的兴起和国有企业股份制改造的加快而迅猛发展。与此同时，我国对企业兼并的理论研究却显得相对滞后，对企业兼并过程中的财务决策研究更加不足。本文将在后一方面作一些探索。 全文共分五章，第一章绪论，指出了企业兼并的重要性及其现实意义；第二章企业兼并概述，介绍了企业兼并的概念、类型、影响因素及其作用；第三章企业兼并的动机理论分析，介绍了企业兼并的理论假设，并对企业兼并的动机理论进行了系统阐述；第四章企业兼并的财务决策，在企业兼并财务决策基本分析的基础上，研究了被兼并企业价值的评估、企业兼并价格的确定及兼并资金的筹集等一系列财务决策问题，并强调了中介机构的作用；第五章企业兼并中的财务决策技法，根据不同的兼并方式和特点，提出了一套较为系统的企业兼并财务决策技术和方法，以期为我国企业兼并的健康发展出一份力。更多还原

【Abstract】 Reviewing the economic development course of the western developed countries, it can be found that business merger (BM) has always been existing and playing an important role in it. BM has turned the enterprise itself into commodity and made the property enter into the market, which has affected greatly the industry increase pattern and market economy development of the western countries. After our nation抯 reform and openness to the outside world, BM also began to occur in our country and has developed rapidly with the establishment of the socialist market economy system, the rise of the securities market and the speeding-up of restructure of the state-owned joint stock system. At the same time, the theoretical study on BM in our country appears relatively ba~kward, and lack of the study on financial decision in BM also is a fact. This thesis tries to do some researches on the later. The whole thesis consists of five chapters. In chapter 1, the significance and practical meaning of BM is pointed out In chapter 2, concept, types, affecting factors and functions of BM are introduced. In chapter 3, theoretical assumptions of BM are introduced, and merger motives theory is expound systematically. In chapter 4, a series of financial decision problems, such as the evaluations of merged business values, the determination of BM price, financing arrangement in BM etc., are studied on the basis of the basic analysis of financial decision in BM. After that, the roles of intermediary organizations in BM are emphasized. In chapter 5, a set of comparatively systematic techniques and methods of financial decision in BM are put forward according to difference ways and characteristics of BM, so that I can do my own contribution to the healthy development of our country抯 BM.更多还原