【作者】 汪波；

【导师】 邓明然；

【作者基本信息】 武汉理工大学 ， 会计学， 2003， 硕士

【摘要】 并购是经济生活中的一种重要现象和企业发展过程中采用的一种重要手段。每一次经济繁荣，都伴随着大量并购活动的发生；每一次企业扩张，都经常以并购为标志。随着世界经济全球化的发展和中国加入WTO，我国的企业并购行为已愈来愈普遍。本文通过融会国内外企业并购相关理论，辨析了企业并购的概念和动机，介绍了企业并购的一般模式及并购方式的选择；其次结合并购分析的大致过程全面介绍了企业并购的价值评估的主要内容及方法，对其中的现金流量折现法、可比公司分析法、可比交易分析法的原理及主要参数的确定予以了详细的介绍，并分别附以相应的实例分析，同时还分析了不同评估方法的适用范围和我国的企业并购价值评估现状，指出了其中存在的问题，并提出了解决建议；此外，对企业并购的融资政策、融资渠道的选择、融资成本分析和融资方式的确定单位——予以论述；最后，本文分析了企业并购的财务陷阱的成因及其可能造成的损失，并结合实际提出了避免财务陷阱的措施。更多还原

【Abstract】 M&A is an important economic phenomenon in economic life and asignificant method often be used in the process of business improvement. Everyeconomic prosperity by a large number of M&A occurrations . Every business expansion often marked by M&A . Business M&A behaviors in our country become more and more widespread in pace with the development of the world economy’s globalization and China joining WTO .Firstly, By the abstract theories about business M&A of other countries and our own, this thesis differentiates and analyses the conception and motions of business M&A. It also introduces the general mode of business M&A and probe into how to choose the M&A patterns. Secondly, by combining with the whole process of M&A analysis the thesis comprehensively introduces the main contents and methods of business M&A’ s value appraisal and detailedly introduces principles of discounted cash flow method, comparable company analysis method, comparable transaction analysis method, as well as the way how to determine the main parameters of them by giving corresponding examples. After that, it analyses the suitable range for use of different appraisal methods and the present situation of our country’s business value appraisal, point out the problems and puts forward the solutions of them. Thirdly, the thesis separately expounds how to choose financing policies and financing channels, how to analyse financing costs, how to determine the unit of financing ways. Lastly the thesis analyses the cause of financial trap of business M&A and the possible loss, puts forward some measures for lesting financial trap.更多还原