【作者】 樊幸生；

【导师】 郭礼江；

【作者基本信息】 武汉理工大学 ， 产业经济学， 2003， 硕士

【摘要】 企业并购是资本营运的重要组成部分，也是资本扩张的重要手段。企业并购除了可以使几个企业能够实现互补的竞争优势之外，还可以通过联合的合力创造出新的更大的竞争优势，实现“1+1＞2”的效果。通过并购实现资源的优化配置是资本营运的重要途径，这是近一个世纪以来世界经济迅速发展的重要特点。企业并购中的财务问题的解决，在企业的并购中起着决定性作用，对实现资本的合理有效的运作，具有重大意义。企业并购中的财务问题的研究，可以增强企业制定重要决策的能力，为企业实现价值最优化提供多种途径。 本文分三个阶段从财务的角度分析了企业并购全过程中的主要问题。首先，在企业并购的准备阶段，重点介绍了评价并购企业和目标企业的实力优势、并购的内外部条件的内容，以及分析财务风险和收益博弈的方法；其次，在企业并购的决策阶段，以并购成本效益分析为基础，对价格决策、支付方式和融资方式的决策进行了研究；最后，在企业并购的整合阶段，在阐明财务整合的意义、内容的基础上介绍了帐务整合方法和整合效果评价的方法。 财务问题是企业并购的核心问题。只有在企业并购的全过程中，做好每个阶段的并购财务工作，才能提高并购的财务效率，降低并购的财务风险，达到并购的财务目标，即改善企业财务状况，提高企业价值，增强企业财务实力，促进企业更好地发展。更多还原

【Abstract】 M&A is one important part of the operation of capital and one important means to make capital enlarge. It not only make several enterprises help each other, but also create new competitive power to achieve the effect of "1+1>2". It is the evident character of the development of the global economy in this century that to dispose resource effectively through M&A becomes the^ ^ important approach of operation of capital. It plays important role to solve in M&A. To solve this problem is good to operate capital effectively. Researching how to solve this problem can improve the enterprise ability to make decision and provide enterprise with many ways to improve enterprise value.There have three parts to analysis the main problem of M&A from financial point in this paper. First, it introduce the content and method of how to evaluate the advantage, condition of enterprises in M&A and the road of how to analysis financial risk and earning in game theory in the first part. Then, it research the price decision, paying means and financing means on the basis of cost and earning analysis in the second part. At last, it describe the content, role, method of accounting integration and integration effect evaluation in the third part.Financial problems are the core ones of M&A. Only do well financial work of every part in M&A, can we improve financial efficiency of M&A, lower financial risk of M&A, achieve financial aim of M&A, better the condition of enterprise finance, enhance enterprise value, strengthen enterprise financial power, make enterprise develop well.更多还原