华隆制药并购百合生物的财务分析

【作者】 金学锋；

【导师】 张启銮；

【作者基本信息】 大连理工大学 ， 工商管理， 2004， 硕士

【摘要】 本文主要探讨并购企业财务分析的内容和方法，以期有助于我国企业的并购走上规范化和理性化的轨道。 论文共分为五章： 第一章为导言。主要介绍并购对市场经济发展的影响、地位以及目前国内外有关企业并购的研究现状。 第二章介绍了并购双方的概况、发展战略、并购的原因以及并购对双方的影响。 第三章研究了目标企业财务状况分析的内容和方法。文章以目标企业为对象，以会计报表为基础，采取会计报表结构分析，趋势分析与财务比率分析相结合的方法，对目标企业的财务状况进行详细分析，目的是了解目标企业的真实财务状况，概括出目标企业的经营状况，了解目标企业的资产、负债的质量，为下一步评估目标企业的价值和未来整合目标企业的资源寻找切入点。 第四章探讨了目标企业价值评估。在对目标企业进行财务分析的基础上，通过综合和比较国内外上市公司和非上市公司企业价值评估的各种方法，确定了以折现现金流量法这一评估框架作为企业价值评估的主导方法。 第五章研究了企业并购的支付方式和并购的财务风险问题。分析了不同支付方式和所得税给企业并购带来的影响；并介绍了并购财务风险考虑的内容和对策。更多还原

【Abstract】 This paper mainly researches the contents and methods of the financial analysis of the mergerand acquisition, in order to make merger and acquisition between Chinese enterprises regularand rational.The paper includes five chapters:Chapter One is an introductory chapter. In this chapter, the author explains the effect ofmerger and acquisition on the development of market economy and the current researchsituation relating to merger and acquisition.Chapter Two presents the outline and the developing strategy of the two parties of merger andacquisition, and the effect of merger and acquisition on the two parties.Chapter Three studies the contents and methods of the financial analysis of the targetenterprise. In the basis of the financial statement, the author analyses the financial situation oftarget enterprises through combining structural analysis, trend analysis and financial ratioanalysis so as to understand the real financial situation, summarize the operational status andget to know the quality of assets and liabilities.Chapter Four is about the value estimation of target enterprise. On the foundation of thefinancial analysis of target enterprise, though synthesizing and comparing all kinds ofmethods of value estimation about the listed and unlisted companies domestically and abroad,the author determines to regard discounted cash flow as the dominant method of valueestimation.Chapter Five studies the mode of payment and the financial risk of merger and acquisition. Inthis chapter, the author analyses the effects of the different mode of payment and income taxon enterprises merger and acquisition, and account for the contents and countermeasures ofmerger and acquisition risks.更多还原