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论文编号：	419
作者编号：	2120062352
上传时间：	2008/6/11 9:17:06
中文题目：	企业横向并购后的财务整合研究
英文题目：	Study of the financial integra
指导老师：	齐寅峰
中文关键字：	横向并购,财务整合,财务陷阱
英文关键字：	Horizontal Merger and Acquisit
中文摘要：	2007年是中国经济的并购年，庞大的并购交易额、一系列与并购有关的法律法规及相关配套规章制度的颁布实施，显示出并购在中国的广阔前景，同时也预示着并购将成为中国投融资的主流。在这些并购活动中大部分企业采用的是横向并购形式，以便实现扩大规模、降低成本、最大化利用企业的管理资源的目的。横向并购可以使两个以上的竞争对手合并起来，对抗其他竞争对手、保有市场份额、提高行业集中度，是企业主要的并购形式。 并购活动的完成只是整个并购行为的起点而不是终点，企业如果不重视并购后的内部整合，盲目乐观于并购的完成，那么将很可能在赢得并购规模的同时输掉企业利益。因此，成功整合才是企业并购目标实现的关键，却也是企业最容易忽视的环节。 本文前两章讨论了国内外主要的横向并购与整合的基本理论，这是横向并购财务整合工作的基础。财务整合是并购整合的重要组成部分，也是贯穿整个并购过程的主线。第三章介绍了企业并购整合前的主要财务工作、财务陷阱的防范和主要并购融资方式。第四章介绍了财务整合操作方法及注意事项，包括企业管理目标、财务制度和主要财务管理活动的整合，概括了财务活动的方方面面。第五章，通过联想收购IBM的案例来分析横向并购整合的实务操作。 当前已有的财务整合理论研究很少区分横向并购、纵向并购、混合并购三种并购形式及其对整合的要求，对不同的战略目标给财务整合战略带来的影响也缺乏明确分析。本文主要从财务整合的视角展开，结合横向并购的特点阐述了财务整合的侧重点及主要防范事项。 另外，横向并购导致行业集中，而我国即将实施的反垄断法将对行业集中做出限制，因此，本文也简略分析了反垄断法的出台对横向并购活动的影响。 企业要实现并购的战略目标、获得预期收益，就必须重视财务整合工作，关注行业动态和宏观环境，再辅之完善的财务整合计划，重视人员管理，才能给横向并购财务整合的顺利实施创造条件。
英文摘要：	2007 is a year for Chinese economy merger and acquisition: the huge volume of trade in merger and acquisition, the promulgation and implementation of a series of merger and acquisition-related laws and regulations and related necessary rules, demonstrated the broad prospects of merger and acquisition in China, which also indicates that the merger and acquisition will become the mainstream of investment and financing in China. The most merger and acquisition activities are the horizontal form for most enterprises in order to achieve larger scale, lower costs, and maximize use of the resources and management of an enterprise. The horizontal merger and acquisition, which results in the combine of two or more competitors against other competitors, maintaining market share and increasing industry concentration, is the main form of merger and acquisition. The completion of merger and acquisition activity only is a beginning of the whole activity, not the end, if the enterprise does not attach the importance of corporate merger and acquisition after the internal integration, blind optimism in the completion of acquisitions, it seems to have won the scale of merger and acquisition, but it very possibly loses the enterprise benefit in actual. Therefore, the success of integration is the key of merger and acquisition activity, which also is the link which the enterprise is easiest to neglect. The basic theory of most domestic and international mergers and acquisitions and horizontal integrations is included in the front two chapters, and that is the foundation of the work of horizontal merger and acquisition and financial conformity. Financial conformity is an important part of integration, and it is also throughout the entire process of merger and acquisition as a main line. Chapter Ⅲ of this article introduces the major financial work before the merger, including the financial trap guarding, the main mode of financing, and illustrate the impact of different financing mode to enterprise. The chapter Ⅳ introduces the specific items of financial conformity, the operating procedure and the matters needing attention, summarized the financial operation aspects, including the goals of enterprise management, financial system, conformity of main accountant project and main financial control activity. The existing fundamental research of financial conformity has not differentiated the difference and the request of three kinds of merger and acquisition forms: horizontal, vertical, mix, does not discriminate the influences of different strategic target to the financial conformity. This article, from a smaller scope of horizontal merger and acquisition, analyses the characteristics of financial conformity, and elaborates the emphasis points of conformity and guard items according to the characteristics horizontal merger and acquisition. Another important thing is that the imminent implementation of the anti-monopoly law will restrict on the industry integration, while horizontal mergers and acquisitions lead to industry concentration. This article briefly analyses the influences of antimonopoly law releasing on the horizontal mergers and acquisitions activities. If enterprises want to achieve their strategic target, to obtain the prospective return finally through merger and acquisition, they need to attach importance to the integration work, pay attention to profession tendency and the macroscopic environment, take the man power management, with the auxiliary consummation's integration plan, to create conditions for the horizontal merger and acquisition and financial conformity smooth implementation.
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