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论文编号：	5215
作者编号：	2220110289
上传时间：	2013/6/5 13:06:25
中文题目：	企业并购财务协同效应研究-来自A公司的案例分析
英文题目：	M & A Financial Synergies ：From Company A Case Analysis
指导老师：	张晓农
中文关键字：	：兼并收购;协同效应;财务协同效应
英文关键字：	mergers and acquisitions; synergies of financial synergies
中文摘要：	兼并、收购是企业界长久以来的热门话题，企业通过并购重组得到扩张和调整。从宏观角度来看，并购重组是对经济中存量资源的重新配置，并且以此促进企业的生产发展；从微观角度来看，并购重组是对企业的经营管理的优化整合，也是企业经营成功的契机。企业通过并购重组可以摆脱依靠自己的不断积累而取得逐步式发展的模式，转变为跳跃式的增长甚至是几何式的发展。同时，并购重组有效的促进了企业资本和资源的流动，从而实现产业结构的调整和资源的重新分配。美国著名经济学家、诺贝尔经济学奖得主乔治?斯蒂格勒曾经说过：“纵观美国著名大企业，几乎没有哪一家不是以某种方式，在某种程度上应用了兼并、收购而发展起来的。企业并购既然如此广泛地使用，那么它必然存在着内在的优越性” 。 目前在中国市场经济发展的环境下，以资本运营和组织调整等方式进行的企业并购占有越来越重要的地位。随着中国改革开放的深入以及在世贸组织中的地位的提升，这些都把中国企业推向世界参与残酷的国际竞争。而中国的企业要想迅速的成为具有国际竞争力的企业集团，在以“弱肉强食，适者生存”为主导的国际现代市场竞争中脱颖而出，成功的并购是必不可少的。通过成功的并购可以使优良的资源流向那些运营整体效率高、管理组织健全的企业，迅速增强这些企业的活力。而并购所产生的财务协同效应则是并购效果的集中体现，不仅涵盖了因资金运作能力的增强而带来的企业价值的增长，股东收益的增加，还涵盖了因税法、财务管理以及证券市场的交易惯例而产生的现金流。企业之所以进行并购，其重要原因就是追求企业价值的增长，股东财富的最大化，因而研究企业并购的财务协同效应十分重要。 并购的真正价值不在于并购活动本身，而在于并购后的资源整合，实践中真正追求的是并购后的协同效应。根据目前国内外学者对企业并购所产生的协同效应理论，并购后的协同效应共包括三个方面：管理协同效应、经营协同效应、财务协同效应。而本文创新之处将对企业并购中所产生的财务协同效应进行重点研究，阐述了并购重组所产生的财务协同效应以及财务协同效应的几种表现形式，并结合A公司的并购案例，利用财务盈余指标、费用率指标、成长率指标等相关可行性指标的研究，对该并购案例进行并购绩效分析，为进一步验证企业并购财务协同效应理论提供数据支持，并对企业并购所产生的财务协同效应提出一些看法和建议。
英文摘要：	The mergers and acquisitions has always been a hot topic in business community, through which enterprises have been achieving expansion and adjustment. From a macro point of view, mergers and acquisitions is the reconfiguration of the stock of resources in the economy, and so as to promote the development of company production. From the microscopic point of view, mergers and acquisitions optimize and integrate the operation and management of enterprises, and enhance the opportunities of business success. Through mergers and acquisitions, a company can break away from the traditional mode, and move from developing step by step relying on its own accumulation to leap growth or geometric development. Meanwhile, mergers and acquisitions effectively promote the flow of capital and resources in a company; thereby achieve the adjustment of industrial structure and the re-allocation of resources. Well-known American economist, George Stigler, a Nobel laureate in economics, once said: Throughout American big business, little of which one is not in some way, to some extent applied mergers, acquisitions developed. Mergers and acquisitions being the case widely used, it must exist inherent superiority. In the environment of market economy development in current China, mergers and acquisitions with the way of capital operations and organizational adjustments are becoming increasingly important. With the deepening of China's reform and opening up as well as the enhancement of the status in the WTO, Chinese enterprises have been bush into the brutal international competition of the world. To a Chinese enterprise, to become an internationally competitive enterprise groups, and stands out in the modern international market competition led to the "law of the jungle, survival of the fittest"", successful mergers and acquisitions are essential. Excellent resources will be moved to a company with overall efficiency and sound business management which will rapidly increase the vitality of these enterprises. The financial synergie generated by the acquisitions is a concentrated expression of the effect of mergers and acquisitions. It covers not only the increasing of the income of the enterprise value growth due to the enhancement of the operational capabilities of funds, but also cash flow, which is covered by the tax law, financial management, and trading practices of the securities market. Thus it becomes very important to study the financial synergy of mergers and acquisitions. The true value of mergers and acquisitions is not the activity, but that the integration of resources in the post-merger practice. What really pursued in practice is the synergy after the merger. Based on the current domestic and foreign scholars’ theory on the synergies emerged from mergers and acquisitions, post-merger synergies include three aspects: management synergies, operational synergies, financial synergies. The innovation of this research will emphasis on the financial synergies emerged from mergers and acquisitions, and combined with the merger case of company A. By studying financial surpluses indicators, the expense ratio index, growth rate indicators ant other related feasibility indicators, mergers and acquisitions performance of this merger case is analyzed. Through the research, data supports to further validation of the theory of final synergies of mergers and acquisitions provided. Comments and suggestions on financial synergies from mergers and acquisitions are also made.
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