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论文编号：	6801
作者编号：	2220120371
上传时间：	2014/12/6 15:58:33
中文题目：	企业集团并购企业的财务整合研究-以天士力制药集团并购辽宁仙鹤药业为例
英文题目：	Research on financial integration enterprise merger and acquisition of enterprises-to Tasly Pharmaceutical Group merger Liaoning Xianhe pharmaceutical as Example
指导老师：	周晓苏
中文关键字：	企业集团；并购；财务整合
英文关键字：	Enterprise Group; merger; Financial integration
中文摘要：	当前，越来越多的企业向集团化发展，企业无论是从产业链的纵向并购、从同行业的横向并购，还是多元化战略目标下施行的并购，很多并未达到预期效果和目标。随着国家深化国有企业改革，大力推动市场化，越来越多的企业面临并购企业，甚至参股、控股国有企业的机会。企业并购后的整合效果越来越重要，而财务整合是企业并购整合的重要环节，目标企业财务如何与控股集团的财务战略、管控模式一致，能否协同发展是集团并购是否成功的标志。所以，深入地研究企业并购后的财务整合问题对于提高集团企业并购成功率有着非常重要的理论和现实意义。本人结合自己在天士力控股集团财务中心和投资中心的工作经历，以2012年天士力制药集团股份有限公司并购辽宁仙鹤药业有限公司为例，对天士力控股集团及下属子集团对外并购整合的一些经验做一些经验介绍和理论探讨。本文通过介绍企业集团及其并购财务整合的理论基础以及并购后财务整合的内容。详细阐述了集团控股（51%-100%）和全资（100%）并购两种情况下的主要整合内容：财务管理制度的整合、会计核算体系的整合、内部控制制度的整合、资产和负债的整合、投融资业务的整合、全面预算管理体系的整合。在理论论述的基础上，以天士力制药集团并购辽宁仙鹤药业公司的财务整合为例进行了案例分析。在学习和借鉴前辈专家、学者的相关研究成果的基础之上，融入了自己对集团并购后财务整合的认识和理解，特别是天士力集团近十年多的快速发展过程中积累的并购整合经验，本人在本文中做了详细介绍。另外，对于案例中一些并购效果和财务整合的不足也进行了剖析，提出了对今后财务整合工作的改进方案和建议，使理论分析更具有实践意义。
英文摘要：	At present, more and more enterprises to the development of enterprise group, whether it is from the industrial chain of vertical merger, horizontal merger from the same industry, or diversification strategy target effect of mergers and acquisitions, many could not reach the expected results and objectives. Along with the country to deepen the reform of state-owned enterprises, vigorously promote the market, more and more enterprises are facing M & A enterprises, even shares, holdings of state-owned enterprises the opportunity. Effect of integration after enterprise merger & acquisition is more and more important, and the financial integration is an important link of enterprise merger, the target enterprise how finance and holding the group's financial strategy, management control mode is consistent, whether the coordinated development is the symbol of the success of M & a group. Therefore, in-depth study of the financial integration after M & a process group to improve success rate of M & A has a very important theoretical and practical significance. I combine their holdings in the financial center and the center of investment experience, in 2012 the acquisition of Liaoning Tasly Pharmaceutical Group Limited by Share Ltd Crane Pharmaceutical Co. Ltd. as an example, the writer holding group and its subordinate some sub group of foreign M & A integration test to do some experience introduction and theory. Through the introduction of enterprise group and M & a financial integration theory and the content of financial integration after M & A. In detail elaborated the Group Holdings (51%-100%) and wholly owned (100%) merger mainly integrated content under two kinds of situations: financial management system integration, the integration of accounting system, internal control system, the integration of the assets and liabilities of the integration, the financing business integration, the comprehensive budget management system integration. Based on theoretical discussion, to Tasly Pharmaceutical Group merger Liaoning Xianhe pharmaceutical company's financial integration has carried on the case analysis as an example. On the basis of learning and drawing lessons from the related research results the senior experts, scholars, with his understanding of financial integration after M & a group, especially the accumulation process of rapid development of Tasly group nearly more than ten years of experience in M & A integration, I make detailed introduced in this paper. In addition, for the pr. In addition, for the problems in the case of some effects of mergers and acquisitions and financial integration are analyzed, and improvement scheme was put forward for the future financial integration work and suggestions, makes theoretical analysis has more practical significance.
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