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论文编号：	8860
作者编号：	2220140406
上传时间：	2016/12/9 12:04:12
中文题目：	基于吸收合并战略的HT公司财务资源整合研究
英文题目：	Study On the Integration of Financial Resources of HT Company Based on The Absorption Merger Strategy
指导老师：	李莉
中文关键字：	吸收合并;公司战略;财务整合;HT公司
英文关键字：	Absorption merger; Company strategy; Financial integration; HT company
中文摘要：	20世纪90年代以来，西方发达国家掀起了第五次企业合并浪潮，并购案例和并购规模不断刷新纪录。在业并购浪潮的影响下，我国的并购市场迅速发展壮大。反思我国企业的并购历程，并购成功率并不高，企业融入战略管理的思维与方法较为缺乏。如果单纯地依靠传统的知识和过时的经验来处理复杂多变的企业并购，并购成功率将难以得到保证。HT公司经过二十多年的发展，企业的营业收入和资产总额迅速增长，但总体经营业务较为分散、经营规模普遍较小，一定程度上制约了企业更好更快发展。基于烟草行业多元化企业持续发展需要，HT公司只有不断提高战略意识，通过运用企业吸收合并战略的财务整合方案来指导并购工作，才能不断提高适应形势发展的能力，才能有效防范合并风险，才能确保存续企业保持稳定良好的财务绩效，才能确保并购的成功。本文第一章首先说明了研究背景和研究意义，接着对国内外研究情况进行了回顾。第二章主要介绍企业合并和财务整合的相关理论，为下文的分析做铺垫。作者在第三章分析了合并企业的内外部环境情况，重点说明企业发展过程中面临的融资、投资和运营的问题，提出从资金层面、投资层面和运营层面三个维度制定财务资源整合目标，并通过财务整合方案的优化来统筹管理母子公司资金、提高融资能力和提升投资效率，以此来规避合并风险，推动企业战略目标的实现。第四章，作者先是介绍本次吸收合并的背景，然后以吸收合并D信息公司为例阐述企业财务整合优化方案的实施过程，从中总结出通过科学的财务资源整合方案来规划和实施吸收合并能确保企业吸收合并战略实现，为企业带来积极的协同效应，促进企业持续健康长期发展。本文的主要创新点是提出基于吸收合并战略的财务资源整合方案在企业战略实施中起着重要支撑作用，通过财务资源整合方案的规划和实施来推动烟草行业多元化投资企业兼并重组，帮助推动吸收合并，帮助企业实现发展战略目标。受体制和政策因素影响烟草行业中案例较少，本文希望通过研究能为以后行业多元化企业的并购重组提供一些可以借鉴的思路和方法。
英文摘要：	Since 1990s, with the fifth wave of enterprises amalgamation and acquisition surged in western developed countries, new industrial records have been set by the size and number of those cases. Under its influence, there is a booming in the amalgamation market of China. When it comes to the reflection on the development of M&A in China, it could be found that the success rate of M&A in China is low and Chinese enterprises are lack of strategic management in the business administration. If the role of market mechanism and economic leverage could not be fully used and enhanced, the high success rate of M&A might not be guaranteed in the complicated and changeable market when just basing on the traditional experience. After more than twenty years of development, HT company's operating income and total assets increased rapidly, but overall business is more dispersed, generally small in scale, to a certain extent restricted the better and faster development of enterprises. According to the urge need of sustained development in the diversification of tobacco, in HT Company, the ability to adapting the new challenges would be improved when financial resources integration could be widely used in financial management for better performance in merging and risk aversion. Thus the high rate of success in merging could likely be guaranteed as well as the efficiency and stableness of financial performance in HT Company. This first part of this article illustrates the background and the significance for this research, and across-the-board summarizes forefather's research on the enterprise merger and financial strategy at home and abroad. The second chapter mainly introduces the related theories of enterprise merger and financial integration, which pave the way for the analysis below. The main part shows internal and external environment of the enterprise development, emphasizing the issues of investing, financing and operating in the enterprise development. The financial resources integration target could be made via general analysis on capital management, investment and operation. With the help of integrated management by absorbing the capital of its subsidiaries, the efficiency of investing and financing could be highly improved and the level of risks might be lowed to the minimum. In the fourth chapter, the author first introduces the background of the merger, Then take the merger of D company as an example to illustrate the implementation process of enterprise financial integration optimization program, it is summed that efficient financial resources integration based on the absorption and merger could promote the mergers between parent company and subsidiary company, promoting the sustainable development of companies. The main innovation of this paper is to put forward the strategy of financial resources integration based on absorption and merger strategy, which plays an important role in the implementation of enterprise strategy, plan and implement financial resources integration to promote the mergers between parent company and subsidiary company, then there will be fewer cases of the system and policy factors that affect the industry. Through research for mergers, the author hope to provide the diversified industry with some ideas and methods that can be used for reference.
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