企业并的购.doc

摘 要 中国目前的市场经济条件下，资本市场逐渐完善和产业结构不断升级，企业并购则成为企业进行对外部的低成本扩张、增强竞争力和活力，提高经济效率，分散经营风险的一种重要而有效的手段。企业并购过程中涉及到许多财务问题，而财务问题的解决是企业并购成功的关键。近年来，部分国外跨国公司也通过并购方式进入国内市场，与其相比我国的企业并购在理论研究、方法策略和操作程序上都有很大差距而财务问题是企业并购中各种问题的核心和焦点。 因此，研究我国企业并购中的财务问题，对引导我国企业并购行为持续健康发展?提高并购财务效率具有重大的理论意义和现实意义。文章对目标企业价值进行合理评估、对并购的主要融资渠道及财务支付方式进行研究。 关键词：企业并购，企业价值评估，支付方式，并购融资 Abstract Chinas current market economy condition, the capital market gradually improve and industrial structure escalating, has become the enterprise merger of low-cost expansion outside, strengthen the competitiveness and vitality, improve economic efficiency, run a risk dispersedly a very important and effective means. Enterprise merger process involves a lot of financial problems, and financial problem solving is the key to a successful merger. In recent years, some foreign multinational company also through ma into the domestic market, by contrast, Chinas enterprises ma in theoretical research, and approach strategy and operational procedures have the very big disparity and financial problems is the merger of various problems core and focus. Therefore, the study of Chinas enterprise merger of financial problems, to guide our country enterprise ma activities improve the sustainable and healthy development of financial efficiency has the significant ma theoretical and realistic significance. Articles of the target enterprise value of the acquisition of reasonable assessment, main channels of financing and financial payment for research. Keywords: enterprise merger, the enterprise value appraisal, payment, mergers acquisitions financing, countermeasures 目 ?录 前 言 1?企业并购的概述 1.1企业并购的概念 1.2?企业并购的动因 1.2.1谋求管理的协同效应 1.2.2谋求经营的协同效应 1.2.3谋求财务的协同效应 1.2.4降低代理成本 1.2.5?其他动因 1.3企业并购的财务可行性因素 1.3.1目标企业的选择及其价值评估 1.3.2并购支付方式及资金筹措 1.3.3并购的成本因素 1.3.4企业并购的风险因素 1.3.5企业并购的收益因素 2?企业并购中存在的财务问题 2.1企业并购在价值评估方面的问题 2．价值评估缺乏系统性 2.1.2政府对企业并购进行干预 2.1.3上市公司信息披露不充分，造成并购方资产负债率过高 2.1.4中介机构在企业并购支付方式选择上的作用还没有充分发挥 2.1.5流动性资源过多 2.2企业并购在融资方面的问题 2.3企业并购在支付方式方面的问题 3?我国企业并购财务问题的相应对