本科生毕业论文企业并购的财务协同效应.docxVIP

学海无涯苦作舟! 学海无涯苦作舟! 本科生毕业论文 企业并购的财务协同效应 ――以山西通宝能源收购案为例 摘要 在市场经济中，一个企业的所有经济活动，必然是一个追逐利润的过程。企 业生产，生存的根本原因就是谋求利润最大化， 这也是生产的目的。追求利润最 大化是企业家从事生产经营活动的宗旨， 企业并购作为一种商品经济活动也不例 外，它产生的动力就来源于企业家追求利润最大化的动机。 企业并购的动机很多， 诸如经营协同效应，财务协同效应，市场份额效应，企业发展动机等等。对财务 协同效应的追求是现代企业并购的主要动因之一，它充分地展示了企业资本运作 的技巧和魅力。 本文通过对通宝能源收购山西阳光发电案例的分析，阐述了并购前后通宝能 源的变化。通过对总资产周转率、净资产周转率、资产负债率和净资产收益率等 财务指标的分析，可以看出通宝能源在资产利用效率和运营质量上都有了很大的 提高；融资能力、偿债能力也在充分利用了财务杠杆作用后而得到了提升。 同时 减少了成本，达到了企业并购的规模效应。由此我们可以对企业并购中的财务协 同效应有一个清晰的认识。 关键词：企业并购；财务协同效应；企业价值 Abstract In the market economy, all economic activities of an enterprise must be a process of chas ing profit. To maximize profits is the fun dame ntal reas on for the survival of a company and is also the aim of production. The pursuit of profit maximization is the goal of entrepreneurs who are engaged in production and operation activities. Therefore, as a kind of activity of commodity economy, there is no exception in MA. Whose motive comes from en trepre neurs inte nti on of pursu ing profit maximizatio n. There are many motives for mergers and acquisitions, such as operating synergies, finan cial syn ergies, market share effect, developme nt motives of en terprises and so on, among which the pursuit of financial synergies is one of the main motives in modern en terprise MA and it fully dem on strates the skills and charisma in capital operati on. This article through purchases the Shanxi sun light electricity gen eratio n case to the copper coin en ergy the an alysis, elaborated around the merger and acquisiti on the copper coin en ergy cha nge. Through to finan cial no rms and so on total assets cycli ng rate, net assets cycli ng rate, property ratio of debt to net worth and net assets retur ns ratio an alyses, might see the copper coin en ergy had the very big enhan ceme nt in the property use efficiency and the operation quality; Financing ability, the credit capacity after fully have also been using the financial leverage obtained the promotion. Simulta neously reduced th