orporate mergers and acquisitions have become a major form of capital
operation. Enterprise use of this mode of operation to achieve the capital cost of the external expansion of production and capital concentration to obtain synergies, enhancing competitiveness, spread business plays a very important role. M & A process involves a lot of financial problems and solve financial problems is the key to successful mergers and acquisitions. Therefore, it appears in merger analysis of the financial problems to improve the efficiency of M & Finance has an important practical significance.
A financial effect resulting from mergers and acquisitions
1. Saving transaction costs. M & A market is essentially an alternative
企業(yè)并購已成為企業(yè)資本運營的一種主要形式。企業(yè)運用這種資本經(jīng)營方式實現(xiàn)對外部的低成本擴張，將生產(chǎn)和資本集中，獲取協(xié)同效應，對提高競爭能力、分散經(jīng)營風險起到了很重要的作用。企業(yè)并購過程中涉及許多財務問題，而財務問題的解決是企業(yè)并購成功的關鍵。因此，對在并購中出現(xiàn)的財務問題進行分析研究來提高并購財務效率就有著重要的現(xiàn)實意義。
一 企業(yè)并購產(chǎn)生的財務效應
1.節(jié)約交易費用。企業(yè)并購實質上是企業(yè)組織對市場的替代，實現(xiàn)了外部交 易的內部化，由于在適當?shù)慕灰讞l件下，企業(yè)的組織成本有可能低于在市場上進行同樣交易的成本，從而減少了生產(chǎn)經(jīng)營活動的交易費用。