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(yùn)營的一種主要形式。企業(yè)運(yùn)用這種資本經(jīng)營方式實現(xiàn)對外部的低成本擴(kuò)張，將生產(chǎn)和資本集中，獲取協(xié)同效應(yīng)，對提高競爭能力、分散經(jīng)營風(fēng)險起到了很重要的作用。企業(yè)并購過程中涉及許多財務(wù)問題，而財務(wù)問題的解決是企業(yè)并購成功的關(guān)鍵。因此，對在并購中出現(xiàn)的財務(wù)問題進(jìn)行分析研究來提高并購財務(wù)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(wù)效應(yīng)
1.節(jié)約交易費(fèi)用。企業(yè)并購實質(zhì)上是企業(yè)組織對市場的替代，實現(xiàn)了外部交 易的內(nèi)部化，由于在適當(dāng)?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(jìn)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(fèi)用。