企業(yè)并購中財務(wù)問題研究.doc
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企業(yè)并購中財務(wù)問題研究,?óòμ2￠1o?D2????êìa?D??15000×?×??oμ??-′′±?òμ????￡????ú±????à?òìá??￡?′ó?ò·?D?ê1ó??aòa??×?2￠1oè??ò?ˉ?a???????úêà??é?±?1?·oμ?êì?a￡???à′???àμ??óòμ?óè?á?2￠1oμ?à?3±?￡é...
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?óòμ2￠1o?D2????êìa?D??
15000×?
×??oμ??-′′±?òμ????￡????ú±????à?òìá??￡?′ó?ò·?D?ê1ó?
?a òa
??×?2￠1oè??ò?ˉ?a???????úêà??é?±?1?·oμ?êì?a￡???à′???àμ??óòμ?óè?á?2￠1oμ?à?3±?￡é??á2￠1oò?3é?a?óòμ?°éú??μ?ê±éD?±?￡2￠1oê??óòμ??óa(chǎn)×ê±??Dò???·?3￡??òaμ?ê???￡??éò??a?óòμ′?à′oü?à?y??μ?òò??oíòaò?￡?àyè??éò?à?′ó?óòμ1??￡￡?à?′ó?óòμμ?êD3??o?ùá|￡?í?ê±?éò????óòμ′?à′D?μ???á|￡?ê1?óòμ?éò????é?@@¤??μ?éú′???è￥?￡μ?í?ê±2￠1o?á?a?óòμ′?à′oü?à?êìa￡?±èè?2????êìaoíμàμ??êìaò??°1y·?×·?ó?óòμ1??￡à?′ó??μ???μ?×ê?eà§??μè?￡???D￡?2????êìaê?2￠1o1y3ì?D2??é±ü?aμ?￡?1á′?????2￠1o1y3ìμ???ìa?￡?éò??μ2????êìaμ?′óD??±?ó???¨á?2￠1oμ?3é1|ó?·??￡?ùò?è?o??a???óòμ2￠1o?Dμ?2????êìa3é?aá??óòμDèòa????μ????D?????￡òò′?±????aí¨1y?μí3?￠è???μ??D???óòμ2￠1oμ??à1?àí??￡???ó?àí???áo?êμ?êμ?·?·¨?ò3??óòμ2￠1o1y3ì?Dó?μ?μ?2????êìa￡?2￠í¨1y°?ày?°àí??·???μ?3?o?àíμ??a??·?·¨￡?′ó?????óòμ2￠1oDD?a′?à′ò?D???êμμ???μ?òaò??￡
1??ü′ê￡o?óòμ2￠1o 2????êìa ·???
ABSTRACT
With the extensive M & A familiar with the concept of globalization in the world, more and more enterprises to join the tide of M & A. Even mergers and acquisitions has become "fashionable life enterprise". M & A is a very important means of enterprise capital operation, can bring a lot of positive factors and significance for enterprises, for example, can expand the scale of enterprises, expand the market competitiveness of enterprises, and can bring new vigor to the enterprise, make the enterprise can survive for long. But at the same time the merger will bring many problems for enterprises, such as financial and moral problems and excessive pursuit of the expansion of enterprise scale and lead to financial difficulties etc.. Among them, the financial problems are inevitable in the process of merger and acquisition, problem throughout the acquisition process. Can be said that the financial problem size directly determines the success of mergers and acquisitions. So how to solve the financial problems of enterprise merger has become a priority among priorities and enterprises need to consider. Therefore this article related theory comprehensively researching enterprise merger and acquisition through the system, using the method of combining theory with practice, find out the financial problems encountered in the course of merger and acquisition, and through the analysis of the case and the theory of reasonable solution, so as to bring some practical guiding significance to the enterprise M & A.
Key words￡o Enterprise merger and acquisition Financial problems Risk
?? ??
òy ?? - 1 -
1 ?óòμ2￠1oμ??à1???????ê? - 1 -
1.1 ?óòμ2￠1oμ????? - 1 -
1.2 ?óòμ2￠1oμ?·?ê? - 2 -
1.3 ?óòμ2￠1oμ??ˉòò·??? - 2 -
1.4 ?óòμ2￠1oêμ??μ?±?òaì??t - 3 -
1.5 ?óòμ2￠1oμ??ù±?1y3ì - 4 -
2 ?óòμ2￠1o?Dμ?′??úμ?2????êìa - 5 -
2.1 1yóú×·?ó?óòμ??′ó′?à′μ??êìa - 5 -
2.2 ??ó?′óá?á÷?ˉ×ê?e′?à′μ??êìa - 5 -
2.3 ?à1à???μ?·×?è·′?à′μ??êìa - 6 -
2.4 ?t???é?¤1y?à′?à′μ??êìa - 6 -
2.5 2￠1o?óòμμ??§??·?ê?′??ú?êìa - 7 -
3. ?óòμ2￠1o?D2????êìaμ???ì???2??°·à·?′?ê? - 8 -
3.1 o?àí°2??×ê?eê1ó? - 8 -
3.2 o?àí?à1à??±ê?óòμμ????μ - 8 -
3.3 ??è?·¨?é·¨1?￡???éù?t???é?¤ - 9 -
3.4 ?¨á￠2￠1o?óòμ2????¤?ˉ?à????±êì??μ - 9 -
3.5 ????êêμ±μ?èú×ê·?ê? - 9 -
3.6 ±ü?a?¤??2￠1oDD?aμ?·￠éú - 10 -
3.7 2￠1o?óòμμ??§??·?ê?Dèòa?à?ù?ˉ - 10 -
4 èùDà?ˉí?2￠1oD?ììμ?1???μ?2????êìa°?ày·??? - 10 -
4.12￠1o?óòμμ????? - 10 -
4.22￠1o?óòμμ?2???×′??ó?·??? - 11 -
4.3?óòμ??ì????μ?à1à--???eá÷á?ìù??·¨ - 13 -
4.3.1 ??DD???eá÷á??¤2a - 13 -
4.3.2?¤2aê?1oμ?×?μí?é?óêü±¨3ê?ê - 15 -
4.42￠1o?§??·?ê?μ?2?????2? - 18 -
4.4.1???eê?1o - 19 -
4.4.21é?±ê?1o - 19 -
4.5 ×???μ?2￠1o·?°???2? - 21 -
?á ?? - 22 -
?? D? - 22 -
2??????×￡o - 23 -
15000×?
×??oμ??-′′±?òμ????￡????ú±????à?òìá??￡?′ó?ò·?D?ê1ó?
?a òa
??×?2￠1oè??ò?ˉ?a???????úêà??é?±?1?·oμ?êì?a￡???à′???àμ??óòμ?óè?á?2￠1oμ?à?3±?￡é??á2￠1oò?3é?a?óòμ?°éú??μ?ê±éD?±?￡2￠1oê??óòμ??óa(chǎn)×ê±??Dò???·?3￡??òaμ?ê???￡??éò??a?óòμ′?à′oü?à?y??μ?òò??oíòaò?￡?àyè??éò?à?′ó?óòμ1??￡￡?à?′ó?óòμμ?êD3??o?ùá|￡?í?ê±?éò????óòμ′?à′D?μ???á|￡?ê1?óòμ?éò????é?@@¤??μ?éú′???è￥?￡μ?í?ê±2￠1o?á?a?óòμ′?à′oü?à?êìa￡?±èè?2????êìaoíμàμ??êìaò??°1y·?×·?ó?óòμ1??￡à?′ó??μ???μ?×ê?eà§??μè?￡???D￡?2????êìaê?2￠1o1y3ì?D2??é±ü?aμ?￡?1á′?????2￠1o1y3ìμ???ìa?￡?éò??μ2????êìaμ?′óD??±?ó???¨á?2￠1oμ?3é1|ó?·??￡?ùò?è?o??a???óòμ2￠1o?Dμ?2????êìa3é?aá??óòμDèòa????μ????D?????￡òò′?±????aí¨1y?μí3?￠è???μ??D???óòμ2￠1oμ??à1?àí??￡???ó?àí???áo?êμ?êμ?·?·¨?ò3??óòμ2￠1o1y3ì?Dó?μ?μ?2????êìa￡?2￠í¨1y°?ày?°àí??·???μ?3?o?àíμ??a??·?·¨￡?′ó?????óòμ2￠1oDD?a′?à′ò?D???êμμ???μ?òaò??￡
1??ü′ê￡o?óòμ2￠1o 2????êìa ·???
ABSTRACT
With the extensive M & A familiar with the concept of globalization in the world, more and more enterprises to join the tide of M & A. Even mergers and acquisitions has become "fashionable life enterprise". M & A is a very important means of enterprise capital operation, can bring a lot of positive factors and significance for enterprises, for example, can expand the scale of enterprises, expand the market competitiveness of enterprises, and can bring new vigor to the enterprise, make the enterprise can survive for long. But at the same time the merger will bring many problems for enterprises, such as financial and moral problems and excessive pursuit of the expansion of enterprise scale and lead to financial difficulties etc.. Among them, the financial problems are inevitable in the process of merger and acquisition, problem throughout the acquisition process. Can be said that the financial problem size directly determines the success of mergers and acquisitions. So how to solve the financial problems of enterprise merger has become a priority among priorities and enterprises need to consider. Therefore this article related theory comprehensively researching enterprise merger and acquisition through the system, using the method of combining theory with practice, find out the financial problems encountered in the course of merger and acquisition, and through the analysis of the case and the theory of reasonable solution, so as to bring some practical guiding significance to the enterprise M & A.
Key words￡o Enterprise merger and acquisition Financial problems Risk
?? ??
òy ?? - 1 -
1 ?óòμ2￠1oμ??à1???????ê? - 1 -
1.1 ?óòμ2￠1oμ????? - 1 -
1.2 ?óòμ2￠1oμ?·?ê? - 2 -
1.3 ?óòμ2￠1oμ??ˉòò·??? - 2 -
1.4 ?óòμ2￠1oêμ??μ?±?òaì??t - 3 -
1.5 ?óòμ2￠1oμ??ù±?1y3ì - 4 -
2 ?óòμ2￠1o?Dμ?′??úμ?2????êìa - 5 -
2.1 1yóú×·?ó?óòμ??′ó′?à′μ??êìa - 5 -
2.2 ??ó?′óá?á÷?ˉ×ê?e′?à′μ??êìa - 5 -
2.3 ?à1à???μ?·×?è·′?à′μ??êìa - 6 -
2.4 ?t???é?¤1y?à′?à′μ??êìa - 6 -
2.5 2￠1o?óòμμ??§??·?ê?′??ú?êìa - 7 -
3. ?óòμ2￠1o?D2????êìaμ???ì???2??°·à·?′?ê? - 8 -
3.1 o?àí°2??×ê?eê1ó? - 8 -
3.2 o?àí?à1à??±ê?óòμμ????μ - 8 -
3.3 ??è?·¨?é·¨1?￡???éù?t???é?¤ - 9 -
3.4 ?¨á￠2￠1o?óòμ2????¤?ˉ?à????±êì??μ - 9 -
3.5 ????êêμ±μ?èú×ê·?ê? - 9 -
3.6 ±ü?a?¤??2￠1oDD?aμ?·￠éú - 10 -
3.7 2￠1o?óòμμ??§??·?ê?Dèòa?à?ù?ˉ - 10 -
4 èùDà?ˉí?2￠1oD?ììμ?1???μ?2????êìa°?ày·??? - 10 -
4.12￠1o?óòμμ????? - 10 -
4.22￠1o?óòμμ?2???×′??ó?·??? - 11 -
4.3?óòμ??ì????μ?à1à--???eá÷á?ìù??·¨ - 13 -
4.3.1 ??DD???eá÷á??¤2a - 13 -
4.3.2?¤2aê?1oμ?×?μí?é?óêü±¨3ê?ê - 15 -
4.42￠1o?§??·?ê?μ?2?????2? - 18 -
4.4.1???eê?1o - 19 -
4.4.21é?±ê?1o - 19 -
4.5 ×???μ?2￠1o·?°???2? - 21 -
?á ?? - 22 -
?? D? - 22 -
2??????×￡o - 23 -
