企业并购中财务问题研究
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摘 要
随着并购全球化这个概念在世界上被广泛的熟知，越来越多的企业加入了并购的浪潮。甚至并购已成为企业“生活的时尚”。并购是企业运营资本中一个非常重要的手段，可以为企业带来很多积极的因素和意义，例如可以扩大企业规模，扩大企业的市场竞争力，同时可以给企业带来新的活力，使企业可以尽可腀@ぞ玫纳嫦氯ァ５辈⒐夯嵛笠荡春芏辔侍猓热绮莆裎侍夂偷赖挛侍庖约肮肿非笃笠倒婺＠┐蠖贾碌淖式鹄训取Ｆ渲校莆裎侍馐遣⒐汗讨胁豢杀苊獾模岽┱霾⒐汗痰哪烟狻？梢运挡莆裎侍獾拇笮≈苯泳龆瞬⒐旱某晒τ敕瘛Ｋ匀绾谓饩銎笠挡⒐褐械牟莆裎侍獬晌似笠敌枰悸堑闹刂兄亍Ｒ虼吮疚哪馔ü低场⑷娴匮芯科笠挡⒐旱南喙乩砺郏擞美砺劢岷鲜导实姆椒ㄕ页銎笠挡⒐汗讨杏龅降牟莆裎侍猓⑼ü咐袄砺鄯治龅贸龊侠淼慕饩龇椒ǎ佣云笠挡⒐盒形匆恍┫质档闹傅家庖濉Ⅻbr>
关键词：企业并购 财务问题 风险
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： Enterprise merger and acquisition Financial problems Risk
目 录
引 言 - 1 -
1 企业并购的相关概念概述 - 1 -
1.1 企业并购的概念 - 1 -
1.2 企业并购的方式 - 2 -
1.3 企业并购的动因分析 - 2 -
1.4 企业并购实现的必要条件 - 3 -
1.5 企业并购的基本过程 - 4 -
2 企业并购中的存在的财务问题 - 5 -
2.1 过于追求企业强大带来的问题 - 5 -
2.2 占用大量流动资金带来的问题 - 5 -
2.3 评估价值欠准确带来的问题 - 6 -
2.4 政府干预过多带来的问题 - 6 -
2.5 并购企业的支付方式存在问题 - 7 -
3. 企业并购中财务问题的具体对策及防范措施 - 8 -
3.1 合理安排资金使用 - 8 -
3.2 合理评估目标企业的价值 - 8 -
3.3 健全法律法规，减少政府干预 - 9 -
3.4 建立并购企业财务预警评价指标体系 - 9 -
3.5 选择适当的融资方式 - 9 -
3.6 避免盲目并购行为的发生 - 10 -
3.7 并购企业的支付方式需要多样化 - 10 -
4 荣欣集团并购新天地公司的财务问题案例分析 - 10 -
4.1并购企业的概况 - 10 -
4.2并购企业的财务状况与分析 - 11 -
4.3企业整体价值评估--现金流量贴现法 - 13 -
4.3.1 进行现金流量预测 - 13 -
4.3.2预测收购的最低可接受报酬率 - 15 -
4.4并购支付方式的财务决策 - 18 -
4.4.1现金收购 - 19 -
4.4.2股票收购 - 19 -
4.5 最终的并购方案决策 - 21 -
结 论 - 22 -
致 谢 - 22 -
参考文献： - 23 -
