企业并购的财务协同效应与整合研究

摘要企业并购是增强竞争力、拓展市场份额、实现资源优化配置的重要手段，更是企业资本运作的核心内容。获得协同效应，实现利润最大化是企业并购的主要目的，也是现代企业并购的基本理念。并购的财务协同效应则是资本运作这一外向型交易发展战略的显著体现，并极大地展示着资本运作的技巧和魅力。
然而，并购之路并不容易，它不是单纯地两个企业简单相加，而是根据双方并购后可能产生的协同效应，运用有效的整合策略，对并购双方的资源要素进行有效的重组。
本文主要先分析企业并购的概念与和动因，对企业并购这种市场经济活动进行阐述，接着再对企业并购后所产生的协同效应及其相关理论的进行概述，引申出财务协同效应的实现前提、效益和财务分析评价指标，然后再从财务整合的角度突出其在财务协同效应中所发挥的重要作用，最后再从财务整合的实施角度来对实现协同效应进行探讨。
关键词:企业并购，财务协同效应，财务整合，财务分析,4410

Abstract
Currently,mergers and acquisitions has become an important means of enhancing competitiveness and seize market share to achieve the optimal allocation of resources,is the core content of the enterprise capital operation.Gaining synergies to maximize profits is the main purpose of mergers and acquisitions,the basic concept of the modern corporate mergers and acquisitions M&A financial synergies are significant capital operation and the development of export-oriented trading strategy embodied,and show capital operationskills and charm.
However,in today's financial crisis raging,obviously,the enterprise acquisition of the road is not easy,It is not a simple sum of two enterprises, but according to the synergistic effect of both sides after the merger the possible, using an effective integration strategy effective restructuring of resource acquisition of both the.
This article first analysis of the concept of mergers and acquisitions and motivation, the mergers and acquisitions market economic activity, elaborated,followed by an overview of the synergies in mergers and acquisitions and related theories carried,come out of the realization of the premise of the financial synergies,effectiveness evaluation,and then highlight the important role played by financial synergies from the angle of financial integration.Finally,from a financial point of view of the implementation of the integrated to achieve synergies explore.
Keywords:Mergers and Acquisitions,Financial Synergy,Financial integration,Financial Analysis
目录
摘要1
abstract1
     一．绪论3
        1.企业并购研究的目的与意义-3
        2.企业并购概念及动因分析-3
          2.1 企业并购的概念-3
          2.2 企业并购的种类-4
    二．国内外财务协同效应研究现状-4
2.1企业协同效应与整合的研究理论概述-5
    2.1.1 资源优化配置理论5
    2.1.2 自由现金假说5
    2.1.3 价值低估理论5
    2.1.4 税赋效应理论6
2.2我国学者对于财务协同效应的理论研究-6
三．协同效应-7
   3.1 财务协同效应实现的前提8
   3.2 协同效应的实现9
   3.3 财务协同效应的效益-10
   3.4 财务协同效应的评价指标-10
    四．财务整合12
4.1 财务整合的内容-12
       4.2 企业并购后的财务整合原则-12
4.3 企业并购中财务整合的工作流程-13 企业并购的财务协同效应与整合研究:http://www.751com.cn/kuaiji/lunwen_1063.html