企业并购后财务整合研究

发布时间：2018-03-18 06:15

本文选题：集团并购　切入点：财务整合　出处：《石河子大学》2016年硕士论文　论文类型：学位论文

【摘要】：并购是企业发展到一定阶段为了实现其发展战略目标而进行的活动,是企业扩大生产规模、优化产业结构、增强核心竞争力的直接的方式和手段。企业并购的实质是通过兼并重组优化资源结构,提高核心竞争力,是在社会范围内占有并利用优势资源,以实现并购后企业价值最大化。并购是市场经济发展的必然结果,结合国内企业的并购现状,并购的效果并不理想,大多数企业的并购活动并没有达到并购目的。签订并购协议并不代表完成并购,相反只是并购工作的开始,在并购活动中最主要的是并购后的整合工作。并购后整合工作涉及到并购双方管理制度、组织机构、财务核算、人力资源分配等方方面面的事项,并购整合是企业实现并购战略目标的重要手段,而并购整合工作中最主要的一部分是并购后的财务整合工作,财务整合的结果直接反映并购整合的效果。因此,并购企业应该基于财务整合足够重视。财务整合的目的是实现并购双方财务协同效应,降低并购后的财务风险、充分利用财务资源、提高财务管理能力,最终实现并购后企业价值最大化。当前国内市场企业并购的现状是并购的成功率较低,深入分析原因是并购后整合工作的不到位,特别是并购方未将财务整合工作单独作为一个整合部分进行规划。因此,研究并购后财务整合的具体措施和注意事项对国内企业的发展有着重要的指导意义。在本文中,文章采用理论指导和案例解析相结合的方法研究企业并购后的财务整合问题。文章首先介绍并购后财务整合的研究背景和研究意义,根据国内外并购整合的文献资料介绍并购整合的研究现状,具体阐述并购后财务整合的理论基础,为财务整合体系的建立提供理论支撑,详细解析财务整合的流程、模式和具体内容,并对财务整合的效果进行评价,提出整合绩效评价的具体措施。其次,本文以蒙牛集团并购君乐宝公司的实践为案例研究对象,详细分析蒙牛并购君乐宝公司的并购过程、并购动机、并购模式以及财务整合的具体内容,并运用财务指标从盈利能力、偿债能力、运营能力、发展能力、内部运作能力角度衡量财务整合效果。并根据效果分析原因,最后根据我国企业并购中的问题得出启示。本文旨在根据我国企业并购的实际情况,研究并购后财务整合问题和完善财务整合理论,从而为我国企业并购成功提供现实指导和借鉴意义。
[Abstract]:M & A is the activity of the enterprise to achieve its development strategic goal at a certain stage. It is the enterprise to expand the scale of production and optimize the industrial structure. The essence of enterprise merger and acquisition is to optimize the structure of resources through merger and reorganization, to improve the core competitiveness, and to occupy and utilize the advantage resources in the social scope. M & A is the inevitable result of the development of market economy. Combined with the present situation of M & A of domestic enterprises, the effect of M & A is not ideal. M & A activities of most enterprises do not achieve the purpose of M & A. Signing a merger agreement does not mean completing a merger and acquisition, on the contrary, it is only the beginning of the merger and acquisition work. The most important aspect of M & A activities is the post-merger integration, which involves the management system, organization, financial accounting, human resource allocation and other aspects of the merger and acquisition. M & A integration is an important means for enterprises to achieve the strategic goal of M & A, and the most important part of M & A integration work is the financial integration work after M & A. The result of financial integration directly reflects the effect of M & A integration. M & A enterprises should pay enough attention to financial integration. The purpose of financial integration is to realize the financial synergy between the two sides of M & A, reduce the financial risk after M & A, make full use of financial resources, and improve the ability of financial management. The present situation of M & A in domestic market is that the success rate of M & A is low, the reason of deep analysis is that the integration work after M & A is not in place. In particular, the merger and acquisition parties do not plan the financial integration work as a separate part of the integration. Therefore, it is of great significance to study the specific measures and matters needing attention for the development of domestic enterprises. This paper uses the method of theoretical guidance and case analysis to study the financial integration after M & A. firstly, the paper introduces the research background and significance of the financial integration after M & A. According to the literature of merger and acquisition integration at home and abroad, this paper introduces the research status quo of merger and acquisition integration, elaborates the theoretical basis of financial integration after merger and acquisition, provides theoretical support for the establishment of financial integration system, and analyzes the process of financial integration in detail. Model and concrete content, and evaluate the effect of financial integration, put forward the concrete measures of integration performance evaluation. Secondly, this paper takes the practice of Mengniu Group merger and acquisition of Junle Bao Company as the case study object. Detailed analysis of Mengniu M & A process, M & A motivation, M A mode and financial integration of the specific content, and use of financial indicators from profitability, solvency, operational capacity, development capacity, From the angle of internal operation ability, this paper measures the effect of financial integration, and analyzes the reasons according to the effect, and finally draws the enlightenment according to the problems in the enterprise merger and acquisition of our country. This article aims at according to the actual situation of enterprise merger and acquisition in our country. This paper studies the problem of financial integration after M & A and consummates the theory of financial integration so as to provide practical guidance and reference for the success of M & A in China.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F275

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