基于财务动机的企业合并探讨

发布时间：2018-07-09 11:20

本文选题：企业合并 + 财务动机　；参考：《江西财经大学》2013年硕士论文

【摘要】：虽然在资本市场和证券市场上有成千上万种经济行为，但是企业合并自出现之日起就一直是这两个舞台上的主角。从19世纪末到现在，，西方国家已经接二连三地发生了五次企业合并浪潮。我国的企业合并起步较晚，上市公司之间的第一次企业合并出现在1993年。虽然企业合并已有较长的历史，但至今未见退潮迹象，反而越来频繁。经过2008年经济危机的冲击后，全球企业合并的速度进一步加快。我国《企业会计准则第20号企业合并》规定企业合并，是指将两个或者两个以上单独的企业合并形成一个报告主体的交易或事项。企业合并分为同一控制下的企业合并和非同一控制下的企业合并。企业合并按照不同的标准可以分为不同的类型。但是人们最常用的分类标准是企业所处的行业。依据参与合并的企业所处的行业是否相同和是否相关，企业合并可以分为横向合并、纵向合并和混合合并。横向合并是指具有竞争关系的、经营领域相同或生产产品相同的同一行业之间的企业并购；纵向合并是指在生产和销售的连续性阶段中的上游企业并购下游企业，或下游企业并购上游企业，并购各方是处于同一产品不同生产阶段的企业；混合合并是指各方既不属于同一行业，也不构成供应关系的企业合并。混合并购是企业实现多元化发展战略的重要手段，能够使企业快速地进入另一个行业，而不是从头做起。从大量的文献资料中可以知道企业合并的一般动机有增强市场势力动机、企业扩张动机和企业战略发展动机等，本文将着重介绍企业合并的财务动机。本文认为企业合并的财务动机有提高收益动机、谋求持续增长和提高股价动机、充分利用剩余现金流量动机、形成规模经济从而降低风险和成本动机、避税动机、获得低价资产动机、买壳上市动机和获得银行贷款优惠动机等。不同类型的企业合并提高企业收益的机制不同，横向合并是通过提高市场占有率和影响力来提高企业收益，同时，横向合并也能够使企业形成规模经济，降低企业的成本；纵向合并是通过节省中间环节的交易费用来提高收益，并且，纵向合并能够减少中间环节的不确定性，降低企业的经营风险；混合合并则是通过多元化经营，寻求新的利润增长点来提高企业的收益。当一个企业的生命周期进入成熟期以后，市场将由卖方市场转变为买方市场，成长期的高速发展不复存在，企业面临着如何延长发展期，推迟成熟期的难题，而企业合并是解决这一难题的有效途径。同时，由于我国的资本市场不发达、会计准则不完善和相关法律法规不够严格等原因，我国的企业合并也有可能是出于避税、买壳上市和获取低价资产等动机。基于企业合并的财务动机，本文还探讨了我国企业合并中所存在的问题。这些问题主要有：企业合并的长期财务效应不佳、融资及支付方式单一、利用交易日、商誉以及控制进行盈余管理等。导致我国企业合并后长期财务效应不佳的原因有企业内部管理不善以及治理结构不合理等。企业的内部管理不善具体是指没有科学地选择目标公司，不注重培养核心竞争力和不重视合并后的整合工作。导致企业进行盈余管理的主要原因是我国的相关法律法规和准则不完善以及对企业合并活动的监督、监管不力。企业的融资及支付方式单一则主要是由于我国的融资市场、资本市场不发达。为了更好地说明基于财务动机的企业合并问题，本文探讨和对比了华源集团利用并购进军医药产业以及通用集团利用并购进军医药产业的案例。通过对比这两个公司并购的过程及并购的结果，本文总结了中国华源并购失败的原因以及通用电气成功收购的经验借鉴。通过前文所提到的基于财务动机的企业合并中存在的问题以及华源和通用这两个案例的分析，本文在最后提出了基于财务动机的完善企业合并的四条建议。一是要加强企业的内部管理以及完善治理结构，包括要科学选择目标公司、积极做好合并后的整合工作、着重培养核心竞争力以及完善合并后的治理结构；二是要逐步完善我国的资本市场和中介服务市场；三是要逐步完善我国的法律法规体系和相关的准则；四是要加强第三方、政府机构及行业协会对企业合并的监督与监管。
[Abstract]:Although there are thousands of economic behavior in the capital market and the stock market, the merger of enterprises has been the leading role on these two stages since the beginning of the nineteenth Century. From the end of nineteenth Century to now, the western countries have taken place five wave of enterprise merger. The merger of sub enterprises appeared in 1993. Although the merger has a long history, it has not seen any signs of ebb tide, but it has become more and more frequent. After the impact of the economic crisis in 2008, the speed of global enterprise merger is further accelerated.
The merger of Enterprise Accounting Standards No. twentieth in China stipulates that the merger of enterprises refers to the transactions or items that combine two or more than two separate enterprises to form a report subject. The merger of enterprises is divided into enterprises under the same control and the enterprise merger under the same control under the same control. The merger of enterprises can be divided into different standards according to different standards. Type. But the most commonly used classification standard is the business of an enterprise. The merger can be divided into a horizontal merger, a vertical merger and a mixed merger. A horizontal merger refers to the same line of competition, the same business or the same production of the product. Mergers and acquisitions between enterprises; vertical merger refers to the merger of upstream enterprises in the continuous stage of production and sales, or downstream enterprises to merge upstream enterprises, and mergers and acquisitions are in different stages of production in the same product; mixed merger refers to the enterprises that do not belong to the same industry and do not constitute supply relations. Merger and acquisition is an important means for enterprises to realize diversified development strategy, enabling enterprises to enter another industry quickly instead of starting from scratch.
From a large number of documents, we can know that the general motivation of enterprise merger is to enhance the motive of market power, the motivation of enterprise expansion and the motivation of the strategic development of the enterprise. This article will focus on introducing the financial motivation of the enterprise merger. Using the motivation of surplus cash flow, we can form a scale economy to reduce risk and cost motivation, tax avoidance motivation, motivation of low price assets, motivation of buying the market and incentive of bank loan preference. Different types of enterprises merge to improve enterprise income. The horizontal merger is made by raising market share and influence. At the same time, the horizontal merger can also make the enterprise form a scale economy and reduce the cost of the enterprise. The vertical merger is to improve the income by saving the transaction cost of the middle link, and the vertical merger can reduce the uncertainty of the middle link and reduce the venture of the enterprise. When the life cycle of an enterprise enters the maturity period, the market will change from the seller's market to the buyer's market. The rapid development of the growth period will not exist, and the enterprise faces the problem of how to prolong the development period and postpone the mature period, and the merger of enterprises is an effective way to solve this problem. At the same time, as China's capital market is not developed, accounting standards are not perfect and the relevant laws and regulations are not strict enough, the merger of enterprises in our country may also be motivated by tax avoidance, buying the shell and obtaining low price assets.
Based on the financial motivation of enterprise merger, this paper also discusses the problems in the merger of enterprises in China, such as the poor long-term financial effect of the enterprise merger, the single financing and payment method, the use of trading day, goodwill and control of earnings management, which lead to the poor long-term financial effect of the merger of enterprises in China. Because of poor internal management and irrational governance structure, the poor internal management of enterprises refers to the lack of scientific selection of Target Corp, the lack of emphasis on the cultivation of core competitiveness and the lack of emphasis on Integration after the merger. The main reason for the earnings management of enterprises is that the relevant laws and regulations and standards of our country are not perfect. The supervision and supervision of enterprise merger activities is not effective. The single way of financing and payment is mainly due to China's financing market and the undeveloped capital market.
In order to better explain the problem of enterprise merger based on financial motivation, this paper discusses and compares the case of Hua Yuan group using merger and acquisition into the pharmaceutical industry and general group using merger and acquisition to enter the pharmaceutical industry. By comparing the process of merger and acquisition of the two companies and the results of merger and acquisition, this article summarizes the reasons for the failure of China's Hua Yuan merger and acquisition. And the experience of the successful acquisition of General Electric.
Through the analysis of the existing problems in the merger of enterprises based on financial motivation and the analysis of the two cases of Hua Yuan and general purpose, this paper puts forward four suggestions for improving the merger of enterprises based on financial motivation. One is to strengthen the internal management and improve the management structure of the enterprise, including the scientific selection of the Target Corp. We should do a good job of integrating the integration work, focusing on training core competitiveness and improving the combined governance structure. Two, we should gradually improve our capital market and intermediary service market; the three is to gradually improve our country's legal system and relevant standards; four is to strengthen the third party, government agencies and industry associations to enterprise cooperation. Supervision and supervision.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275.2

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