Q公司并购财务尽职调查研究

发布时间：2018-04-04 20:00

本文选题：公司并购　切入点：财务尽职调查　出处：《电子科技大学》2017年硕士论文

【摘要】：全球公司史上的六次并购浪潮揭示出并购是公司发展的必由之路。随着我国市场经济发展,越来越多的企业家认识到必须通过并购来抢占市场及人才,扩大公司规模,获得持久的竞争动力,以实现公司快速发展。近年来,国内企业的并购业务尤其是资本市场上市公司的并购业务异常火爆,中国已经成为最重要的并购战场。但相比较于成功经验丰富,失败经验更丰富的国外同行,国内企业的并购能力差距较大。对于身处资本市场的上市公司而言,监管层对企业并购一是加大审核力度,形成监管威慑;二是强化业绩补偿监管,引导市场估值回归的表态,促使上市公司在并购交易时必须更注重标的公司的质量。基于提高并购的质量和符合监管要求两方面的压力,上市公司在进行并购业务时更加注重财务尽职调查,财务尽职调查已经成为国内上市公司进行并购的必备流程之一。本文从理论分析入手,并与实践案例结合,首先分析了并购相关理论,阐述了获得协同效应和竞争优势是企业并购的根源;通过对并购战略的分析,提出尽职调查、并购估值和并购整合是并购业务的三个重要环节。接下来对财务尽职调查的必要性、财务尽职调查的组织过程进行了全面的分析,在梳理了财务尽职调查的一般内容后,提出了目标企业的商业模式、盈利能力和财务规范程度是进行并购财务尽职调查时应重点调查的方面。最后通过Q公司进行并购财务尽职调查的案例,展现了并购财务尽职调查的整体流程,并重点从前章理论研究的关键点对目标公司进行了详细的分析,展现财务尽职调查成果能对企业并购决策提供强有力的依据和支撑,使理论研究在实践中得到了验证。最后在理论和实践的基础上提出了本文的结论和建议。面对实务中不少财务尽职调查流于形式,不能对并购决策提供有力支撑的现状,本文立足于国内上市公司,分析其在并购重组中如何利用财务尽职调查这一有效手段在有限的时间和严格的监管要求下提高并购效率,提出了着重从商业模式、盈利能力和财务规范程度三方面入手,就能在较短时间约束条件下分析和掌握目标公司核心价值的观点,对其他上市公司在实施并购财务尽职调查时有一定的借鉴意义。
[Abstract]:Six waves of mergers and acquisitions in the history of global companies reveal that mergers and acquisitions are the only way to the development of companies.With the development of market economy in our country, more and more entrepreneurs realize that it is necessary to seize the market and talent through mergers and acquisitions, expand the scale of the company and obtain the lasting competitive power, so as to realize the rapid development of the company.In recent years, the M & A business of domestic enterprises, especially that of listed companies in the capital market, is extremely popular, and China has become the most important battlefield of M & A.However, compared with foreign counterparts with rich successful experience and more failure experience, domestic enterprises have a large gap in M & A capability.For listed companies in the capital market, the regulatory level should strengthen the examination and approval of enterprises' mergers and acquisitions to form a regulatory deterrent; second, strengthen the performance compensation supervision to guide the position of market valuation returning.The listed company must pay more attention to the quality of the target company in the M & A transaction.Due to the pressure of improving the quality of M & A and meeting the supervision requirements, listed companies pay more attention to financial due diligence, which has become one of the necessary processes for domestic listed companies to conduct mergers and acquisitions.Starting with theoretical analysis and combining with practical cases, this paper first analyzes the relevant theories of M & A, expounds that acquiring synergy and competitive advantage is the root of M & A; through the analysis of M & A strategy, puts forward due diligence,M & A valuation and M & A integration are three important links of M & A business.Then the necessity of financial due diligence and the organizational process of financial due diligence are comprehensively analyzed. After combing the general contents of financial due diligence, the business model of the target enterprise is proposed.Profitability and financial regulation are the key aspects of M & A financial due diligence.Finally, through Q company M & A financial due diligence case, shows the overall process of M & A financial due diligence, and focuses on the previous chapter of the key points of theoretical research on the target company is analyzed in detail.Showing the results of financial due diligence can provide a strong basis and support for M & A decision, which makes the theoretical research proved in practice.Finally, on the basis of theory and practice, the conclusions and suggestions of this paper are put forward.In the face of the fact that a lot of financial due diligence is a mere formality in practice and cannot provide sufficient support for M & A decisions, this paper is based on the domestic listed companies.This paper analyzes how to use the effective means of financial due diligence to improve the efficiency of M & A under the limited time and strict supervision requirements in the M & A reorganization, and puts forward the emphasis on three aspects: business model, profitability and financial standard degree.The viewpoint of analyzing and mastering the core value of the target company under the condition of short time constraint is useful for other listed companies to carry out financial due diligence in M & A.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F626.115

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