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企业并购作为市场经济下的企业行为，是现代企业制度发展到一定阶段的产物，在西方发达国家一百多年的历史上经久不衰，其后有着深刻的经济动机和驱动力，以及政治、社会等多方面的原因。企业并购的浪潮正向全球化推进，当然对我国的经济也造成巨大的冲击和影响。随着我国社会主义市场经济建设步伐的加快及全球经济一体化的影响，越来越多的中国企业开始采用这一资本运营手段来加快企业发展。因此，如何在并购活动中防范财务风险也就成为了学术界和企业界越来越关注的问题。并购作为企业资本运营的一个重要手段，对企业发展有着重要的现实意义。必须对目标企业价值进行合理评估、对并购的主要融资渠道及财务支付方式进行研究。
企业并购过程中涉及到许多财务问题，财务问题的解决是企业并购成功的关键。此．有效的财务活动可以使并购效率得到提高，使我国相当一部分企业通过并购提高经济效益，得以长足发展。论文以并购理论为基础，综合运用了项目管理、管理学、市场营销学、会计学、财务分析等多门学科知识，采用文献查阅、归纳总结等方法对企业并购的财务问题进行分析，并提出防范措施。
关键词：企业并购，财务，财务风险，财务问题
Or ountry enterprise buys medium financial problem analysis
Abstract
Corporate mergers and acquisitions as the enterprise below market economy behavior, is the modern enterprise system development to a certain stage of the product, in the western developed countries for more than one hundred years of history of enduring, it has profound economic motivation and drive force, as well as political, social and other reasons. Enterprise merger and acquisition tide is advanced to globalization, of course, to the economy of our country has also caused huge impact and influence. Along with our country socialist market economy to accelerate the pace of construction and the influence of global economic integration, more and more Chinese enterprises begin to use the capital operation means to accelerate business development. Therefore, how to guard against financial risks in M & A activity has become academic group and business circles pay more and more attention to the problem. Mergers and acquisitions as company capital operation is an important means of enterprise development, has important practical significance. Must be on target enterprise value and reasonable assessment, the acquisition of the main financing channels and financial payment of.
The merger process involves many financial problems. But financial problems is the key for the success of enterprise so. Effective financial activity can make the merger efficiency is improved, make our country quite part of enterprises through mergers and acquisitions to enhance economic efficiency, rapid development. On the merger and acquisition theory as the foundation, the integrated use of the project management, management, marketing, accounting, financial analysis and other subjects knowledge, based on literature, summarizes the methods such as the merger of the financial analysis, and puts forward the preventing measures.
Keywords: Enterprise merger and acquisition；Finance；Financial risk；Financial problems
目 录
摘 要 1
Abstract 2
1 企业并购问题研究综述 6
1.1国外研究现状 6
1.1.1效率理论 6
1.1.2信息与信号理论 6
1.1.3代理问题和管理者主义理论 6
1.1.4市场缺陷理论 6
1.1.5政府干预理论 6
1.2国内研究现状 7
2 企业并购的内涵、分类和动因 8
2.1企业并购内涵 8
2.2企业并购的分类 8
2.3企业并购动因分析 9
3 目标企业价值评估问题分析 10
3.1企业并购价值评估的重要性 10
3.1.1从并购过程看 10
3.1.2从并购动因看 10
3.1.3从交易双方看 11
3.2企业并购中的定价影响因素 11
3.3企业并购价值识别 11
3.3.1企业并购价值识别的内容和范围 11
3.3.2企业并购价值识别的方法与步骤 11
3.4目标企业价值评估方法 12
4 企业并购的融资与支付方式分析 12
4.1现金支付方式 12
4.2综合证券支付方式 13
4.2.1公司债券 13
4.2.2认股权证 13
4.2.3可转换债券 13
4.2.4无表决权的优先股 13
4.3企业并购融资分析 13
4.3.1融资政策的选择 13
4.3.2融资渠道及其分析 14
5 企业并购整合期财务问题分析 15
5.1财务整合的模式 15
5.1.1移植模式 15
5.1.2融合模式 16
5.2财务整合的内容 16
5.2.1财务管理目标的整合 16
5.2.2财务组织机构和职能的整合 16
5.2.3财务管理制度的整合 16
5.2.4存量资产、负债的整合 16
5.3企业并购后财务评价的基本方法 17
5.3.1定量评价法 17
5.3.2定性评价法 17
结论 18
致 谢 19
参考文献 21
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