【作者】 李明；

【导师】 唐建新；

【作者基本信息】 武汉大学 ， 会计学， 2005， 硕士

【摘要】 企业并购后能否成功实现有效整合是决定并购成败的关键因素,众多学者对企业文化、人力资源等方面的整合进行了大量的研究,但财务资源是企业的核心资源之一,目前对财务资源整合的研究相对较少,本文从内部资本市场视角对财务资源整合进行了研究。 本文分四章系统分析了企业并购的财务资源整合问题。第1章,首先对企业并购的现状和理论进行了概述,指出整合问题是决定企业并购成败的关键因素,进一步分析企业并购的整合问题的研究现状,确定了从内部资本市场视角来研究企业并购的财务资源整合问题。第2章,对内部资本市场理论进行系统概述,分析如何利用内部资本市场理论,指导并购后财务资源的有效整合,通过对内部资本市场的成本和效率分析、内部资本市场的信息和代理问题分析、内部资本市场和外部资本市场的边界分析,论证了内部资本市场是配置企业财务资源的有效手段。企业通过兼并、收购、重组等并购方式,集中了多个企业的财务资源,通过内部资本市场可以组织和配置并购后的企业财务资源,进行财务资源整合,能够达到有效的组织和配置并购企业的财务资源的目的,为企业价值最大化服务。第3章,对企业并购后的财务资源整合进一步研究,分析了国内外财务公司的实践,指出通过成立内部财务公司这一内部资本市场载体来完成内部资本市场的作用,并对我国成立内部财务公司的合法基础及可行性进行分析,论证了企业并购后成立内部财务公司的切实可行性。第4章,对全文内容进行总结,指出了文章的创新之处、不足之处以及有待进一步研究的问题。更多还原

【Abstract】 Whether the corporation can reorganize successfully after M&A is the key factor that determine the success of M&A, many researchers has done quite a lot of research on corporation culture and human resource, but financial resource as one of the most important resource, the research on the reorganize of which is comparatively less, this article will do some research on the reorganization of financial resource under the view of internal capital market.This article departs four chapters to analysis the reorganization of financial resource after M&A.Chapter l,we summarize the actuality and theory of M&A, point out that the reorganization is key factor of M&A, further more we analyze the actuality research of reorganization, and fix on the internal capital market view to investigate the reorganization after M&A. Chapter 2, we systematically summarize the theory of internal capital market, analyze how to reorganize the financial resources efficiently with the help of the theory of internal capital market, and analyze the cost and efficiency, information and agent problem of internal capital market, boundary between internal capital market and external capital market. Demonstrate that the internal capital market is an efficient way to deploy the financial resource of a corporation. One corporation can centralize quite a lot of financial resource of several corporations by the way of M&A.Internal capital market works for maximize the value of a corporation. Chapter 3,we investigate the reorganization of financial resource after M&A deeply, analyze the practice of financial corporation in and out of the country, point out that the internal financial corporation can fulfill the effect of internal capital market, and analyze the law basement and feasibility of the foundation of internal capital market in our country. Demonstrate that the foundation of internal capital market in our country is feasible. Chapter 4,summarize the whole article, point out the innovation, shortage and the further research of this article.更多还原