节点文献
企业并购、价值创造与控制
Firms Mergers and Acquisitions, Increasing Value, and Control
【作者】 姜理；
【导师】 刘永清；
【作者基本信息】 华南理工大学 ， 控制理论与控制工程， 2000， 博士
【摘要】 企业是市场经济中一种典型的组织形式。兼并与收购(简称“并购”)是企业扩张和发展的一条有效途径。随着全球经济一体化、贸易和投资壁垒的消除，并购已经成为一种国际化行为。企业通过并购达到一定的财务目标。从某种角度讲，并购、价值创造与控制是现代企业成长的重要途径。 全文共分七章。 第一章讲述了企业并购理论研究的现实意义，企业并购理论研究的国内外概况，企业并购与资本分析。 第二章分析了企业组织形式与组织行为，并购内涵及分类，并购动因和中外企业并购历程。 第三章介绍了西方企业并购活动。 第四章和第五章研究了资本结构理论，MM模型和资本结构决策，资本预算决策，现金流量与财务评价，企业估价，投资率及相关估价分析等。 从第六章到第七章，在研究了并购战略、并购战术、并购防御—反并购、企业生命周期与并购行为控制后，分析并探讨了中国企业并购的特点，中国企业并购的必要性，并购活动在中国的发展，中国企业并购类型及其产权问题，中国企业并购失败原因，培育中国企业的并购市场环境等问题。
【Abstract】 The firm is a typical organizational form of the market economy. Mergers and acquisitions (i.e., M&As) are a means of firms expansion and growth. Increasingly, M&As have assumed an international dimension due to global economic integration and the dismantling of barriers to trade and investment. M&As are undertaken by firms to achieve certain strategic and financial objectives. To some, M&As, increasing the value, and control are an important way to develop firms.The dissertation consists of seven chapters.It is included in the contents of Chapter 1 that practical meaning of researching the firms M&As, the general situation of researching the firms M&As at Home and Abroad, and firms M&As and capital analysis, etc.Chapter 2 analyzes the organizational forms of the firms and organization behavior, M&As characteristics and types, objectives of M&As, a brief of the M&As movements about the firms at home and abroad, etc.In chapter 3, describes the historical pattern of the M&As activity of the firms from western countriesChapter 4-5 mainly study the theories of capital structure, MM’s model, capital structure decisions, capital budgeting decisions, cash flows and finance evaluation, firms valuation, investment rate and related valuation analysis, etc.In chapter 6-7, after dealing with the strategy and tactics of the M&As, defenses against M&As—Anti-M&As, firms lifecycles and control of M&As behavior, analyzes and study the problem of China. It mainly includes the characteristics, necessity, historical pattern, M&As types, the problem of property rights, factors contributing to the M&As failure, the analysis based on strategy and tactics, the analysis based on integration, countermeasure and suggestion for developing the M&As activity, etc.