并购中价值评估与并购后企业融合问题研究

【作者】 田海航；

【导师】 乔世震；

【作者基本信息】 东北财经大学 ， 会计学， 2005， 硕士

【摘要】 企业并购是市场经济条件下,企业生存、发展的必要过程和结果。一个多世纪以来,西方国家通过大规模的并购活动,完成了产业升级和资源的优化配置,从而增强了企业的市场竞争力。在我国十几年的经济市场化的进程中,企业并购活动也日益活跃,企业并购也成为企业发展壮大的主要方式。然而,近几年的并购实践,逐渐反映出一个突出的问题--企业并购的成功率不高。笔者认为导致并购失败的主要原因有两个:一是并购中对企业的价值评估不科学,二是并购后企业的整合不力。本文就企业价值评估和并购整合管理进行了有针对性论述。全文共包括以下四个部分:第一部分,绪论。从总体上论述了并购中的价值评估和整合管理对企业并购成败的重要性,并对国内外研究现状进行了概括。第二部分,并购中对企业的价值评估。首先对企业价值评估的基本理论进行了概述,包括企业价值评估的涵义、特点、基本假设、基本程序、并购中价值评估的内容。接下来对企业价值评估的基本方法进行了描述,包括企业自由现金流量贴现法、经济增加值评估法、相对估价评估法、实物期权评估法。最后通过案例,分别对企业自由现金流量贴现评估法和经济增加值评估法进行了说明和比较。第三部分,并购后企业的整合。分别就战略整合、文化整合、组织人事整合、管理和制度整合、财务整合进行了论述。第四部分,结束语。对整篇文章进行了总结说明。企业并购的浪潮在我国持续高涨,有关专家预测,由于中国仍然处于经济转轨时期,未来几年将发生大规模企业并购重组。因此,对对企业并购成败具有决定意义的因素--企业价值的评估和并购整合管理进行研究,具有很强的理论意义和现实意义。更多还原

【Abstract】 Enterprise mergence and acquisition (M&A) forms a process and result that is inevitable to ensure its survival and prosperity in the background of market economics. Some developed countries have completed the update of industry and optimization of resources through massive M&A to intensify competitiveness of enterprise since the beginning of last century. In our country, M&A becomes gradually active in the development of market economics in recent years and it also acts as a way to accelerate growth of business. However, through a series of case studies of M&A, we begin to notice an acute problem-low rate of survival after M&A. We deem the failure of operation of newly formed enterprises can be attributed to two aspects: miscalculations of the value to aimed corporation, non-effective strategy taken to manage integration process after M&A. This thesis just makes discussion about how to resolve the problems mentioned above and formulates the way to smooth the process of M&A.This thesis can be divided into four parts.The first part acts as a preface to formulate that the proper value evaluation and integration management is of essential importance to the success of M&A and generalizes the theories and developments in this field in China and abroad. The second part details the methods of evaluation to aimed corporate during M&A. Firstly it formulates the basic theory in corporate evaluation which includes the meaning, features, basic assumptions, basic procedures of M&A. Then it draws the description about fundamental methods in evaluation such as discounted free cash flow of enterprise, EVA (economic value-added) evaluation, relative value evaluation and material option evaluation. At last it makes comparison between discounted free cash flow of enterprise and EVA (economic value-added) evaluation through case analysts.The third part: the integration after M&A. It formulates the strategy integration,culture integration, organization and HR integration, management and system integration and finance integration respectively.The fourth part: the end. It generalizes the whole thesis.The wave of M&A is going to spread gradually due to expectation of experts that China is about to see massive scale of M&A in a recent few years in the background of economy translation. So it is essential to research problems arising from these two fields: evaluation to aimed enterprise and integration management, which are the key factors to the success of M&A.更多还原