企业战略并购后财务整合问题研究

【作者】 张晓霞；

【导师】 傅代国；

【作者基本信息】 西南财经大学 ， 会计学， 2006， 硕士

【副题名】基于企业核心能力的视角

【摘要】 企业并购现象从19世纪末就出现,其作为社会资源重新配置、提高资源的利用效率的一个重要手段,在企业的发展过程中已越来越多地被利用。但是据统计资料显示,无效率的整合管理导致了企业并购的成功率很低。由于财务整合是并购后整合管理中的重要环节,它不仅在整合管理中占据重要位置而且直接影响并购的绩效。因此,在提高企业核心能力的企业战略并购中,财务整合扮演了一个非常重要的角色,本文的选题正是来源对该问题的思考,结合经验研究和案例研究的方法,着重对并购后的财务整合问题进行探讨。论文的逻辑主线以企业核心能力为起点,由企业核心能力与战略并购之间的互动关系而引出战略并购。基于提高企业核心能力为动因的战略并购,其预期的目标得以达成有赖于并购后的整合。财务整合以其本身的特点和在企业管理中的重要地位,成为整合管理的一个非常重要的子系统,它将直接影响整合管理的成效,因此,财务整合问题成为焦点。论文对财务资源、财务能力与企业核心能力三者之间紧密的关系进行了比较深入的探讨,从而把企业核心能力与财务整合联系起来,由此归纳出财务整合的总体思路和内容框架,并在结合案例进行分析,进一步阐述了财务整合的目标、原则、工作模式和流程,对财务整合内容的七个方面进行了比较详细的论述。本文正文部分主要分为四部分。第一部分分析了企业核心能力与战略并购互动关系。该部分在对企业核心能力的内涵、本质、特征进行了分析的基础之上,从战略并购的过程和机制的角度,分析战略并购与企业核心能力之间的互动关系即:战略并购是拓展企业核心能力的重要途径,对企业核心能力的促进作用,而核心能力有能促成企业并购行为发生和成功。这种密切的关系引发思考:如何提高战略并购的成功率,实现战略并购提高企业核心能力的最终目标?并购后的整合管理不容忽视,由此引出第二部分。更多还原

【Abstract】 Ever since its first show-up in the nineteenth century, enterprise merger and acquisition (M&A) has gradually developed into a very important means of reallocating the social resources and improving the efficiency in resources use. As a result, it has been widely used in the development of modern enterprises as it expands further in a variety of ways. However, statistics indicate that the percentage of success in M&A is low and many strategic M&As don’t reach their expectations.The author believes that the purpose of strategic M&A is to enhance core competencies of a company. Since the failures of many M&As are caused by inefficient integration, especially by inefficient financial integration which is considered as the center of the integration management. Therefore, financial integration management directly affects the core competencies of the company.This paper includes four chapters, combining the case study with theoretical analysis.Chapter one discusses the relation between core competencies and strategic M&A. Firstly, this chapter reviews the development history of core competencies theories, and discusses the meaning, essence of this concept; Secondly, analyzes the characteristics of it, paving way for following research about the relationship between the core competencies and strategic M&A; thirdly, discusses the relation between the core competencies and strategic M&A: on the one hand strategic mergers and acquisitions are an important means of enhancing enterprise’s core competencies, on the other hand the core competencies could increase the percentage of success in strategic M&A.Chapter two analyzes the key position of financial integration in the integration management. Firstly, this chapter elaborates the meaning of更多还原