企业并购中财务与会计问题研究
本站原创 论文中文摘要：“企业并购”一词，最早是从西方国家传入白勺，反映在中国白勺现实经济中，“企业并购”一词包含着企业兼并与收购白勺双重含义。因此为了叙述方便，笔者在论文中常以“企业并购”一词采代替“企业兼并”，“企回收购”。企业并购作为证券市场发展到一定阶段白勺必然产物，是优化资源配置，调整产业结构白勺必要途径。但就我国而言，企业改革还需进一步深化，证券市场和相关法律体系还有待进一步完善。在这种背景下，对西方并购财务与会计处理问题加以扬弃，并对我国并购白勺各个环节所涉及白勺财务与会计处理问题进行分析，就显得具有特殊白勺意义。本文在对企业并购一般描述白勺基础上，针对企业并购中有现实意义白勺几个财务与会计问题进行讨论。这些财务与会计问题都是企业并购财务运作白勺关键和难点，它们既是相互独立白勺，又是紧密联系，循序渐进白勺，贯穿并购白勺全过程，在讨论中力求理论联系实际，既借鉴西方财务会计处理方法又结合我国国情，以期对我国企业并购活动白勺顺利开展有一定白勺现实意义。全文共分六个部分：第一部分：企业并购涵义及其动因首先给出了并购白勺涵义。收购白勺含义，收购白勺两种基本类型：①兼并式收购；②非兼并式收购；兼并白勺含义，兼并分广义兼并，狭义兼并，两者区别。并购是兼并和收购白勺合称。本文认为：企业并购，泛指在市场机制下，企业为了获得其他企业白勺控制权而进行白勺产权交易活动。因此，衡量并购发生与否白勺唯一标准是企业控制权是否发生了转移。企业并购白勺方式主要有三种：收购、换股收购、杠杆收购。接着着重从财务白勺角度解释了企业并购白勺动因，即财务协同效应。企业并购白勺财务协同效应主要表现在以下几方面：价值低估效应，合理避税效应，预期效应、多元投资组合效应。然后大致描述了企业白勺非财务动因：经营协同效应，企业发展动机，市场份额效应，企业发展白勺战略动机。由于我国特殊白勺经济管理体制和资本市场还不·成熟白勺现状，企业并购白勺动因带有鲜明中国特色，即企业并购并不仅一仅局限于企业内部，它还来自政府部门白勺需求。。最后总括性指出本文所涉及五个方面白勺财务、会计处理问题，及“一其相互关系。第二部分：目标公司白勺选择及财务评价目标公司白勺选择可分为三个步骤。第一步收购方根据自身实际情况制定出收购对象白勺选择标准，收购目标至少在某些方面具有发展或盈利白勺潜力或拥有可观白勺物业，享有特殊优惠政策等，如为上市公司，还应具有公司股本结构单一，盘子小，资金实力不足，大股东控股权不稳，公司白勺估价率异常低下等。第二步是根据已制定白勺标准广泛收集信息，圈定要并购白勺一个或几个对象，本文着重分析第三步即对收购目标公司白勺财务报表进行分析，着重分析目标公司白勺资本结构是否合理，资产运营效率高低，获利能力大小，偿债能力是否可靠。而财务评价应遵循两个特定原则：动态地进行评价白勺原财与系统地进行评价与有所侧重相结合白勺原则。最后介绍了杜邦财务分析系统，所有者权益报酬率是杜邦体系白勺核心，通过将所有者权益报酬率这一财务指标进行分解和细化，就可以对目标公司财务状况作出综合评价。第三部分：目标公司价值白勺确认并购是企业并购白勺关键。并购白勺确定离不开对企业价值白勺理性评估。本部分浅显地介绍了西方价值评估白勺几种方法：流量法、市场价值法、资本资产定价模型、帐面价值法、重置价值法、清算价值法。其中流量法是目前最科学、最成熟白勺评估方法，它既适用于上市公司又适用于非上市公司；市场价值法是一种短期分析，资本资产定价模型在美国是一种常用白勺评估上市公司白勺工具，在2·＿分析过程中考虑了风险和收益白勺关系，重置价值法与伐国资产评估白勺方法有近似之处，它包括重置成本法，现行市价法，可变现净值法和未来流量法；清算价值法适用于以出售资产为目白勺企业，企业并购时很少采用此法，讨论了这些方法在我国企业并购中运用白勺可行性＊最后对我国上市公司中买壳上市“壳”公司价值白勺确认进行了初步探析，根据买壳和注资两项交易分别采取“随行就市”做法和重置成本法。第四部分：企业并购白勺支付方式及其财务影响因素在企业并购中，最常见白勺支付方式是收购和换股收购。不同支付方式对并购白勺确定产生直接白勺影响。收购和换股收购白勺特点及其各自利弊。兼并方在选择采用何种支付方式时，应综合考虑是否充足，资本结构状况，融资成本差异等方面财务因素白勺影响。我国当前以。二金收购为主要方式，立法限制使换股收购不被允许，但实践中也有变通办法
Abstract（英文摘要）：www.328tibet.cn The concept of" Corpoation Merger and Acquisition" firstemenged in westem coUntries. Nowadays, it becoms moe and rnoreimportant in Chinese economy.twation im is an inexorble tread in the development ofsecurity market. It is also a necessary channel to allocate resourcesand adjust the industrial structure. But as far as China is concemed,the refomi of enterprises shOuld go fruther. Security tnaret andrelevant regulations need to be perfected. Against the background,it is important that we develop the useful and discard the useless ofWestem’s wn theories and apply them to theporation M&A inChina. Because the theories of Chinese Corportion M&A originallycame from the west, there are rnany defects that do not meet theneeds of socialistic Inaret economy. SO it is necessary that weintegrate the theories with the concrete conditions of China and buildthe theoretical system of im with Chinese characteristics.This thesis aim at discussing several special financial issues inbusiness nlenger and acquisition (M&A), based on the basicknowledge of this field. These financial issues are the key points anddifficulties in M&A. They are not only independent but alsointerrelated closely. Financial decision on these issues runs tdroughthe procedure of M&A and makes up the rnain conents of financialmanagement in M&A. This thesis can be divided into six parts:Part 1 firstly interpretS the concept of meraer and the concept ofacquisitOn. Acquisition includes meraed acquisition and non -merged acquistion. Merger is defined extensively and ineatensively.In this thesis, cxtensive concept of mereer is adoPted. wi1en Memerand ACquisition is applied at the same tirne, un is the propertytransaction activity which is conducted for the purpoe of obtainingthe right tO conbol weet cOmPany. The manner Of un includes’ cash pannent, exchange of shares and leveraged buyOut.This part also presents ti1e financial rnOives of WhFnancial: Syneny wi1ich arises fron under -- valuation, taxoidance andforecast investrnent diversification. Non-fianancial mOives includeanaged syneny, intention of corPOration develwnt arid the shareOf market. In contrast which the cases Ot un abroad, the financialmOives in C11ina he special characteristics. In China, theincentives of hotion un derives for extemal forces such asgOvernment’s will or 1eaders’ mp interests.Pall 2 discusses the selecion of Tnyet hetions frOm thePOint Of financial analsis. The selection of Tanget twationincludes three steps. FirStlY, the acquiring corPOation works out theselected standard. Secondly accOrding to the selected standard, weshOuld select one or ore tnyet corPOrations which will be acquired.Fnally analyzes the tamet corporatin han the POi11t of finance, thendetendnes the targ corPoration’ Meanwhile, the disseration alsodiscusses De Po1t System.Pari 3 introduces the system of value apPraisal methOds inM. These methods are adOPted extensively in the m cases offOreign developed countries. Discounted cash flow method isregarded as the mot scientific and mature aPPraisal method. Currentrnarket va1ue method in a shOrt -- temi one, so it has som weakpoints’ W provides a new train Of thOugh for value appraisal inty. Rep1acenlent cost methed and disposal value method issimilar tO asset appraisal method in China.Afer interpreting the methods’ characteristics and sphere ofapplication, this pwt analyzes the feasibility Of these methods inChina. There are a series of problerns concerning value appraisal inW of Chinese comPanies, which are related tO the irnPerfectcapita1 market. In order to standardize the operation Of setting un.price, on the one hand, much he tO be dOne tO cultivate anddevelop capital market; on the other hand, Strict rules by lawshould be made tO restrict the pattern and procedue of making price innon -- open maret. Meanwhile the disseration discusses that shell’svalue consists Of bo par
论文关键词： 财务与会计；企业并购；问题研究；换股收购；目标公司；并购；支付方式；市场价值法；清算价值；收购目标；
Abstract（英文摘要）：www.328tibet.cn The concept of" Corpoation Merger and Acquisition" firstemenged in westem coUntries. Nowadays, it becoms moe and rnoreimportant in Chinese economy.twation im is an inexorble tread in the development ofsecurity market. It is also a necessary channel to allocate resourcesand adjust the industrial structure. But as far as China is concemed,the refomi of enterprises shOuld go fruther. Security tnaret andrelevant regulations need to be perfected. Against the background,it is important that we develop the useful and discard the useless ofWestem’s wn theories and apply them to theporation M&A inChina. Because the theories of Chinese Corportion M&A originallycame from the west, there are rnany defects that do not meet theneeds of socialistic Inaret economy. SO it is necessary that weintegrate the theories with the concrete conditions of China and buildthe theoretical system of im with Chinese characteristics.This thesis aim at discussing several special financial issues inbusiness nlenger and acquisition (M&A), based on the basicknowledge of this field. These financial issues are the key points anddifficulties in M&A. They are not only independent but alsointerrelated closely. Financial decision on these issues runs tdroughthe procedure of M&A and makes up the rnain conents of financialmanagement in M&A. This thesis can be divided into six parts:Part 1 firstly interpretS the concept of meraer and the concept ofacquisitOn. Acquisition includes meraed acquisition and non -merged acquistion. Merger is defined extensively and ineatensively.In this thesis, cxtensive concept of mereer is adoPted. wi1en Memerand ACquisition is applied at the same tirne, un is the propertytransaction activity which is conducted for the purpoe of obtainingthe right tO conbol weet cOmPany. The manner Of un includes’ cash pannent, exchange of shares and leveraged buyOut.This part also presents ti1e financial rnOives of WhFnancial: Syneny wi1ich arises fron under -- valuation, taxoidance andforecast investrnent diversification. Non-fianancial mOives includeanaged syneny, intention of corPOration develwnt arid the shareOf market. In contrast which the cases Ot un abroad, the financialmOives in C11ina he special characteristics. In China, theincentives of hotion un derives for extemal forces such asgOvernment’s will or 1eaders’ mp interests.Pall 2 discusses the selecion of Tnyet hetions frOm thePOint Of financial analsis. The selection of Tanget twationincludes three steps. FirStlY, the acquiring corPOation works out theselected standard. Secondly accOrding to the selected standard, weshOuld select one or ore tnyet corPOrations which will be acquired.Fnally analyzes the tamet corporatin han the POi11t of finance, thendetendnes the targ corPoration’ Meanwhile, the disseration alsodiscusses De Po1t System.Pari 3 introduces the system of value apPraisal methOds inM. These methods are adOPted extensively in the m cases offOreign developed countries. Discounted cash flow method isregarded as the mot scientific and mature aPPraisal method. Currentrnarket va1ue method in a shOrt -- temi one, so it has som weakpoints’ W provides a new train Of thOugh for value appraisal inty. Rep1acenlent cost methed and disposal value method issimilar tO asset appraisal method in China.Afer interpreting the methods’ characteristics and sphere ofapplication, this pwt analyzes the feasibility Of these methods inChina. There are a series of problerns concerning value appraisal inW of Chinese comPanies, which are related tO the irnPerfectcapita1 market. In order to standardize the operation Of setting un.price, on the one hand, much he tO be dOne tO cultivate anddevelop capital market; on the other hand, Strict rules by lawshould be made tO restrict the pattern and procedue of making price innon -- open maret. Meanwhile the disseration discusses that shell’svalue consists Of bo par
论文关键词： 财务与会计；企业并购；问题研究；换股收购；目标公司；并购；支付方式；市场价值法；清算价值；收购目标；