股份公司兼并财务决策的边界条件分析

ANALYZING THE FINANCIAL BOUNDARIES FOR MERGER DECISION

股份公司兼并是一种经济行为，必须遵循经济规律。财务分析作为决策的主要依据，是兼并成败的关键。由于兼并牵涉到双方各自的利益，在预计利益大于零的条件下，对预计利益如何分配往往成为谈判的焦点。确定双方从各自利益出发能够接受的条件范围是使谈判得以成功的前提条件，本文根据兼并费用不同的支付方式，对此平衡条件进行了定量分析，得出了有关的边界条件。

Merger activities has played an important part in the developmet of the market economy.Financial analysis is the key step in the merger. activities. It is very important that managers need a general understanding of why merger occur and who typically gains and losses as the result of the merger.In this paper ,with respect to different acquiring forms, the financial boundaries within which negotiation between acquiring and target company could take place were analyzed with illustrative examples. This is the prerequisite condition for negotiation which will lead to successful merger.