企业并购理论论纲

Theoretical Principles of Merger and Acquisition

企业并购作为现代企业资本经营的有效形式 ,是市场经济的产物 ,是现代经济中资本优化配置的最重要形式 ,也是实现企业发展战略的经济选择的一种途径。企业并购作为资本市场上的一种交易 ,与一般商品买卖或资金拆借不同 ,其内容、形式、过程都较商品市场或资金市场上的交易复杂得多。本文拟就企业并购的动因、基本原则和财务评价予以探讨和研究。文章共分四个部分 :一、引言 :主要是界定企业并购的意义 ;二、企业并购的动因分析 :经济协同效应 ;财务协同效应 ;企业发展的战略动机。三、企业并购的基本原则 :综合效益最大化原则 ;系统化原则 ;创新原则 ;谨慎性原则。四、企业并购的财务评价 :并购目标企业的价值评估 (资产评估法、收益法、贴现现金流量法 ) ;企业并购的成本分析 ;企业并购的风险分析。

As an affective way of running capital for modernized enterprise, merger and acquisition (A and M) is the product of market economy. It is the most important form of optimizing the disposal of the capital in modern economy and one of the ways to realize the economical choice of the strategy for development. As a means for trading in the capital market, A and M differs from the transaction of commodity and loan of capital. It is more complicated in terms of contents, form, and process than the dealings in commodity market or capital market. This paper investigates and studies some issues related to the driver, the basic principle and the financial evaluation of A and M. The paper is divided into four parts: 1) the preface which defines the meaning of A and M; 2) an analysis of the driver of A and M which includes economic cooperation effect, financial cooperation effect and the strategic motivation for the development of enterprise; 3) the basic principle of A and M, which discusses the maximum principle of synthetic benefit, principle of systematization, creativeness and of precaution; 4) the financial appraisal of A and M.