文档介绍：山西财经大学
硕士学位论文
我国企业跨国并购的财务问题研究
姓名:冯雯
申请学位级别:硕士
专业:会计学
指导教师:余春宏
2011-03-14
摘要
年美国发生了由次级贷款危机引起的金融危机,这场危机迅速席卷了
全球,对全球经济造成了深远的影响。在危机中世界经济格局也发生变化,这
为我国企业组建大型企业集团参与国际竞争提供了有利的国际环境,我国不少
企业抓住时机,通过跨国并购,发展壮大了企业,快速融入了世界经济。但是
我国对企业跨国并购理论方面的研究,特别是跨国并购的财务问题的研究还很
滞后,而财务问题又是企业跨国并购中各种问题的关键,因此有必要对企业跨
国并购的财务问题进行深入研究来引导我国企业跨国并购健康发展。
本文利用文献分析的方法对并购、跨国并购的概念进行了界定,分析了并
购的动因,同时提出了并购过程中出现的各种财务问题;通过对比分析法和案
例分析法对跨国并购过程中目标企业价值选择、评估、融资、支付方式进行了
分析,对这些财务问题出现的原因进行了研究,并找出可行的办法;同时结合
相关理论对并购中出现的财务风险、汇率风险进行了初步的分析。
本文主要的结论如下:价值评估时要从全面掌握目标企业信息、培养熟悉
国际会计人才、借助中介机构等方面改进;融资要以资本的流动性为前提、注
重企业财务分析,选择多种融资渠道的融资决策;支付方式选择时要结合并购
方和目标企业的实际财务状况作出决策;跨国并购中汇率风险是不可避免的,
要采取对策防范。
本文的结论有助于提高并购企业在跨,提高并购
成功的可能性。
【关键字】跨国并购;价值评估;融资;支付方式;风险
III
Abstract
In 2008 the United States Occurred the subprime lending crisis .The subprime lending crisis Caused
the financial crisis .The crisis quickly across the world, the global economy had a profound impact.
After the crisis, the world economic structure changed. It is a favorable international environment
for large enterprise groups in China, which participate in petition. Our many
enterprises seized an opportunity. They developed the enterprise and rapid melt into the world
economy through cross-border mergers and acquisitions. However, research theory of cross-border
M&A of our enterprise, especially financial issues of cross-border mergers and acquisitions still
lags behind, but financial issues are key cross-border M&A. It is necessary to further study financial
issues of Cross-Border mergers and acquisitions of enterprises to guide the healthy development of
China Cross-Border M&A.
In this paper, based on analysis of literature method, defined M&A and Cross-Border M&A, and
analyzed the M&A. Meanwhile, a variety of financial issues of cross-border M&A process are
proposed. Then, based parative analysis and case analysis method, analyzed pany
selection, the valuation and financing methods of payment during C