财务管理专业毕业论文--企业换股并购中的换股比率决策分析.docVIP

摘 要 并购在西方是一种历史较为久远的经济现象，起始于19世纪下半叶，随着世界一体化进程的加快，各国企业都通过并购来增强自身实力，强强联合。并购成为企业自身飞速发展的捷径。在企业并购百年的发展历史进程中，，，Abstract Along with the development of China’s economy,the corporation’s amount of M A（merger and acquisition）has greatly increased in the past years. As a widely used method of payment for M A in foreign countries, stock exchange MA has found its own way into people’s mind. In this paper,the writer will analyze stock exchange MA and its related problems from four parts. The writer will briefly analyze corporations’ merger-and-acquisition activity in both Chinas capital market status and academia status. By This brief analysis, the reader will get to know the purpose and significance of this paper. In the second part, the writer tries to make clear the connotation of stock exchange MA and conversion ratio. More important, the writer will show the reader the different method of determining the conversion ratio and the relationship between stock exchange MA and conversion ratio. The following section will show the actual application of two commonly used methods of conversion-ratio-determining by describing two classic cases of stock exchange MA. And he seeks to integrate theory with practice to analyze the earlier content deeper and more image. In the last section of this paper, the writer will sum up the earlier content and will upgrade the paper into practical significance by make further analysis on related topic. And he will try to make some useful suggestions on MA to related groups. Kay words: MA(merger acquisition ),Stock exchange MA,Conversion ratio 目 录 文献综述 ……………………………………………………………………7 换股并购和换股比率的内涵及关系 ………………………………………8 （一）换股并购的内涵………………………………………………………8 （二）换股比率的内涵………………………………………………………9 （三）换股并购与换股比率的关系…………………………………………10 并购案例分析………………………………………………………………10 （一）清华同方换股并购鲁颖电子(每股净资产法)………………………10 （二）TCL集团换股并购TCL通讯(每股市价法) ………………………11 优化换股并购决策的建议 …………………………………………… 12 （一）中国换股并购行为现状 …………………………………………12 （二）中国资本市场换股并购之我见………………………………………13 参考文献 …………………………