上市公司并购的财务分析--企业价值分析论文.docVIP

题 目 上市公司并购的财务分析--企业价值分析  上市公司并购的财务分析 摘 要 并购作为企业增强生命力，提高营运效率，实现对外扩张的重要渠道，得到了学者和企业家们的广泛认同。并购在西方已经经历了五次浪潮，早已是市场经济的一种普遍现象。近年来，中国经济高速发展，并购之势也愈演愈烈。其中上市公司并购已经成为市场经济条件下企业优化资本结构，调整产业结构，实现低成本扩张的重要途径。 伴随着企业并购的高发生率，高失败率同样成为并购的典型特征。各种研究表明，企业并购的失败率高达50%至80%。并购失败的主要原因依次为目标企业的选择错误，支付过多及整合不利。 本文以后金融危机时代为背景，对并购中目标企业并购前后的财务状况的理论和相关实物进行探讨。在并购战略规划的基础上，综合应用企业价值评估的方法，从定性和定量两方面对企业并购前后的财务状况进行分析。在考虑协同效应，交易费用等因素的基础上分析并购企业并购前后的市盈率，每股收益，企业价值等等以及其他方面，以这些为依据分析并购的交易质量，为企业并购活动的顺利进行提供可靠的价值基础，也为并购后企业间的相互融合提供保证，使企业能尽量达到利益最大化的目标。 关键词：企业并购，企业价值评估，财务分析 M A financial analysis of listed companies Abstract M As enhance the vitality of enterprises, increase operational efficiency and achieve an important channel for foreign expansion, scholars and entrepreneurs have been widely recognized. Mergers and acquisitions in the West has already experienced five waves of the market economy and has long been a universal phenomenon. In recent years, with Chinas rapid economic development, M As’ trend has intensified. China is already into a new phase of mergers and acquisitions. Among them mergers and acquisitions of the listed companies has become an important way for enterprises to optimize capital structure, adjusting the industrial structure, and to achieve low-cost expansion. With the high incidence of mergers and acquisitions, high failure rates the same as the typical characteristics. Various studies show that the failure rate of mergers and acquisitions up to 50% to 80%. The main reasons for the M As’ failure are choice of target companies were wrong and pay too much and integration negative. In order to measure the success of mergers and acquisitions, mergers and acquisitions on the target side should make effective financial analysis to Target company before and after mergers and acquisitions. The article with the background of after the financial crisis this time is to discuss the theory and relevant of M A target companys financial condition before