企业并购目标的寻找与评估.docVIP

企业并购目标的寻找与评估 中文摘要 企业并购是市场经济发展的产物，也可以当作企业发展的重要方法之一，在现代企业的快速发展中占有了不可或缺的地位。然而并购的失败率是很高的，造成失败的原因有很多。如并购目标选择评估不当、企业文化整合不当等。企业目标的寻找与评估是企业并购的第一步，也是最重要的一步。找到理想的企业目标，对于并购而言便成功了一半。 本文就并购的动因理论进行了详细的探讨，并对国内外的研究现状进行了回顾。确定取得了什么信息，获得信息的途径和方法。提出企业并购的搜寻和评估的方法，包括对目标企业评判准则的分析来确定目标，接着以产业、法律、运营、财务和风险五大块进行评估以及对并购目标的财务约束与并购方案的可行性进行分析。最后用联想收购IBM为例，具体分析实际企业并购中的目标寻找与评估的过程。4690 关键词：并购；并购动因；目标寻找；目标评估；风险分析 Abstract Mergers and acquisitions is a product of the development of market economy, but also can be used as an important method for enterprise development, the rapid development of modern enterprise occupies an indispensable position. However, M amp; A failure rate is very high, resulting in failure for many reasons. M amp; A target selection as inappropriate assessment, integration of corporate culture improper. Find and evaluate corporate goals is the first step in mergers and acquisitions, but also the most important step. Find the ideal business goals, for the purposes of mergers and acquisitions will be successful in half. M amp; A in this paper, the theory discussed in detail, and the research status at home and abroad were reviewed. Made to determine what information, access to information and methods. Proposed mergers and acquisitions of search and evaluation methods, including evaluation criteria for the analysis of the target company to determine the target, followed by industrial, legal, operational, financial and risk assessment as well as five large merger and acquisition target#39;s financial feasibility constraints for analysis. Finally, Lenovo#39;s acquisition of IBM, for example, specific analysis of mergers and acquisitions in the actual target search and evaluation process. 1.1.1 论文研究的背景 企业并购是企业的一种投资活动可以获得简介的生产要素。企业并购作为市场经济的一部分，拥有着悠久的历史。相对于投资等发展方式中，企业并购具有低投资和底风险，控制权高度集中以及快速增长等优点，被视为许多企业的首选。 受国际金融危机快速蔓延和世界经济增速明显减速的影响。在此背景下，各国经济面临着前所未有的挑战和机遇，行业调整，企业洗牌在全球范围中展开。为提高综合国力各国政府先后出台了许多扶持大企业发展的措施和优惠政策，用来推动本国企业的国际竞争力。西方历史中，并购已经经历了5次浪潮。特别是从20世纪80年代中叶以来全球掀起的第5次并购浪潮[1]，不断涌现出大型企业