企业并购毕业论文.docVIP

本科生毕业论文 企业并购的财务协同效应 ——以山西通宝能源收购案为例 院系名称 姓　　名 　　号 专　　业 指导教师 年月日对财务协同效应的追求是现代企业并购的主要动因之一，它充分地展示了企业资本运作的技巧和魅力。 本文通过对通宝能源收购山西阳光发电案例的分析，阐述了并购前后通宝能源的变化。通过对总资产周转率、净资产周转率、资产负债率和净资产收益率等财务指标的分析，可以看出通宝能源在资产利用效率和运营质量上都有了很大的提高；融资能力、偿债能力也在充分利用了财务杠杆作用后而得到了提升。同时减少了成本，达到了企业并购的规模效应。由此我们可以对企业并购中的财务协同效应有一个清晰的认识。 关键词：企业并购；财务协同效应；企业价值 Abstract In the market economy, all economic activities of an enterprise must be a process of chasing profit. To maximize profits is the fundamental reason for the survival of a company and is also the aim of production. The pursuit of profit maximization is the goal of entrepreneurs who are engaged in production and operation activities. Therefore, as a kind of activity of commodity economy, there is no exception in MA. Whose motive comes from entrepreneurs’ intention of pursuing profit maximization. There are many motives for mergers and acquisitions, such as operating synergies, financial synergies, market share effect, development motives of enterprises and so on, among which the pursuit of financial synergies is one of the main motives in modern enterprise MA and it fully demonstrates the skills and charisma in capital operation. This article through purchases the Shanxi sunlight electricity generation case to the copper coin energy the analysis, elaborated around the merger and acquisition the copper coin energy change. Through to financial norms and so on total assets cycling rate, net assets cycling rate, property ratio of debt to net worth and net assets returns ratio analyses, might see the copper coin energy had the very big enhancement in the property use efficiency and the operation quality; Financing ability, the credit capacity after fully have also been using the financial leverage obtained the promotion. Simultaneously reduced the cost, has achieved the enterprise merger and acquisition scale effect. From this we may have a clear understanding to the enterprise merger and acquisition finance cooperative effect. Key Words: Mergers an