并购中财务整合 3ash集团铝业并购案例的的研究论文.docxVIP

并购中的财务整合:SH 集团铝业并购案例研究摘 要创造价值是企业亘古不变的信条。企业并购协同所带来的更高效率、更佳效果、业绩增长能力和利润增加通常引人关注，但是，据权威机构统计，56%的并购交易未能达到预定的价值目标。文章认为，之所以出现这样的实践结果，其主要原因在于当事人对并购整合的重视程度不够，尤其是对并购整合的核心及关键——财务整合重视不够。基于此，文章在探讨财务整合的定义、原理与方法的基础上，对 SH 集团铝业并购的基本背景、实施过程与总体绩效进行了透视与评价。文章认为，SH 集团的发展战略是正确的，SH 集团的铝业并购到目前为止是成功的，它不仅提升了 SH 集团的业绩，而且还给公司的未来发展带来了战略性利益。最后，文章提出了 SH 集团案例的若干引申价值。关键词：并购，纵向并购，整合，财务整合RESEARCH ON FINANCIAL INTEGRATION IN MA——A Case Study on Aluminum Sector Acquisition by SH GroupABSTRACTCreating value is immutably true for enterprises. It has aroused attentionin the industry with higher efficiency, better outcomes, more competence ofimproving performance and the increase of profits by merger and acquisition(MA). However, according to statistics by authorities, 56% of the MAtransactions did not achieve the expected value objectives. As studied in thisarticle, the main reason for such gap between practical results and expectancywas that the related party did not pay enough attention to MA integration,particularly the financial integration, the core and key part of MA.Nevertheless, on the base of discussing on the definition, theory and methodof financial integration, the article also covers the analysis and evaluation ofthe background, implementation and overall performance of aluminum MAby SH Group. It is believed in this article that the development strategy heldby SH Group is correct and Aluminum MA by SH Group is successful upto now. On the one hand, it improves the performance of SH Group and onthe other hand, it brings strategic benefits to its future development. In theend of the article it is pointed out some extended value of the SH Group case.KEY WORDS: merger and acquisition, vertical merger and acquisition,integration, financial integration目录第一章导论……………………………………………………………………………………………11.1 研究背景…………………………………………………………………………………………11.2 问题的提出………………………………………………………………………………………21.3 研究方法与结构安排……………………………………………………………………………3第二章国内外研究综述………………………………………………………………………………52.1 国外研究综述……………………………………………………………………………