本文選題：公司并購　切入點(diǎn)：財務(wù)盡職調(diào)查　出處：《電子科技大學(xué)》2017年碩士論文

【摘要】：全球公司史上的六次并購浪潮揭示出并購是公司發(fā)展的必由之路。隨著我國市場經(jīng)濟(jì)發(fā)展,越來越多的企業(yè)家認(rèn)識到必須通過并購來搶占市場及人才,擴(kuò)大公司規(guī)模,獲得持久的競爭動力,以實(shí)現(xiàn)公司快速發(fā)展。近年來,國內(nèi)企業(yè)的并購業(yè)務(wù)尤其是資本市場上市公司的并購業(yè)務(wù)異常火爆,中國已經(jīng)成為最重要的并購戰(zhàn)場。但相比較于成功經(jīng)驗(yàn)豐富,失敗經(jīng)驗(yàn)更豐富的國外同行,國內(nèi)企業(yè)的并購能力差距較大。對于身處資本市場的上市公司而言,監(jiān)管層對企業(yè)并購一是加大審核力度,形成監(jiān)管威懾;二是強(qiáng)化業(yè)績補(bǔ)償監(jiān)管,引導(dǎo)市場估值回歸的表態(tài),促使上市公司在并購交易時必須更注重標(biāo)的公司的質(zhì)量�；谔岣卟①彽馁|(zhì)量和符合監(jiān)管要求兩方面的壓力,上市公司在進(jìn)行并購業(yè)務(wù)時更加注重財務(wù)盡職調(diào)查,財務(wù)盡職調(diào)查已經(jīng)成為國內(nèi)上市公司進(jìn)行并購的必備流程之一。本文從理論分析入手,并與實(shí)踐案例結(jié)合,首先分析了并購相關(guān)理論,闡述了獲得協(xié)同效應(yīng)和競爭優(yōu)勢是企業(yè)并購的根源;通過對并購戰(zhàn)略的分析,提出盡職調(diào)查、并購估值和并購整合是并購業(yè)務(wù)的三個重要環(huán)節(jié)。接下來對財務(wù)盡職調(diào)查的必要性、財務(wù)盡職調(diào)查的組織過程進(jìn)行了全面的分析,在梳理了財務(wù)盡職調(diào)查的一般內(nèi)容后,提出了目標(biāo)企業(yè)的商業(yè)模式、盈利能力和財務(wù)規(guī)范程度是進(jìn)行并購財務(wù)盡職調(diào)查時應(yīng)重點(diǎn)調(diào)查的方面。最后通過Q公司進(jìn)行并購財務(wù)盡職調(diào)查的案例,展現(xiàn)了并購財務(wù)盡職調(diào)查的整體流程,并重點(diǎn)從前章理論研究的關(guān)鍵點(diǎn)對目標(biāo)公司進(jìn)行了詳細(xì)的分析,展現(xiàn)財務(wù)盡職調(diào)查成果能對企業(yè)并購決策提供強(qiáng)有力的依據(jù)和支撐,使理論研究在實(shí)踐中得到了驗(yàn)證。最后在理論和實(shí)踐的基礎(chǔ)上提出了本文的結(jié)論和建議。面對實(shí)務(wù)中不少財務(wù)盡職調(diào)查流于形式,不能對并購決策提供有力支撐的現(xiàn)狀,本文立足于國內(nèi)上市公司,分析其在并購重組中如何利用財務(wù)盡職調(diào)查這一有效手段在有限的時間和嚴(yán)格的監(jiān)管要求下提高并購效率,提出了著重從商業(yè)模式、盈利能力和財務(wù)規(guī)范程度三方面入手,就能在較短時間約束條件下分析和掌握目標(biāo)公司核心價值的觀點(diǎn),對其他上市公司在實(shí)施并購財務(wù)盡職調(diào)查時有一定的借鑒意義。
[Abstract]:Six waves of mergers and acquisitions in the history of global companies reveal that mergers and acquisitions are the only way to the development of companies.With the development of market economy in our country, more and more entrepreneurs realize that it is necessary to seize the market and talent through mergers and acquisitions, expand the scale of the company and obtain the lasting competitive power, so as to realize the rapid development of the company.In recent years, the M & A business of domestic enterprises, especially that of listed companies in the capital market, is extremely popular, and China has become the most important battlefield of M & A.However, compared with foreign counterparts with rich successful experience and more failure experience, domestic enterprises have a large gap in M & A capability.For listed companies in the capital market, the regulatory level should strengthen the examination and approval of enterprises' mergers and acquisitions to form a regulatory deterrent; second, strengthen the performance compensation supervision to guide the position of market valuation returning.The listed company must pay more attention to the quality of the target company in the M & A transaction.Due to the pressure of improving the quality of M & A and meeting the supervision requirements, listed companies pay more attention to financial due diligence, which has become one of the necessary processes for domestic listed companies to conduct mergers and acquisitions.Starting with theoretical analysis and combining with practical cases, this paper first analyzes the relevant theories of M & A, expounds that acquiring synergy and competitive advantage is the root of M & A; through the analysis of M & A strategy, puts forward due diligence,M & A valuation and M & A integration are three important links of M & A business.Then the necessity of financial due diligence and the organizational process of financial due diligence are comprehensively analyzed. After combing the general contents of financial due diligence, the business model of the target enterprise is proposed.Profitability and financial regulation are the key aspects of M & A financial due diligence.Finally, through Q company M & A financial due diligence case, shows the overall process of M & A financial due diligence, and focuses on the previous chapter of the key points of theoretical research on the target company is analyzed in detail.Showing the results of financial due diligence can provide a strong basis and support for M & A decision, which makes the theoretical research proved in practice.Finally, on the basis of theory and practice, the conclusions and suggestions of this paper are put forward.In the face of the fact that a lot of financial due diligence is a mere formality in practice and cannot provide sufficient support for M & A decisions, this paper is based on the domestic listed companies.This paper analyzes how to use the effective means of financial due diligence to improve the efficiency of M & A under the limited time and strict supervision requirements in the M & A reorganization, and puts forward the emphasis on three aspects: business model, profitability and financial standard degree.The viewpoint of analyzing and mastering the core value of the target company under the condition of short time constraint is useful for other listed companies to carry out financial due diligence in M & A.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F626.115

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