本文選題：企業(yè)合并 + 財(cái)務(wù)動(dòng)機(jī)　； 參考：《江西財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：雖然在資本市場(chǎng)和證券市場(chǎng)上有成千上萬(wàn)種經(jīng)濟(jì)行為，但是企業(yè)合并自出現(xiàn)之日起就一直是這兩個(gè)舞臺(tái)上的主角。從19世紀(jì)末到現(xiàn)在，，西方國(guó)家已經(jīng)接二連三地發(fā)生了五次企業(yè)合并浪潮。我國(guó)的企業(yè)合并起步較晚，上市公司之間的第一次企業(yè)合并出現(xiàn)在1993年。雖然企業(yè)合并已有較長(zhǎng)的歷史，但至今未見(jiàn)退潮跡象，反而越來(lái)頻繁。經(jīng)過(guò)2008年經(jīng)濟(jì)危機(jī)的沖擊后，全球企業(yè)合并的速度進(jìn)一步加快。 我國(guó)《企業(yè)會(huì)計(jì)準(zhǔn)則第20號(hào)企業(yè)合并》規(guī)定企業(yè)合并，是指將兩個(gè)或者兩個(gè)以上單獨(dú)的企業(yè)合并形成一個(gè)報(bào)告主體的交易或事項(xiàng)。企業(yè)合并分為同一控制下的企業(yè)合并和非同一控制下的企業(yè)合并。企業(yè)合并按照不同的標(biāo)準(zhǔn)可以分為不同的類(lèi)型。但是人們最常用的分類(lèi)標(biāo)準(zhǔn)是企業(yè)所處的行業(yè)。依據(jù)參與合并的企業(yè)所處的行業(yè)是否相同和是否相關(guān)，企業(yè)合并可以分為橫向合并、縱向合并和混合合并。橫向合并是指具有競(jìng)爭(zhēng)關(guān)系的、經(jīng)營(yíng)領(lǐng)域相同或生產(chǎn)產(chǎn)品相同的同一行業(yè)之間的企業(yè)并購(gòu)；縱向合并是指在生產(chǎn)和銷(xiāo)售的連續(xù)性階段中的上游企業(yè)并購(gòu)下游企業(yè)，或下游企業(yè)并購(gòu)上游企業(yè)，并購(gòu)各方是處于同一產(chǎn)品不同生產(chǎn)階段的企業(yè)；混合合并是指各方既不屬于同一行業(yè)，也不構(gòu)成供應(yīng)關(guān)系的企業(yè)合并。混合并購(gòu)是企業(yè)實(shí)現(xiàn)多元化發(fā)展戰(zhàn)略的重要手段，能夠使企業(yè)快速地進(jìn)入另一個(gè)行業(yè)，而不是從頭做起。 從大量的文獻(xiàn)資料中可以知道企業(yè)合并的一般動(dòng)機(jī)有增強(qiáng)市場(chǎng)勢(shì)力動(dòng)機(jī)、企業(yè)擴(kuò)張動(dòng)機(jī)和企業(yè)戰(zhàn)略發(fā)展動(dòng)機(jī)等，本文將著重介紹企業(yè)合并的財(cái)務(wù)動(dòng)機(jī)。本文認(rèn)為企業(yè)合并的財(cái)務(wù)動(dòng)機(jī)有提高收益動(dòng)機(jī)、謀求持續(xù)增長(zhǎng)和提高股價(jià)動(dòng)機(jī)、充分利用剩余現(xiàn)金流量動(dòng)機(jī)、形成規(guī)模經(jīng)濟(jì)從而降低風(fēng)險(xiǎn)和成本動(dòng)機(jī)、避稅動(dòng)機(jī)、獲得低價(jià)資產(chǎn)動(dòng)機(jī)、買(mǎi)殼上市動(dòng)機(jī)和獲得銀行貸款優(yōu)惠動(dòng)機(jī)等。不同類(lèi)型的企業(yè)合并提高企業(yè)收益的機(jī)制不同，橫向合并是通過(guò)提高市場(chǎng)占有率和影響力來(lái)提高企業(yè)收益，同時(shí)，橫向合并也能夠使企業(yè)形成規(guī)模經(jīng)濟(jì)，降低企業(yè)的成本；縱向合并是通過(guò)節(jié)省中間環(huán)節(jié)的交易費(fèi)用來(lái)提高收益，并且，縱向合并能夠減少中間環(huán)節(jié)的不確定性，降低企業(yè)的經(jīng)營(yíng)風(fēng)險(xiǎn)；混合合并則是通過(guò)多元化經(jīng)營(yíng)，尋求新的利潤(rùn)增長(zhǎng)點(diǎn)來(lái)提高企業(yè)的收益。當(dāng)一個(gè)企業(yè)的生命周期進(jìn)入成熟期以后，市場(chǎng)將由賣(mài)方市場(chǎng)轉(zhuǎn)變?yōu)橘I(mǎi)方市場(chǎng)，成長(zhǎng)期的高速發(fā)展不復(fù)存在，企業(yè)面臨著如何延長(zhǎng)發(fā)展期，推遲成熟期的難題，而企業(yè)合并是解決這一難題的有效途徑。同時(shí)，由于我國(guó)的資本市場(chǎng)不發(fā)達(dá)、會(huì)計(jì)準(zhǔn)則不完善和相關(guān)法律法規(guī)不夠嚴(yán)格等原因，我國(guó)的企業(yè)合并也有可能是出于避稅、買(mǎi)殼上市和獲取低價(jià)資產(chǎn)等動(dòng)機(jī)。 基于企業(yè)合并的財(cái)務(wù)動(dòng)機(jī)，本文還探討了我國(guó)企業(yè)合并中所存在的問(wèn)題。這些問(wèn)題主要有：企業(yè)合并的長(zhǎng)期財(cái)務(wù)效應(yīng)不佳、融資及支付方式單一、利用交易日、商譽(yù)以及控制進(jìn)行盈余管理等。導(dǎo)致我國(guó)企業(yè)合并后長(zhǎng)期財(cái)務(wù)效應(yīng)不佳的原因有企業(yè)內(nèi)部管理不善以及治理結(jié)構(gòu)不合理等。企業(yè)的內(nèi)部管理不善具體是指沒(méi)有科學(xué)地選擇目標(biāo)公司，不注重培養(yǎng)核心競(jìng)爭(zhēng)力和不重視合并后的整合工作。導(dǎo)致企業(yè)進(jìn)行盈余管理的主要原因是我國(guó)的相關(guān)法律法規(guī)和準(zhǔn)則不完善以及對(duì)企業(yè)合并活動(dòng)的監(jiān)督、監(jiān)管不力。企業(yè)的融資及支付方式單一則主要是由于我國(guó)的融資市場(chǎng)、資本市場(chǎng)不發(fā)達(dá)。 為了更好地說(shuō)明基于財(cái)務(wù)動(dòng)機(jī)的企業(yè)合并問(wèn)題，本文探討和對(duì)比了華源集團(tuán)利用并購(gòu)進(jìn)軍醫(yī)藥產(chǎn)業(yè)以及通用集團(tuán)利用并購(gòu)進(jìn)軍醫(yī)藥產(chǎn)業(yè)的案例。通過(guò)對(duì)比這兩個(gè)公司并購(gòu)的過(guò)程及并購(gòu)的結(jié)果，本文總結(jié)了中國(guó)華源并購(gòu)失敗的原因以及通用電氣成功收購(gòu)的經(jīng)驗(yàn)借鑒。 通過(guò)前文所提到的基于財(cái)務(wù)動(dòng)機(jī)的企業(yè)合并中存在的問(wèn)題以及華源和通用這兩個(gè)案例的分析，本文在最后提出了基于財(cái)務(wù)動(dòng)機(jī)的完善企業(yè)合并的四條建議。一是要加強(qiáng)企業(yè)的內(nèi)部管理以及完善治理結(jié)構(gòu)，包括要科學(xué)選擇目標(biāo)公司、積極做好合并后的整合工作、著重培養(yǎng)核心競(jìng)爭(zhēng)力以及完善合并后的治理結(jié)構(gòu)；二是要逐步完善我國(guó)的資本市場(chǎng)和中介服務(wù)市場(chǎng)；三是要逐步完善我國(guó)的法律法規(guī)體系和相關(guān)的準(zhǔn)則；四是要加強(qiáng)第三方、政府機(jī)構(gòu)及行業(yè)協(xié)會(huì)對(duì)企業(yè)合并的監(jiān)督與監(jiān)管。
[Abstract]:Although there are thousands of economic behavior in the capital market and the stock market, the merger of enterprises has been the leading role on these two stages since the beginning of the nineteenth Century. From the end of nineteenth Century to now, the western countries have taken place five wave of enterprise merger. The merger of sub enterprises appeared in 1993. Although the merger has a long history, it has not seen any signs of ebb tide, but it has become more and more frequent. After the impact of the economic crisis in 2008, the speed of global enterprise merger is further accelerated.
The merger of Enterprise Accounting Standards No. twentieth in China stipulates that the merger of enterprises refers to the transactions or items that combine two or more than two separate enterprises to form a report subject. The merger of enterprises is divided into enterprises under the same control and the enterprise merger under the same control under the same control. The merger of enterprises can be divided into different standards according to different standards. Type. But the most commonly used classification standard is the business of an enterprise. The merger can be divided into a horizontal merger, a vertical merger and a mixed merger. A horizontal merger refers to the same line of competition, the same business or the same production of the product. Mergers and acquisitions between enterprises; vertical merger refers to the merger of upstream enterprises in the continuous stage of production and sales, or downstream enterprises to merge upstream enterprises, and mergers and acquisitions are in different stages of production in the same product; mixed merger refers to the enterprises that do not belong to the same industry and do not constitute supply relations. Merger and acquisition is an important means for enterprises to realize diversified development strategy, enabling enterprises to enter another industry quickly instead of starting from scratch.
From a large number of documents, we can know that the general motivation of enterprise merger is to enhance the motive of market power, the motivation of enterprise expansion and the motivation of the strategic development of the enterprise. This article will focus on introducing the financial motivation of the enterprise merger. Using the motivation of surplus cash flow, we can form a scale economy to reduce risk and cost motivation, tax avoidance motivation, motivation of low price assets, motivation of buying the market and incentive of bank loan preference. Different types of enterprises merge to improve enterprise income. The horizontal merger is made by raising market share and influence. At the same time, the horizontal merger can also make the enterprise form a scale economy and reduce the cost of the enterprise. The vertical merger is to improve the income by saving the transaction cost of the middle link, and the vertical merger can reduce the uncertainty of the middle link and reduce the venture of the enterprise. When the life cycle of an enterprise enters the maturity period, the market will change from the seller's market to the buyer's market. The rapid development of the growth period will not exist, and the enterprise faces the problem of how to prolong the development period and postpone the mature period, and the merger of enterprises is an effective way to solve this problem. At the same time, as China's capital market is not developed, accounting standards are not perfect and the relevant laws and regulations are not strict enough, the merger of enterprises in our country may also be motivated by tax avoidance, buying the shell and obtaining low price assets.
Based on the financial motivation of enterprise merger, this paper also discusses the problems in the merger of enterprises in China, such as the poor long-term financial effect of the enterprise merger, the single financing and payment method, the use of trading day, goodwill and control of earnings management, which lead to the poor long-term financial effect of the merger of enterprises in China. Because of poor internal management and irrational governance structure, the poor internal management of enterprises refers to the lack of scientific selection of Target Corp, the lack of emphasis on the cultivation of core competitiveness and the lack of emphasis on Integration after the merger. The main reason for the earnings management of enterprises is that the relevant laws and regulations and standards of our country are not perfect. The supervision and supervision of enterprise merger activities is not effective. The single way of financing and payment is mainly due to China's financing market and the undeveloped capital market.
In order to better explain the problem of enterprise merger based on financial motivation, this paper discusses and compares the case of Hua Yuan group using merger and acquisition into the pharmaceutical industry and general group using merger and acquisition to enter the pharmaceutical industry. By comparing the process of merger and acquisition of the two companies and the results of merger and acquisition, this article summarizes the reasons for the failure of China's Hua Yuan merger and acquisition. And the experience of the successful acquisition of General Electric.
Through the analysis of the existing problems in the merger of enterprises based on financial motivation and the analysis of the two cases of Hua Yuan and general purpose, this paper puts forward four suggestions for improving the merger of enterprises based on financial motivation. One is to strengthen the internal management and improve the management structure of the enterprise, including the scientific selection of the Target Corp. We should do a good job of integrating the integration work, focusing on training core competitiveness and improving the combined governance structure. Two, we should gradually improve our capital market and intermediary service market; the three is to gradually improve our country's legal system and relevant standards; four is to strengthen the third party, government agencies and industry associations to enterprise cooperation. Supervision and supervision.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51;F275.2

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