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摘要：企业作为一个资本组织，必然谋求资本的最大增值，企业并购作为一种重要的投资活动，产生的动力主要来源于追求资本最大增值的动机，以及源于竞争压力等因素，但是就单个企业的并购行为而言，又会有不同的动机和在现实生活中不同的具体表现形式，不同的企业根据自己的发展战略确定并购的动因。29433
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几年来，部分国外跨国公司通过并购方式进入国内市场，国内市场日益活跃，我国企业界将面临激烈的并购压力。但目前我国企业并购在理论研究、方法策略和操作程序上与国外相比有很大差距而财务问题是企业并购中各种问题的核心和焦点。因此，研究我国企业并购中的财务问题，对引导我国企业并购行为持续健康发展具有重大的理论意义和现实意义。文章对企业并购中的价值评估、支付方式和融资等重要财务问题进行了分析，并提出了解决问题的方法。
毕业论文关键词 企业并购 价值评估 支付方式 并购融资 财务研究
Research on the financial problems of mergers and acquisitions in China
Abstract As a business capital organization, must seek the maximum increment of capital, mergers and acquisitions as an important investment activity, the power comes mainly from the pursuit of maximum capital appreciation motives, as well as the source of competitive pressure and other factors, but the merger behavior of inpidual enterprises, will have different motivations and different in reality life in the specific form, different enterprises according to their own development strategy to determine the causes of mergers and acquisitions.
In recent years, some foreign Multi-National Corporation to enter the domestic market through mergers and acquisitions, domestic M & a market has become increasingly active, the enterprises of our country will face the fierce competition of M & A. But at present our country enterprise M & A in theoretical research, strategy and method of operation procedures compared with foreign countries there is a big gap and the financial problem is the core and focus problems in enterprise merger and acquisition. Therefore, study on financial problem of mergers and acquisitions in China, is of great theoretical and practical significance to continue to guide our behavior of enterprise merger and acquisition healthy development. The paper analyzes the value assessment, mergers and acquisitions in the payment and financing and other important financial problems, and puts forward the solution to the problem.
Keywords Enterprise merger, enterprise value evaluation, mode of payment, financing，financial research
目 录
引言 1
一、企业并购概述 2
（一）企业并购的含义 2
（二）企业并购的原因 2
1、企业并购的宏观原因 2
2、企业并购的微观原因 3
二、企业并购的基本分类 3
三、企业并购前的财务分析与评估 4
(一)企业并购前的财务审查 5
（二）企业并购可行性的财务分析 5
四、企业并购中的财务分析 7
（一）企业并购的支付方式分析 8
（二）企业并购的融资方式 8
（三）企业并购财务方式的最优选择 9
五、并购后的财务整合分析 11
（一）财务管理目标导向的整合 11
（二）财务管理制度体系的整合 12
（三）存量资产的整合 13
优尔、企业并购案列分析¬---- 阿里巴巴并购雅虎中国 13
（一）并购双方简介 14