企业并购财务整合评价研究 --以山西省煤炭企业并购重组为例.pdf

山西财经大学
硕士学位论文
企业并购财务整合评价研究--以山西省煤炭企业并购重组为例
姓名:杨檄
申请学位级别:硕士
专业:会计学
指导教师:郭泽光
2011-02-22
摘要
企业是市场经济的微观主体,企业并购的实质是对社会资源的重新配置,
成功的并购能够扩大企业资产规模,获得规模生产效益和核心竞争力。企业并
购是一个复杂的管理行为系统,大量成功和失败的并购实践表明,并购后的整
合是决定并购成败的关键因素,其中财务整合又是并购整合的核心内容。因此,
对财务整合效果的评价可以作为判断企业并购是否成功的一个重要方面。
煤炭行业是我国国民经济的支柱产业,煤炭资源整合在山西省成功实践
后,也将作为加快转变经济发展方式、调整优化产业结构的重大战略举措在全
国范围内全面推进实施,这个过程中必然会涉及到大规模的煤炭企业并购重组。
因此,对煤炭企业并购活动的成败进行评价,得出科学合理客观的评价结论,
对我国产业政策的落实和推进以及煤炭行业的发展都具有重要的现实意义。论
文在借鉴相关领域研究成果的基础上,选择企业并购财务整合作为评价企业并
购成败的切入点,构建了以资产质量、财务风险、经济增加值为评价标准的企
业并购财务整合效果评价体系,并选择了山西省七家煤炭资源整合主体企业中
的五家上市公司进行了分析,对山西省煤炭企业并购重组的财务整合效果进行
了评价,并提出了相关改进建议。


【关键词】企业并购财务整合资产质量财务风险经济增加值


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Abstract
Enterprise, as for the microcosmic principal part of the market economy, whose essence of
merger and acquisition (M&A) is reallocation of the social resources. A essful enterprise M&A
can expand corporate assets, and obtain the scale of production efficiency and petitiveness.
Plenty of examples of M&A including essful or essful ones show that Integration after
M&A is the key factor which determines the ess or failure of M&A because M&A is plex
management system. Among of M&A, financial integration is the core of integration after M&A,
therefore, the evaluation of financial integration effect can be an important aspect that can judge
whether it is essful or not.
Coal industry in China is the pillar industry of national economy. The integration of coal
resources in Shanxi Province, after a essful practice, will be also promoted with full
implementation throughout the country, as for the major strategic initiatives of accelerating the
transformation of economic development and adjusting and optimizing the industrial structure. In
this process it will inevitably involve the mergers and acquisitions of large-scale coal enterprises.
Therefore, the merger activities of coal enterprises have been evaluated; the objective, scientific and
reasonable evaluative conclusions have been