并購(gòu)中的若干財(cái)務(wù)問(wèn)題研究.pdf

1、復(fù)旦大學(xué)碩士學(xué)位論文并購(gòu)中的若干財(cái)務(wù)問(wèn)題研究姓名：劉昭衡申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：財(cái)務(wù)管理指導(dǎo)教師：鄧偉利2001.5.15AbstractMergerandAcquisition(M&A)isthecertainproductofmarket—orientedeconomyFrom1ate19”centuryto80’sof20“‘，largesealeofM＆Ast／唱estookplaceindevelopedcountriesWh

2、enitcameto1990’sanotherglobalM&AsurgearisedinEuroAmericancountriesinthecircumstanceofeconomicglobalization，andthissurgedevelopedfastandcoveredwidelyInchina，withtheprogressofsocialismmarketorientedsysterninnovationandthea

3、tmos；phereofindustrystructureadjustmentandstate—ownedenterprisereform，thesurgeofenterpriseassetreehgineeringwhichisconductedbyM＆AemergedDuetotheshorthistoryofM＆Apractice，therearcmanyproblemsanddilemma，andthetheoreticdire

4、ctionbecomenecessaryThematureforeignM&AtheorybasedonseveralcenturiespracticewilInecessarilybenefitOurM&AactivitybyprovidingimportantdecisionguidelineIattempttolakethefinancia】approachtoanalyzetheseveraJproblems：thevaluee

5、valuationoftarEetenterprise，thepatternofpaymentand‰anceandthechoiceofconcermngaccountingmet|lodsFurthermOre1gavesomemysuggesttondirectedtothedetailproblemsinM&Apracticeintendingtocontributetot1estandardizationofsuchactiv

6、itiesThisthesisiscomposedof4partsThefirstchapteristheintroduction，focusedonthebasictheoryofM＆AInthischapterIfirstlyintroducedthedeftnitionandthebasictypesofM&AThenIanalyzedthetheoriesonM＆A。sintentionfoundedbywesternecono

7、mistpointingoutthatthemostoriginalintentionofM＆Aismaximizationofcorporatevalue，whichisconsistentwiththebasicobjectiveoffinancialmanagementFinallyIsetthesignificanceandmeansofthisresearch，Inchapter2，Iintroducedthemainmeth

8、odsforvaluingtargetcorporation，commentedontheadvantagesanddisadvantagesofthesemethods，andmadetheconclusionthatDiscountedCash—FlowisthemostidealoneinthesenseofmodemfinancetheoryandthefeaturesofM&AaftercomparisonRappaportM

9、odeliswidelyadaptedvaluingmodelbasedontheapproachofDCRandithasgl‘eatsignificancetoM&Aact／vitiesiuChinaSo’Iputemphasisontheusageofthismodellnthechapter3Idiscussedthefeatureofma。inPaymentmethodsinM＆Aandtheelementsaffecling

10、thechoiceofpaymentmethods，andspeciallyexploredtheissueofhowtodecidetheratioofstockexchangeinthecaseofstockacquisitionInchapter4Icomparedtwoaccountingmethods，purchaseaccountingandpoolingofinterest，analyzedtheirdifferentap

11、pliedcondition，theoreticbasis，accountingprocessandtinancialeffectInthelastthreechapterIdiscussedthecurrentsituationandproblemsinthevatuingmethodsoftargetcorporate，patternofpayment，fundingraiseandaccountingprocessconcerni