企业并购的财务动因分析

本文从主并企业的角度出发,主要分析了企业实行并购的财务动因。从企业自身的角度分析,趋于并购的财务动因一般基于获取规模经济效益、降低企业资金成本、平衡企业经营风险、实现合理避税、获得特殊资产等。同时笔者也认为,要获取相应的财务效果,并购后的整合管理尤为关键也最为棘手。

Analysis of Financial Motivating Factors for Acquisitions

The article analyses the financial motivating factors for acquisitions from the point of the acquirers. As far as a corporation itself is concerned, the main factors lie in getting scale benefits(especially based on the scale of corporate market), lowing the capital cost?balancing the operating risk, implementing reasonable tax avoidance and attaining special assets, and so on. Simultaneously, this text also emphasizes that in order to achieve corresponding financial effect, it is critical and difficult to realize the integrating management after acquisition.