摘 要:对企业来说，兼并是一种比自然成长更快实现规模效应的途径。兼并企业直接购买被兼并企业的资源、技术，以期实现规模效应来取得竞争优势。宏观上，兼并有利于资源的重新配置和产业结构的优化。微观上，企业兼并不仅能够扩大规模，还能增强企业实力，提高经济效益和增强竞争力。兼并企业要根据财务报表及财务数据做出分析，才能做出相应的财务决策。本文首先指出了兼并的意义、现状、研究内容、拟解决的关键问题。其次列举兼并中存在四个主要问题：目标企业的选择、对兼并双方的财务分析、对目标企业的价值评估、兼并后的整合。再次针对这些问题做出分析，以广州药业兼并广州白云山为例，运用财务指标对兼并企业和目标企业做财务分析，并且用成本法、市场法、换股并购估价法对目标企业的价值进行评估，充分发挥财务决策在企业兼并中的作用。接着对我国企业兼并活动提出几方面的建议：健全法律体系、充分发挥政府的调控作用、借鉴成功经验、做好整合后工作。最后是结论部分，总结全文。
关键词：企业兼并；财务决策；财务分析
ABSTRACT:For enterprise, merger is a way that is quicker than the natural growth to achieve the scale of economies. Merger enterprise directly purchases the resources, technology, experiences of takeover enterprise, hope to achieve the economies of scale and obtain competitive advantage. Macro level, mergers is advantageous to the resource reconfiguration and optimization of industrial structure. Micro level, the enterprise merger is a important way to enhance strength of enterprise, make the realization of scale economy, improve economic benefits and enhance the competitiveness. Enterprise that merger makes analysis according to the financial statements and financial data, and then makes financial decisions. At first, this paper points out the meaning of merger and acquisition, the present situation, research contents, the key problems, then list four main problems existing in the mergers and acquisitions: the choice of target enterprises, the financial analysis to the both sides of mergers and acquisitions, the evaluation of the target enterprise’s value, and the merger integration. It needs make a analysis to solve these problems, takes Guangzhou Pharmaceutical Industry mergers Baiyunshan of Guangzhou as an example, do financial analysis using financial indicators for the takeover and target enterprises, and use cost method, market method, exchange M&A valuation method to evaluate the value of target enterprise, give full play to the financial decision-making role in the enterprise merger and acquisition. And then I will put forward several suggestions to our country’s enterprise merger cases: perfecting legal system, making good use of the regulation function of government, drawing lessons from successful merger cases, completing the integration work. Finally, summarize the full text.
Keywords: Business Merger, Financial Decisions, Financial Analysis
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