论文部分内容阅读
企业并购的效应可以是分散经营风险,改进管理效率,增加企业的市场占有率等等。一般情况下,公司并购会产生协同效应,即合并后的整体价值要比合并各公司的价值之和要大,从而产生壹加壹大于贰的效果,这种协同效应一方面是对公司经营方式产生影响,或者说是对公司的采购、生产、销售产生影响,促进公司扩大经济规模,减少竞争对手,增加营运效率,我们可以将其归类为经济协同效应;另一方面这种协同效应使得合并后的公司在同样的资产规模情况下,提升企业财务方面的营运能力,也即财务协同效应。并购的财务协同效应主要体现在以下方面:
The effect of M & A can be to decentralize business risks, improve management efficiency and increase market share of enterprises. Under normal circumstances, mergers and acquisitions will have a synergistic effect, that is, the combined value of the merger than the value of the merger and the larger companies, resulting in one plus one greater than two effects, this synergies on the one hand, the company mode of operation Impact on the company’s procurement, production and sales, and promote the company to expand the economy, reduce competitors and increase operational efficiency, we can classify them as economic synergies; on the other hand, this synergistic effect makes Under the same asset scale, the combined company will enhance its operational capability in financial aspects of the enterprise, that is, financial synergies. The financial synergies of mergers and acquisitions are mainly reflected in the following aspects: