企业并购理论

企业并购理论与策略研究

The Theories and Strategic Research about Enterprise M & A

首先，论文对企业并购理论研究。

First , the paper on mergers and acquisitions theory .

其中有关跨国并购的相关理论包括企业并购理论和对外直接投资理论两方面。

The theory of cross-border M A includes the theories of M A and theories of FDI .

西方经典企业并购理论可主要归结为使总价值增加的效率理论、自大理论、代理问题和再分配理论。

Western classical M & A theories can be reduced to synergy theory , hubris hypothesis , agent problem and redistribution theory .

接着，文章对企业并购理论和核心竞争力理论作了回顾，为下文的研究作理论上的铺垫。

Then , the article reviews theory of the M & A and the core competence , preparing the theoretical groundwork for research .

现有的相关理论包括两个方面：一是企业并购理论；二是企业财务理论。

The present theory consists of two parts : one is the theory of M & A , and the other enterprise financial theory .

笔者借鉴企业并购理论，分析其对商业银行功能重组的适用性，对银行功能重组的思路进行一些有益的探讨。

The article makes use of M & A theory to analyze the applicability of functional restructuring of commercial banks , and then discusses some useful ideas .

本文在阐述企业并购理论后，分析了并购的动因及我国在并购中存在的若干问题。

In the article , the author emphasize the causes and issues of enterprises M % A , which is based on the theory of M & A.

企业并购理论强调了风险一定条件下的企业价值最大化途径而忽视了并购的财务风险管理；

The theory of M A emphasizes the way to maximize the value of enterprises when crises are definite , but neglects the management of financial crises in M A.

首先对企业并购理论、并购整合理论和整合营销理论进行了分析梳理，为开展本次研究提供了坚实的理论保证。

First of all to the enterprise mergers , acquisitions integration theory and the theory of integrated marketing theory were reviewed in this paper for research provides a solid theoretical foundation .

并购实践的发展推动了并购理论的研究，企业并购理论，总体上讲包括企业并购动因理论和并购价值创造理论。

The development of the MA practice promote the study on MA theory . Theory of Corporate Mergers and Acquisitions , is overall consists of the MA motive theory and the MA value creation theory .

通过对企业并购理论与实务的探讨，试图对企业并购的理论研究与实务操作有所贡献是本文的选题宗旨。

The intention of the selection of this topic is mainly try to give some contribution to the M A theory research and practice operation through the probe on the M A theory and practice .

本课题综合企业并购理论、股东价值优先理论和企业价值创造理论三种理论，从创造股东价值的角度出发来对并购行为分进行研究和分析。

This subject synthesizes the M & A theory , the shareholder 's value first theory and the value create theory , carry through research an analysis from the angle which creates shareholder 's value .

本文应用西方经济学中主要的企业并购理论，基于产品战略分析了我国制药企业现阶段所面临的外部环境、企业现状及产品特点。

Applied main enterprises M & A theories of western Economics , the article makes analysis of external environments which our pharmaceutical enterprises are now facing to and these enterprises present situations with product characteristics .

第二章主要讨论企业并购理论，分析了企业并购的效率理论、代理问题和管理主义理论、信息与信号理论以及税收与再分配理论，并对这些理论体系的实证分析结果进行了说明。

Chapter 2 discusses the theories of economic efficiency , agency problem and managerial behavior , information and signaling , and the theory of tax and re-assignment . In addition , the results of empirical studies are presented .

研究企业并购理论、分析企业并购动因、规划企业并购战略、评估目标企业价值是本文的重点内容。

The studying of M A theory , analysis of M A motive , planning of M A strategy and the value appraisal of a target enterprise , all of the captioned is the major content of the article .

企业并购财务理论及实践应用研究

The Financial Theories and Applications of the Mergers and Acquisitions

第二章企业并购相关理论研究。

Chapter ⅱ, M & A related theory .

着重分析了中西方企业并购动因理论与动因。

Have analysed emphatically that squares enterprise in the midwest merge reason theory and reason .

已有的企业并购动因理论主要依托着三种经济学背景，即新古典综合派，新制度经济学和委托代理理论。

Those theories mostly rely on three economics background , i.e. neoclassical synthetically school , new institutional economics and principal - agency theory .

本文简要地评述了国内外学者对企业并购的理论与应用文献。

This article briefly narrated and commented the domestic and foreign scholars the theory and the application literature which and buys to the enterprise .

不可否认，我国的企业并购在理论研究、方法策略上还有很多的不足之处，同国外先进的理论有很大的差距。

So by virtue of the foreign M A valuation assessment theory , the paper mainly discusses valuation assessment theory and methods in the M A.

第三章：企业并购的理论基础。该部分首先阐述了企业并购的基本理论，包括：资源型企业的概念、企业并购的概念、策略的定义。

This chapter expounds basic theories of enterprise M A including : the concept of resource-based enterprises 、 the concept and classification of M A and the concept of strategy .

在这种情况下，研究西方企业并购融资理论，借鉴其先进经验，加强并购融资中企业行为的研究，对于促进当前国内并购融资发展具有重要的现实意义。

In this case , it is important to study the financing theory of western M A , make reference of their experiences and strengthen the study on enterprise behavior in M A.

第二部分为保证本文研究的客观性和系统性，对企业并购的理论和协同效应的理论进行探讨，奠定了本文的理论基础。

The second part of this study explores the theory of corporate mergers and acquisitions and synergies which laid the theoretical foundation of this article to ensure the article objective and systematic .

首先，我们对之前学者关于企业并购的理论研究和实证检验成果进行概括和总结，重点总结了国内外学者对于企业并购绩效评价的事件研究法和会计研究法的研究成果。

First of all , we summarize former scholars ' theory and empirical test results on mergers and acquisitions , especially the research results for M & A performance evaluation of the event study method and accounting method .

接着又对企业并购动因理论进行了探讨，主要包括效率理论、代理成本理论、价值低估理论、市场占有理论、利益再分配理论。

Thirdly , this section discuss the motivation of merger and acquisition , including the theory of efficiency , the theory of supply cost , the theory of undervalue , the theory of market possess , the theory of profit reassign .

关于企业并购的理论研究，在我国已渐成风气，但大多数研究都是从反垄断角度出发，对企业并购的控制研究仅仅着眼于反垄断的阐释是远远不够的。

The theoretical research about enterprise Merger and Acquisition , has already become hotter and hotter gradually in our country , but the great majority studies focus on antitrust controlling , study and only focus on antitrust explanation is far from being enough .

迄今为止，关于企业并购的理论、案例的研究可谓汗牛充栋，其研究成果不仅在理论上有所创新，且广泛用于实践的操作。

So far , there have been a lot of theories and cases about the mergers and acquisitions ( i.e.MAs ) of enterprises . The research achievements in that field are not only just some theoretic innovations , but also can be put into practices widely .

首先研究了企业并购的基本理论问题，包括企业并购的概念、动因、分类等，接着从跨境并购的特殊性入手，分析了跨境并购的定义、分类及特殊性；

The former include the definition , motivation and classification of M & A.