并购成本

由于银行的并购成本大大超过一般公司，来自接管的压力较弱；银行业监管对其公司治理具有双重作用。

The supervision and control of banking industry has double action for the corporate governance of their companies because the merger and acquisition costs of bank is greatly more than general company and the pressure of supervision is comparatively weak .

并购成本一效益分析是并购实施的基础。

The cost-benefit analysis is the foundation of implementation of business mergence .

合理的税收筹划可以降低企业的并购成本，实现并购效益的最大化。

Effective tax planning can reduce the cost of M & A to achieve the maximum benefit .

根据新的会计规定，全球企业将不得不修改对并购成本的会计处理方法，此举将影响公司利润，同时可能打击企业的并购愿望。

Companies around the world will have to change the way acquisition costs are handled under new accounting rules a move that will hit profits and could damp the urge for mergers .

第三章和第四章均为理论分析部分，分析了企业并购成本的形成、不同阶段企业并购成本的组成以及影响因素、如何控制并构成本等等。

The third section is theoretical analysis which discusses formation of M A cost , composition of M A cost in different stages , impacting factors , and the ways to control the cost .

综合考虑两种方法对存续企业财务状况及对原有股东利益的影响，权益结合法更有利于保护合并各方的利益，降低并购成本，实效性更强。

Considering the influence on the financial statement of existing group and interest of original shareholders , pooling of interest method is more helpful to protect interest of every party and decrease cost of merger .

第一章为导论，主要从研究企业并购成本的重要意义出发，首先研究了本文研究所涉及的基本概念和理论基础，提出了本文的研究思路、研究内容及主要的研究方法。

Section 1 is an introduction which starts from the importance of researching this topic , and then introduces the basic concepts involved in the study , the thoughts , contents , and the main methods .

在经济风险因素中，战略选择阶段中的战略定位失误，评估实施阶段中的低估并购成本、交易方案设计缺陷，整合阶段中的文化冲突等，都是中国企业海外并购的主要风险因素。

The main risks are , among the economic ones , strategic orientation failure during strategy choosing stage , under-valuing the M & I costs during evaluation and complementation stage , imperfect of transaction plans , and cultural conflicts during integration stage .

企业并购的成本效应分析

Analysis on Cost Effect of Enterprise Merger

有效跨国并购受成本收益的动态变化的影响。

Successful M & As are affected by the dynamic variety of the costs and incomes .

跨国并购的成本最小化和收益最大化是跨国并购区位和目标选择的依据。

Minimizing the costs and maximizing the incomes lay the base for the target and regional choosing of the cross - border M & A.

最后，本文建立了银行并购的成本最小化模型与风险价值度量模型来分析如何降低银行并购过程中的可能风险与并购成本。

Cost-minimizing model and risk evaluation model are therefore established by the author to analyze both the costs and risks of banks ' merger & acquisition .

合理的税务筹划不仅可以降低企业并购的成本，实现并购的最大效益，甚至可以影响企业并购后的兴衰存亡。企业并购的税务筹划包括：选择并购目标企业环节的税务筹划；

A reasonable tax mobilization not only lowers the cost of the merger of corporation and realizes the maximum benefit of the merger of corporation but also influences its rise and fall after the merger of corporation .

企业内部协调虽然拥有完整的剩余索取权和控制权，但难以突破内部资源的限制，且随着企业规模扩大存在管理边际收益递减效应，企业并购的成本又较高昂。

Although enterprise can gain absolute control right by centralization , it is hard to break through restrict of the resources itself . As the scale increases , the management marginal return is descending . Centralization also costs too much .

实证结果发现：在SFC与DEA两种不同估计法之下，并购对于银行成本效率皆有不显著的正向关系。

The empirical findings revealed that there is no significant cost effciency of bank mergers .

第四部分：不同的支付方式下的并购收益与成本测算。

PART FOUR : Estimate of profit and cost under different payment modes .

其差异的主要原因在于股权分置中的支付对价及并购的整合成本。

The main reasons are the payment of consideration in equity division and acquisitions integration costs .

外资并购的支付成本是外资并购活动中的关键。

The payment cost of the mergers and purchase of FDI is the key for mergers and purchase of FDI .

加之并购的交易成本高等原因，优良公司的并购价值有可能被严重低估。

In addition , the value of the high-quality companies may be underestimated seriously because of high trade cost of M & A.

利盟在这个高度分散的市场进展缓慢，而且多数是基于并购，整合成本较高。

Lexmark 's progress in this highly fragmented market has been slow and mostly based on acquisitions that are costly to integrate .

由于并购带来的成本节约，汤姆森路透的预期市盈率为15倍，较其同业溢价32%。

Thanks to savings from the merger , Thomson Reuters shares trade at 15 times forecast earnings , a 32 per cent premium to its peers .

税收是企业并购的重要成本之一，其在并购的决策和实施中是不可忽视的重要规划对象。

The tax revenue is one of the important cost which the company mergers , it is important planning targets not ignored either in decision and implementation of merging .

股权分置改革的实施，全流通格局状态的实现，使得通过二级市场进行并购重组的成本和障碍大幅降低，实施公司并购、重组的数量极大地增加。

The problem of Equity Ownership Reform has been solved , and the realization of Complete Circulation makes the cost and the barrier of M A in the secondary market largely reduces , and improves the number of M A greatly .

论企业并购中的低成本问题

On " Low Cost " Problem in the Acquisition of Enterprise

银行并购：效益与成本

Bankings Merger : Efficiency and Cost

与市场成熟国家相比，处于转轨经济中的中国，产业结构调整、企业价值链整合、委托代理关系改善和经济效率提升的空间很大，透过并购重组降低交易成本和所有权成本的可能性也非常高。

The decrease of transaction costs and the costs of ownership will improve the efficiency of M & A , especially in Chinese transitional economy .

第四章通过综合案例分析，提出不同的税收筹划方案，对各方案在定性分析的基础上量化计算、比较并购方案的税负成本，从而提出税收筹划的建议及启示。

The last chapter presents a comprehensive case study , analyzes different tax costs of the program , and then proposes some tax planning advice and inspiration .

文化差异度是事前因素，通过并购后内部交易成本发生效应，深远地影响着并购的长期账面绩效。

Cultural differences are the prior-the-event factor , which exerts its influence through internal transaction cost after the merger and influences the performance of merger in the long run .

投资银行作为交易职能分工的产物，它可利用专业化分工为企业并购节约信息搜寻成本、合同成本以及多种风险成本。

As the offspring of division of dealing function , investment banking can decrease cost of information , contracting cost and other cost of insurance for acquiring firm and target firm .

其中不乏有成功的例子，如海尔、青岛啤酒等大型企业就通过大规模的并购、进行低成本扩张，在短短几年间迅速发展壮大起来。

These think-tanks has successful examples such as haier , Qingdao beer and other large enterprises through massive m & a , low-cost expansion , in a few short years developing rapidly expand rise .