我国国企并购民企后的财务整合分析——以A国资公司成功并购B民企为例.pdf

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1、摘要并购重组是我国当前经济生活中的热点问题，更是国有企业改革与国民经济发展中的重大现实问题。目前我国国企的改革思路主要是借鉴新加坡淡马锡的控股模式，将有能力的大型国有企业发展成为国有投资控股企业，真正实现“管资产”与“管资本”的隔离。近年来，我国国有企业并购日渐活跃，国企并购交易进入大时代，本文主要研究国企并购中的国有资本投资公司并购民营企业的情形。纵观我国企业的并购历史，很多并购案例最终以失败告终，究其原因是并购后整合的失败所致。由于国有企业角色的特殊性导致国企并购民企的整合难度更大，并购双方在企业内部的管理体制、企业文化等方面，

2、存在着较大的差异性，给并购整合活动带来了巨大的冲突。本文采用案例研究的方法，以A国资公司成功并购B民企为研究对象，从财务管理目标、财务组织机构和人员、财务管理制度以及企业资产和负债等方面，对我国国企并购民企后的财务整合策略问题进行深入的剖析，探讨我国国企并购民企后财务整合问题和经验，并借此试图找出新形势下能够适合我国国企并购民企的财务整合对策和建议。关键字：并购财务整合国有企业民营企业IAbstractMergerandacquisitionisthehotspotissueincurrenteconomyofourcountry,

3、especiallythemajorissueofthereformofstate-ownedenterprisesandthedevelopmentofnationaleconomy.Atpresent,thereformofstate-ownedenterprisesinChinamainlydrawlessonsfromSingapore'stemasekmode,makingthecapablelargestate-ownedenterprisestodevelopintostate-ownedinvestmentholdi

4、ngcompanies.Thatisthetrulyinsulateof"assets"and"capital".Inrecentyears,China'sstate-ownedenterprisesincreasinglyactiveandwillbeintoabigtime.Thispapermainlystudiesthestate-ownedcapitalinvestmentcompanymergerandacquisitionofprivateenterprises.Fromthehistoryofenterpriseme

5、rgerinourcountry,alotofmergercasesendinfailure.Thereasoniscausedbythefailureofmergerintegration.Duetotheparticularroleofstate-ownedenterprise,theintegrationofmergerandacquisitionbetweenstate-ownedenterprisesandprivateenterprisesismoreharder.Therearedifferencesinmanyway

6、sofbothsidesofmergersandacquisitions,makingtheintegrationactivitiesofgreatconflicts.Thisarticleadoptsthemethodofcasestudy,withastate-ownedenterprisesuccessfullymergerandacquisitionaprivateenterpriseastheresearchobject.Analysisthefinancialintegrationstrategiesaftermerge

7、randacquisitionbetweenstate-ownedenterprisesandprivateenterprisesfromthefollowingseveralaspects:financialmanagementtarget,financialorganizationsandpersonnel,financialmanagementsystemandassetsandliabilities.Thispapertriestofindoutthesuggestionsoffinancialintegrationinst

8、ate-ownedenterprisesinthenewsituation.KeyWords:MergerandAcquisitionFinancialIntegrationState-ownedEnterprisePrivateEn