企业并购目标的寻找与评估
企业并购是市场经济发展的产物，也可以当作企业发展的重要方法之一，在现代企业的快速发展中占有了不可或缺的地位。然而并购的失败率是很高的，造成失败的原因有很多。如并购目标选择评估不当、企业文化整合不当等。企业目标的寻找与评估是企业并购的第一步，也是最重要的一步。找到理想的企业目标，对于并购而言便成功了一半。
本文就并购的动因理论进行了详细的探讨，并对国内外的研究现状进行了回顾。确定取得了什么信息，获得信息的途径和方法。提出企业并购的搜寻和评估的方法，包括对目标企业评判准则的分析来确定目标，接着以产业、法律、运营、财务和风险五大块进行评估以及对并购目标的财务约束与并购方案的可行性进行分析。最后用联想收购IBM为例，具体分析实际企业并购中的目标寻找与评估的过程。4690
关键词：并购；并购动因；目标寻找；目标评估；风险分析
Abstract
Mergers and acquisitions is a product of the development of market economy, but also can be used as an important method for enterprise development, the rapid development of modern enterprise occupies an indispensable position. However, M & A failure rate is very high, resulting in failure for many reasons. M & A target selection as inappropriate assessment, integration of corporate culture improper. Find and evaluate corporate goals is the first step in mergers and acquisitions, but also the most important step. Find the ideal business goals, for the purposes of mergers and acquisitions will be successful in half.
M & A in this paper, the theory discussed in detail, and the research status at home and abroad were reviewed. Made to determine what information, access to information and methods. Proposed mergers and acquisitions of search and evaluation methods, including evaluation criteria for the analysis of the target company to determine the target, followed by industrial, legal, operational, financial and risk assessment as well as five large merger and acquisition target's financial feasibility constraints for analysis. Finally, Lenovo's acquisition of IBM, for example, specific analysis of mergers and acquisitions in the actual target search and evaluation process.
KeyWords: M & A；；M&A motivation ；goal seeking；goal evaluation ；risk analysis
目 录
中文摘要 2
Abstract 3
1 绪论 4
1.1论文研究的背景目的及意义 6
1.1.1 论文研究的背景 6
1.1.2 论文研究的目的及意义 7
1.2国内外研究现状 8
1.3 论文的总体思路 10
2企业并购目标搜寻的方法 11
2.1 并购目标的信息收集与处理 12
2.2 并购战略的评判标准 13
2.3 目标企业的来源于审查 14
3 企业并购前景描述与目标评估 15
3.1企业并购的前景描述 16
3.2并购目标的评估 17
3.3 并购目标的财务约束与并购方案 18
3.4 小结 19
4 研究分析与应用 20
4.1联想收购IBM的基本概况 20
4.2联想收购IBM的动因分析 21
4.3联想收购IBM的选择与评估过程 22
4.4联想收购IBM的风险分析 23
4.5小结 24
结论 25
参考文献 26
致谢 28,4690
1、绪论
1.1 论文研究的背景目的及意义
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