关于企业并购风险问题的探讨------毕业论文

2008届本科毕业论文（设计）论文题目关于企业并购风险问题的探讨学生姓名所在学院电子商务学院专业财务管理学号指导教师成绩2008年4月XXXA1A0A2A3A4A5A6A7A9A10A8A12A13A11A14A5A15A16A17A18A19A20A21A22A232XXX大学本科毕业论文（设计）原创性及知识产权声明本人郑重声明所呈交的毕业论文（设计）是本人在导师的指导下取得的成果。对本论文（设计）的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。因本毕业论文（设计）引起的法律结果完全由本人承担。本毕业论文（设计）成果归XXX大学所有。特此声明。毕业论文（设计）作者签名作者专业财务管理作者学号2008年4月12日XXXA1A0A2A3A4A5A6A7A9A10A8A12A13A11A14A5A15A16A17A18A19A20A21A22A233XXX大学本科学生毕业论文（设计）开题报告表A24A25A26A27A28A29A30A31A32A33A34A35A36A37A38A39A40A41A42A43A44A24A25A26A27A28A29A45A46A24A25A26A27A28A29A47A48A49A50A51A24A52A53A54A55A56A57A58A59A60A61A30A62A63A59A64A65A66A65A67A66A68A66A68A69A35A70A71A72A51A73A52A74A75A42A76A77A78A79A6A14A5A15A16A80A81A82A83A84A85A86A87A88A89A90A91A83A92A93A93A94A95A93A96A97A98A99A89A79A14A5A15A16A21A100A101A17A18A102A103A80A81A82A83A104A105A106A87A88A89A90A91A83A92A93A93A94A95A93A107A97A98A99A89A79A14A5A15A16A21A17A18A108A109A80A81A82A83A110A111A112A87A88A89A90A91A83A92A93A93A96A95A99A93A97A98A99A89A27A28A113A42A78A114A115A116A117A118A119A120A121A122A123A124A125A126A127A128A129A130A131A132A133A134A135A136A137A138A139A140A141A142A141A143A144A124A145A146A147A148A149A150A134A135A136A124A130A131A132A133A151A152A153A154A155A156A157A158A118A119A159A160A124A161A124A162A163A164A165A166A147A167A168A169A170A171A172A173A174A175A176A177A178A179A180A181A182A183A184A185A186A187A188A189A190A191A183A192A186A187A188A193A194A183A195A194A180A196A197A198A199A200A201A167A202A183A203A204A205A206A207A208A209A210A211A212A213A214A215A216A205A217A218A205A219A220A221A222A183A223A224A205A225A226A227A228A229A230A231A232A183A223A224A205A197A198A233A234A235A236A205A237A238A239A240A241A183A242A243A244A205A245A246A183A247A248A249A250A244A251A240A183A252A253A205A178A254A255A14A252A253A183A0A1A195A249A250A196A124A2A3A238A4A200A178A5A183A6A191A205A128A7A186A178A5A195A130A8A212A4A200A178A5A183A9A10A205A133A11A205A3A126A9A0A195A136A8A12A13A15A178A5A183A198A77A16A17A15A183A252A253A205A168A59A18A19A20A255A21A22A195A178A254A255A23A234A228A227A183A184A185A24A25A18A19A183A204A26A205A149A21A205A168A59A27A28A195A152A8A131A228A29A30A14A126A16A17A15A183A252A253A20A255A31A32A183A188A33A21A22A195A159A215A34A35A196A162A1A197A198A14A4A200A178A5A18A19A252A253A183A23A234A169A170A205A163A168A36A37A38A183A39A37A40A183A205A37A238A239A183A241A181A4A200A178A5A183A198A77A168A59A12A17A15A183A252A253A205A254A119A23A234A181A182A18A19A252A253A183A41A185A205A171A42A43A44A45A249A250A205A37A40A183A181A182A165A46A252A253A195A14A47A48A49A50A244A50A38A183A4A200A178A5A51A52A205A192A186A212A72A53A14A54A55A183A4A200A178A5A20A255A56A57A183A21A22A195A126A16A237A183A23A234A199A200A183A202A58A203A204A205A186A14A66A60A202A61A183A23A62A63A64A205A192A186A23A62A34A35A213A65A195任务完成时间安排A197A67A67A68A199A200A197A201A200A202A196A203A34A44A253A213A65A69A204A200A70A71A183A73A180A188A33A74A197A67A67A68A199A200A197A201A206A200A202A196A203A34A230A75A76A22A69A204A200A70A71A183A163A78A79A213A65A74A197A67A67A80A199A206A201A81A202A82A196A203A34A204A200A70A71A183A83A84A70A71A205A214A85A86A78A77A87A88A89A197A67A67A80A199A206A201A200A206A202A82A196A203A34A204A200A229A230A90A91A197A67A67A80A199A92A201A197A67A202A82A196A229A230A93A94A69A70A71A34A35A74A203A34A229A230A69A70A71A74A167A31A95A183A96A52A11A97A196A212A199A200A201A244A98A205A227A202A198A228A24A25A202A99A25A230A205A228A223A100A21A101A230A205A228A102A103A202A230A234A205A189A20A198A104A38A14A4A200A252A253A183A231A232A105A253A205A237A227A106A188A33A252A253A183A107A108A109A6A241A110A40A183A111A112A195A212A202A85A113A114A183A115A116A223A10A117A217A218A183A223A10A205A168A59A23A234A203A118A230A75A183A235A236A205A163A168A237A227A188A33A252A253A254A119A37A38A183A25A229A120A116A195A219A121A163A168A104A40A183A203A34A229A230A195A252A122A123A125A127A118A196A202A215A196XXXA129A132A134A135A137A138A139A140A141A142A143A144A145A146A147A148A150A151A153A154A155A156A157A158A1604目录A161A1645A166A167A168A169A170A172A173A174A175A176A177A178A1797A180A166A181A167A182A183A170A172A173A174A184A1857A180A186A181A167A170A172A173A174A187A1887A186A167A170A172A173A174A177A189A190A191A192A193A194A1957A180A166A181A173A174A196A198A177A189A1907A180A186A181A173A174A196A198A177A194A1958A205A167A170A172A173A174A196A198A177A207A2088A180A166A181A167A212A209A210A196A1988A211A167A213A215A196A1989A216A167A217A218A196A1989A219A167A220A221A196A1989A222A167A223A224A196A19810A180A186A181A167A225A212A209A210A196A19811A211A167A226A229A231A232A233A235A196A19811A216A167A236A238A196A19811A219A167A239A240A196A19812A222A167A241A242A196A19813A243A167A244A245A246A247A248A249A250A251A253A254A255A174A31A0A1A2A3A4A24414A37A166A38A173A174A3A4A229A190A177A196A198A246A24714A180A186A181A167A173A174A39A5A6A5316A35A167A173A174A196A198A177A42A7A50A817A180A166A181A167A196A198A42A7A50A8A177A9A44A10A21518A180A186A181A167A196A198A42A7A50A8A177A46A1120A36A167A48A153A49A122A1224A13A1426A15A16A52A1735A54A1837XXXA19A20A21A22A23A148A24A25A26A27A28A29A145A146A147A148A150A151A153A154A155A156A157A158A1605摘要20世纪70年代以来，企业并购重组活动在工业发达国家日益活跃，尤其在90年代中期以后大公司之间的并购重组不断增加，国际上许多巨型公司都卷入了企业并购G9921G9538。在并购的G17819G12255中，并国的G20130G19517G6523G2058G11464G6521G1863G1058并购成G17145G994G2554。所以对G1122并购G20130G19517的G6523G2058尤其重要。文G12468G1186并购的起G9316G5332G3999G16840起，G2010G7524并购G20130G19517的成因G2462G3926G1321G16794G2047。G1183G13473了G20130G19517的G12879型，G16765G6117G1216对并购G20130G19517有了G7368G9157的G16760G16794。文G12468G6521下来G2010G7524了G980个G1867体的并购G7708G1375，G7708G1375G1039要G4613G1016个公司并购G3845G17145的G2419因G17839G15904G2010G7524，G1039要G4613并购中出G10628的集中G20130G19517G17839G15904G2010G7524，G20056G8991G6122是G3800理不G5415都G1262G17908成并购的G20130G19517加大，G3845G17145的G2499G14033G5627加大。之后文G12468G1186G3926G1321G16280G18003G20130G19517的G19394G20076G17839G15904G16764论，文G12468中G6564G2052的G20130G19517的管理G7438G2058以G2462G6526G7057都是G1552得G2447G1523G18504的。G7380后G4613并购G20130G19517的G7422来发G4649作出G4649G7407，在G16280G18003了G7368多的G20130G19517之后，并购的G2081G7235G1262G7368G3921。关键词A248企业并购并购G12586G11065G20130G19517管理XXXA30A32A33A34A40A41A43A45A47A51A55A56A57A58A59A41A60A61A62A63A64A65A66A67A686ABSTRACTTHEARTICLEORIGINATEDFROMTHESTARTOFTHEMMAINLYANALYZETHERISKINSOMANYWAYSNOTFORECASTING,ORNOTAPPROPRIATEDEALINGWILLCAUSEDINCREASETHERISKSANDTHENLEADTOFAILUREAFTERTHEARTICLETALKSHOWTOAVOIDTHERISKS,THENITDISCUSSEDTHEREFERREDTOTHERISKMANAGEMENTMECHANISMSANDMEASURESAREWORTHTODRAWONFINALLY,WELOOKAHEADTHEFUTUREDEVELOPMENTOFMARISKPROSPECTSINTHEEVASIONOFMORERISKS,THEPROSPECTOFMERGERSANDACQUISITIONSWILLBEEVENBETTERKEYWORDSMA,MERGERS,RISK,TACTICSOFACQUISITION,XXXA30A32A33A34A40A41A43A45A47A51A55A56A57A58A59A41A60A61A62A63A64A65A66A67A687G980G451全G10711企业并购G9022G9538的G1864起（G980）G451中国企业并购G9347G9316中国的企业并购起G4581G112220世纪G270年代，以G8839G2283G11477G1457G4462G5078G19161G9821G2390G1872并G1457G4462G5078G20130G7438G2390G1038标G5547，其G17819G12255大G14280G2499G2010G1038以下G23个发G4649G19466G8585以G6925G19773G5332G6930和G3490G5078G13475G8994体G2058G6925G19773G1038G16837因，G118620世纪G270年代起G8505，在G209G27G27年出G10628了G12544G252G8437企业并购G20652G9538G727G209G279年G2052G20992年由G1122G4451G16278G13475G8994G13051G13565，G1183业并购G17839人G1314G16907期G727G20992年G12050G1262G1039义G5078场G13475G8994体G2058G6925G19773目标的确立，引发了G12544二G8437购并G20652G9538G727以中围加入WTOG1038标G5547形成的G12544三G8437购并G9022G9538。（二）G451企业并购G10628状加人WTO以后，G13475G8994贸易日益全G10711化，国内G13475G8994的发G4649需要G7368多地利用全G10711资G9316，参G994国际G5078场G2010工G727产业结构和企业结构调整G8505伐逐G8505加快，G1038企业并购的生存和发G4649G6564供了土壤。加上并购法G16280政G12586的逐G8505G16280范和透明，企业并购的法律环境得以G6925善。所以，在全G10711跨国并购G9921G5332G3999降温时，中国便成G1038全G10711并购的G9921点。二G451企业并购G20130G19517的成因和G16794G2047G6117国研究企业并购的专家学者大多只专注G1122并购动G7438和效应的G2010G7524，对并购G20130G19517的系统研究较G4581。许子枋以成本G1038G1039线通G17819对G3845G17145G7708G1375的G2010G7524，G1186战G11065管理的角度，对并购的整个G17819G12255G2462G1039要G20130G19517给予了较全面的G2010G7524。但没有对企业并购G20130G19517G17839G15904G4462量G2010G7524，也没有对企业并购G20130G19517的管理G17839G15904系统阐述。而其他相G1863研究则缺乏系统G451G9157入的理论G2010G7524和实践论证。（G980）G451并购G20130G19517的成因国内学者对不同并购方式下G20130G19517产生的G2419因G17839G15904了剖G7524，得出了相应的结论，总体上G16760G1038并购G20130G19517的成因G1867有复杂G5627除政府G15904G1038和企业G15904G1038XXXA69A70A71A72A73A74A75A76A77A78A79A80A81A82A83A74A84A85A86A87A88A89A90A91A928边界模糊，政G12586法G16280不健全等环境因素外，企业缺乏以核心G14033力G1038导向的并购思维，G17819多地G1863注短期财务利益，盲目地G17839G15904不相G1863混合并购，组织文化不相容，缺乏有效的并购整合G6526G7057等，是并购G20130G19517产生的G1039要G2419因。但G2010G7524时，没有按G980G4462的标准将并购G20130G19517G2010G12879得出的结论不够明确。（二）G451并购G20130G19517的G16794G2047国内学者G1186不同角度探G16764了企业并购G20130G19517G16794G2047G19394G20076，G16760G1038并购G20130G19517的G16794G2047是指在并购G20130G19517管理G17819G12255中，确G4462G2499G14033导G14280并购G20130G19517的因素以G2462并购G20130G19517G2499G14033出G10628G10628的环节。并购G20130G19517的G16794G2047是G252项非常复杂的系统工G12255，不仅是出G1038并购G20130G19517G1867有潜在G5627G451动态G5627和不确G4462G5627等特点，而且还受并购人贝的知G16794G451G13475验G2462G20056见G14033力的G2058约。因此，国内对企业并购G20130G19517G16794G2047的研究，G1039要是探G16764G3926G1321应用国外已有的并购G20130G19517G16794G2047方法。总之，国内企业并购的实践G13475验尚不十G4512，对企业并购G20130G19517的研究G17225G1007较G7214，G1183G13473G451G16311G18334和G2010G7524国外企业并购研究成果的文献较多G451结合国内企业并购实践对G20130G19517管型G17839G15904G9157度探G16764的研究成果不多，对企业并购G20130G19517的系统G5627研究有G5465加G5390。三G451企业并购G20130G19517的G12879型（G980）G451系统G5627G20130G19517系统G5627G20130G19517是指由G1122全G4628G5627的不确G4462G5627所引起的并购活动效果G2476G3363的G2499G14033G5627。在G10628实生活中，所有企业都不同G12255度地要受全G4628G5627G1119G1226的G5445G2721，G17837G1135G1119G1226G2265G6336G12050G1262G451G13475G8994G451政G8847等G2520方面的内容。由G1122G17837G12879G20130G19517是所有企业都有的，G4439G994企业的G13475G14841战G11065G7092G1863，也G4613是G16840，G4439不G1262由G1122企业G18331用多G7691化G6249资G17828G14841G12586G11065而G9052G3845。因此G4439G2460G15999G12228作不G2499G2010G6967G20130G19517。G17837G12879G20130G19517G1039要G2010G1038G12050G1262G20130G19517G451法律G20130G19517和G980G14336G13475G8994G20130G19517等。XXXA69A70A71A72A73A74A75A76A77A78A79A80A81A82A83A74A84A85A86A87A88A89A90A91A929G20G451体G2058G20130G19517体G2058G20130G19517G4613是由G1122体G2058的不确G4462G5627对并购G17908成的不利G5445G2721。G15441G9994大G18108G2010企业并购是G7693G6466G14270G17535发G4649的需要G15G1038G17878应G5078场发G4649要G8726而G17839G15904的G980G12193G14270发G15904G1038G15但也有G980G18108G2010并购G15904G1038是在政府的G11464G6521G6817G13449和G6524动下G17839G15904的G15将G14865后企业的G2265G16005给G1260G2195企业G13984G15并购G2464方企业常常因缺乏利益G20549动而没有并购的动G7438G15所以对并购完成后企业的G13475G14841管理和发G4649战G11065心中G7092G6980G15企业发G4649思G17347G19283时间得不G2052调整G15G17837G4613G1363得并购在G980G5332G3999G4613潜G1251G11540G980G12193体G2058的G20130G19517。2G451G12050G1262G20130G19517G17837是指由G1122G12050G1262因素G3926文化G451G4459G6957G451G1274理G451G17959G5515G451心理等因素而引起的资本G13475G14841G20130G19517。G1375G3926，企业在G17839G15904跨国并购活动时，由G1122G1119G1820对国外的文化G1268统G451G8677G7075缺乏了G16311，G1186而在G12621资G6122者G6249资G17828作中发生了G994G5334国文化的G1926G12373，导G14280并购活动受G19471G6122出G10628G2373G7438，G17837G12193G20130G19517G4613G4658G1122G12050G1262G20130G19517G727政G8847G20130G19517是G12050G1262G20130G19517的G980G12193G15932G10628形式，G4439G1039要是由国家政G4628G2476动G451人G1119G7368G17857G451政G1838间不同政G12586G1039G5364以G2462政府政G12586指G1208调整等因素所引发的，对跨国并购的实G7057和成效有时也构成重大G5445G2721。因此，在并购中，尤其是G17839G15904跨国资本G13475G14841活动时，不应G5585G11065对G5334G3507文化G451G8677G7075有G1817G2010的了G16311，还应G16825在G1817G2010调G7609的G3534G11796上，注G5859对G5334G3507G12050G1262因素G17839G15904G2339同整合，G18003G1825企业的并购G15904G1038G994其发生G1926G12373，以G1457证G6249资G13475G14841活动的G8503常G17839G15904。G22G451法律G20130G19517G17837是因国家G2058G4462的法G7708G451法G16280等因素G2462其G5058G5334所引起的企业并购活动G20130G19517。G17837G12879G20130G19517在跨国并购中G7186得尤G1038G12373出。G1186G1119跨国并购所面G1032的G3534本G20130G19517，G994G980G14336G6249资以G7691，G4613是因G1038对目标公XXXA69A70A71A72A73A74A75A76A77A78A79A80A81A82A83A74A84A85A86A87A88A89A90A91A9210司所在国法律不了G16311而G17908成的G6451G3845。G980G14336G16840来，G2520国政府大都G8616较G8438G17826外国企业通G17819G2031G5326方式G17839G15904G6249资，而对外国企业G6922购本国企业则G6357有较G1038G4469G5922的态度，通常G1262G2058G4462相应的法G16280加以G19492G2058。G13666国政府的多G12193G2465G6188G6301G7043和证G2060法，G14533国政府的公G5191交易法G451G12466G1117法和财务G7393务法等，都是以法律管G2058购并的G1868范。实G15904G17837G12193管理方式的国家，多G6980是法律G8616较健全的国家。G1186G2520国G10628有的购并法G16280G11487，其G3534本出发点是维G6264公G5191G12466G1117和G1457G6264本国G8677G1259利益。G1375G3926G13666国G209G270年G2058G4462的G457G16886G4584G7376法G4613是G1038了防止出G10628垄断G10628象，G1457G6264G14270由G12466G1117。另外随G11540跨国公司对所在国G13475G8994G6523G2058的加G5390，尤其涉G2462G2052G980G1135大公司的跨国购并时，许多发达国家政府对此G18331取了G19492G2058的G6526G7057。G1375G3926，加拿大政府G16280G4462，凡是资产在25万加元以上G6122总G6922入超G17819G2200万加元的加拿大公司，外国人要取得G6523G2058权，G4613必须由政府的外国G6249资G7438构G4469G7609。G23G451其他G20130G19517G1039要G2265G6336G13475G8994波动G20130G19517G15利汇率G20130G19517和购买力G20130G19517（G20）G451G13475G8994波动G20130G19517G13475G8994波动G20130G19517是指由G1122G4451G16278G13475G8994G7235气和整体G5078场G15904情G2476动而引起的G20130G19517。大至世界G13475G8994，小至地区G13475G8994，都内在地G451不以人的G5859G5547G1038转移地存在G11540随时间G6524移而发生周期G5627G2476化的G10628象，呈G10628上升G451繁荣G451衰退G451萧条和复苏G980G12879的周期波动。G5415G13475G8994G3800G1122上升G451繁荣期时，企业盈利增多，G6249资G2265G6336并购G6922益G980G14336也随之增加。G5415G13475G8994G3800G1122衰退G451萧条期时，情况恰G3921相G2465。（2）G451利汇率G20130G19517。G4439是指由G1122G5078场利汇率水G5191发生G2476动而引起的并购G13475G14841G20130G19517。G980G14336来讲，在利汇率G2476动幅度相同的情况下，G19283期的资本G17828作所承受的G20130G19517G5445XXXA69A70A71A72A73A74A75A76A77A78A79A80A81A82A83A74A84A85A86A87A88A89A90A91A9211G2721要G8616短期G17828作大得多。（G22）G451购买力G20130G19517。在资本G13475G14841的名义G6922益中，G980G14336G2265G6336真实G6922益和通货膨胀补偿G1016G18108G2010。G5415发生非G20056期的通货膨胀时，并购G13475G14841的实际G6922益G4613G1262G994G20056期G6922益发生偏G5058。同G7691，并购G1039体的实际G6922益所形成的货币购买力也G1262G994G20056期的货币购买力不G980G14280，G1186而构成购买力G20130G19517。（二）G451非系统G5627G20130G19517非系统G5627G20130G19517是指由非全G4628G5627G1119G1226波动所G17908成的G20130G19517。G17837G1039要是指企业的并购G15904G1038G994效果，G1262受不确G4462的G4628G18108因素和G14270G17535因素G5445G2721的G10628象。G17837G1135因素G994其他企业没有什么G1863系，G4439只G1262G17908成G980个企业的报酬率发生G2476化，不G1262G5445G2721G2052其他企业的报酬率。由G1122G980个企业报酬率的非系统G5627G2476动和其他企业报酬率的G2476动没有内在的G451必G9994的联系，因而有G980G4462的G2499G6523G5627。人G1216G2499通G17819G13475G14841领G3507和方式的多G7691化来G16280G18003G6122弱化G2520G12193非系统G5627G20130G19517。换句话G16840，非系统G5627G20130G19517是G2499G2010G6967的，因此G2460G12228G1038G2499G2010G6967G20130G19517。G4439G1039要G2265G6336价G1552评估G20130G19517G451交易G20130G19517G451财务G20130G19517G451G14841G17828G20130G19517G451信息G20130G19517G451违约G20130G19517G451文化G20130G19517和G17959G5515G20130G19517。G20G451价G1552评估G20056G8991G20130G19517企业间G17839G15904并购G15需要对目标企业的G13475G14841情况G451财务状况和G7422来G6922益等情况G17839G15904评估G451G20056G8991G15并将评估G20056G8991结果作G1038是G2554并购G6122确G4462目标企业价G1552的依G6466。由G1122评估G20056G8991的不确G4462G5627和信息的不对G12228G5627G15G4613产生了评估G20130G19517。2G451交易G20130G19517在并购交易中，交易G20130G19517由价格G20130G19517G994G6249资G20130G19517G1016G18108G2010组成。G6922购对象G3926果是上G5078公司，G6922购G9052息G980外G1268，立即G1262引起G16825公司G5078价上涨，增添XXXA69A70A71A72A73A74A75A76A77A78A79A80A81A82A83A74A84A85A86A87A88A89A90A91A9212G6922购的难度G727G6922购对象G3926是非上G5078公司，G9052息G1268出后，也易引起几家公司的G12466标，G1363价格上抬，G17837G12193因由G6922购G15904G1038引起的价格G2476动的G20130G19517，G6117G1216G12228之G1038“价格G20130G19517”，G17837G12193G20130G19517较难G20056G8991，但G2499G1186G12050G1262心理学，G1268播学等角度加以G6523G2058。并购的另G980交易G20130G19517是“G6249资G20130G19517”。G6922购作G1038G980G12193G11464G6521G6249资方式，其重要动G7438是对G7422来G6922益的良G3921G20056期。G1186时间上来G11487，G6249入本金是在G5415G2081，其G6980额是确G4462的，而取得G6922益是在将来，要相隔G980G8585时间，在G17837G8585时间内G2476动G5627VARIABILITY很大，而促成G2476动G5627的因素很多，每G12193因素都G2499G14033G1363本金G6451G3845，G20056期G6922入减G4581，而且其G6980额G7092法G20056G1820确G4462。G5415时间越G19283时，其不确G4462G5627UNCERTAINTYG4613越大。G22G451财务G20130G19517企业并购往往需要大量的资金支G6357G15并购者有时用本公司的资金并购G15有时则利用卖方融资杠杆G6922购G15G6122是通G17819向外举债来完成并购。G7092论G18331用G1321G12193融资途径G15均G1262存在G980G4462的并购G20130G19517。并购企业通G17819杠杆G6922购旨在通G17819举G1523债务G16311决G6922购中的资金G19394G20076G15并期G7407在并购后获得财务杠杆G6922益。由G1122G20652息G20130G19517债G2060资金成本很G20652G15而G6922购后G15999并购企业G7422来G10628金流量G1867有不确G4462G5627G15因此杠杆G6922购必须实G10628很G20652的回报率才G14033G1363G6922购者获益G15G2554则G15G6922购公司G2499G14033G1262因资本结构恶化G15负债G8616G1375G17819G20652G15付不起本息而破产倒闭。G270年代盛G15904的杠杆G6922购LBO，在G6922购所需资金的G4445G6502上，G6922购者G14270有资本G2356G200G8G16G205G8，G19146G15904G17163G8466G235650G8G1670G8，发G15904G3415G3346债G2060G235620G8G16G230G8。G17837G12193并购方式必G9994给G6922购者G5114来G20652债务资本的资本结构。G6117G1216G2499用财务杠杆系G6980G40G51G54来G6563述资本结构G2476化后的财务G20130G19517。G16825系G6980的计G12651公式G1038G40G51G54G32G40BG44TG40BG44TG16G44G16G40G18G44G16TXXXA69A70A71A72A73A74A75A76A77A78A79A80A81A82A83A74A84A85A86A87A88A89A90A91A9213上式中，G40BG44TG1038息G12258G2081G6922益，G44G1038利息G17165用，G40G1038G1260G1820G13941G13941息，TG1038公司所得G12258率。G16825系G6980G15932G12046G40BG44TG2476动G20个G11346G2010点引起G40G51G54每G13941G1940G6922益G2476动的G11346G2010点。G8616G3926G16825系G6980G1038G22，则G15932明G40BG44T增加G11346G2010之G20，G40G51G54增加G11346G2010之G22G727G2465之，则减G4581G11346G2010之G22。因此，G16825系G6980越大，公司财务G20130G19517G12621资G20130G19517也越大。由G1122并购后的G40BG44T在短期内G6564G20652不大，因此，并购后财务杠杆系G6980的G20652G1314G994G6922购的融资G4445G6502G13051G4506相G1863。G3926果是杠杆G6922购，其融资G4445G6502必G9994是G20652债务加G20652利息G17165用，导G14280财务杠杆系G6980也较大。而G980G7098并购后的G40BG44T下降，并购后企业的G40G51G54G1262以G7368大G8616G1375下降。杠杆G6922购所形成的G20652债务资本结构往往G1363G6922购者债务G17819G1122G8797重，导G14280其在G6922购“成G2163”后因付不出本息而破产。G23G451G14841G17828G20130G19517所G16871G14841G17828G20130G19517是指由G1122G14841G17828方面出G10628的G19394G20076而G17908成的不利G5445G2721。G4439G1039要是指并购者G7092法G1363整个企业集G3254产生G13475G14841G451财务G451G5078场G1233额等G2339同效应G15G7092法实G10628G20056期的效果G15G10990至还受G2052G7044并购来的企业G6314G13059。G1039要G15932G10628在G29并购后并没有产生G20056期的财务G2339同效应G15企业财务G14033力没有G6564G20652G15资本没有实G10628在并购企业G994G15999并购企业之间G1314成本有效的G1889G18209G13634G30企业并购后G15由G1122G5078场的G2476化G15目标企业G2419来的供G19156G9204G17959的范围发生G2476化G15G5078场G1233额减G4581G15G5445G2721了G20056期效果G30并购后的G7044公司因G16280模G17819大而产生G16280模不G13475G8994的G19394G20076。以G13666国G12544G3247大G19062G19093公司LTG57并购G12544G1857大G19062G19093公司G1861和G19062G19093公司G1038G1375LTG57G994G1861和公司G4471G5079G1872并G2081，G1861和公司的G13941价G8616其G17146面资产G1940G1552G1314三G2010之G980。LTG57公司G3534G1122G6922购成本G1314G1122G7044G5326成本的G13783G15397，G1122是以7G1171G13666元G6922购了G1861和公司。LTG57公司声G12228，并购后G1016公司的G1314效工G2390将G15999G1863闭，生产同G12879产G2709的工G2390将内G18108合并，G19156G2818系统合