我国企业并购中价值创造问题探析
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摘要
随着中国经济的高速发展,许多企业都争相“做大做强”。企业扩张规模及增强实力,当然可以通过企业本身的资本积累内涵式发展来实现,但同时企业间的兼并与收购不失为一条重要途径。但并购的目标是要实现价值创造,只有实现了价值创造才真正体现并购的重要作用。
并购是企业利用外延增长手段去促进其内涵增长的主要实现形式。通过并购活动,一个企业被另一个企业所容纳,生产要素重新组合,企业内部结构进行新一轮配置,资源共享,从而使企业能在更大范围和更合理的结构上经营,创造和增长企业的价值,满足资本增殖的要求。本文在回顾国内外相关文献的基础上,从理论和实例分析系统地剖析了我国企业并购中价值创造问题。
本文的研究思路为:从我国企业并购中价值创造的现状入手,采用常规的分析方法,从理论与实际两个方面深入地剖析了我国企业并购中价值创造存在的问题及原因,最后结合我国国情,借鉴国内外先进经验,提出了企业并购中价值创造存在问题的解决方法及对策。
首先,本文先对企业并购和企业并购中价值创造进行了诠释,介绍了并购的涵义及类型,企业并购中价值创造的涵义及其影响因素,包括:实体现金流量、加权平均资本成本、企业增长率、高增长延展时期。
其次,阐述了企业并购中价值创造的理论基础。同时把并购理论与并购实践结合起来,阐述了企业并购中价值创造的动因,并购符合企业长远发展战略的需要,并购能优化资本结构降低加权平均资本成本,并购能降低代理成本,节约交易成本,并购为谋求协同效应,提高企业效率,并购能降低投资风险,合理避税。
同时,阐述了企业并购中价值创造过程。从目标企业的选择,目标企业并购的价值评估,企业并购支付方式选择,企业并购后的整合与过程的逻辑顺序来解释。
再次,论述了我国企业并购中价值创造存在的问题及原因。其问题主要有:宏观方面:法律体系不健全,缺乏健全的法律环境;政府干预过多,没有体现企业并购市场化;并购企业融资存在问题,导致并购成本较高;并购过程中缺乏中介机构的参与。微观方面:企业并购动机有误,盲目追求多样化经营;缺乏价值创造的理念,没有明确的战略规划;企业价值评估存在问题,导致评估结果欠准确;忽略并购的财务风险,严重损害投资者利益;并购整合失误,无法产生协同效益;并购后绩效较差,难以实现价值创造。存在这些问题的原因有:经济环境变化使企业并购加速,政府干预力度过大;金融环境的多变,对目标公司价值评估更加困难;融资困难诱发盲目并购,缺乏价值创造的理念;并购后的整合、风险控制及业绩评估忽略价值再造。
最后,将理论联系实际,提出了对企业并购中价值创造存在问题的对策:宏观方面:健全相关的法律规范体系;正确发挥政府在企业并购中的作用;推进融资自由化,实现并购融资的目标;加强中介机构的建设和监管;微观方面:着眼于企业长远发展战略,以价值创造为目的的并购;财务管理以价值管理为核心,为价值创造提供管理环境;完善我国并购中目标企业的估价;谨慎选择并购目标企业,减少并购风险;重视企业并购后的整合,真正实现价值创造;加强企业并购中价值创造的绩效管理。
论文以经济学与管理学的相关理论为前提,引用了有关的数据与案例进行论证,融合了相关学科有关知识,力图在以下方面有所创新:提出企业并购的真正目的不是扩张规模,而是实现价值创造;并购如何为企业创造价值;从多个角度对如何解决我国企业并购中价值创造问题提出了相关对策,包括宏观以及微观两个方面。
With Chinse economy developed rapidly, many companies are trying to "bigger and stronger." Business expansion and to enhance the scale of strength, of course, by the enterprise itself connotative development of capital accumulation to achieve, but mergers and acquisitions between enterprises may well be an important way. But the acquisition goal is to achieve value creation, and only realized the value creation it truly reflects the important role of mergers and acquisitions.
M & A is the major form of content to promote its growth by the use of epitaxial growth of business means. Through mergers and acquisitions activity, an enterprise is accommodated by another enterprise, factors of production are re-combinated, internal structure of a new round of allocation, resource sharing, which enables enterprises operations in a greater range and a more rational structure, the creation and growth of the value of business to meet the capital requirements of the proliferation. This paper reviewed the literature at home and abroad, based on the theory and examples from the analysis system to analyze mergers and acquisitions of Chinese enterprises in the issue of value creation.
This study ideas as follows: from value creation in our mergers and acquisitions in the present situation, using conventional methods of analysis, from both theoretical and practical aspects of in-depth analysis of the value creation in mergers and acquisitions of Chinese enterprises and the reasons for problems.In the final, with the national situation learned from the advanced experience at home and abroad, puting forward in the value creation in M & A solutions to existing problems and countermeasures.
First of all, this article first carried out the interpretation of the meaning of corporate mergers and acquisitions and value creation in mergers and acquisitions and describes the types of mergers and acquisitions, corporate mergers and acquisitions in the meaning of value creation and its influencing factors, including: physical cash flow, weighted average cost of capital, business growth rate, extend the period of high growth.
Second, it described in the theoretical basis for value creation in mergers and acquisitions. At the same time, the M & A combination of theory and practice of mergers and acquisitions, described in the dynamics of value creation in mergers and acquisitions, mergers and acquisitions are consistent with the needs of long-term development strategy, mergers and acquisitions can optimize the capital structure to reduce the weighted average cost of capital, mergers and acquisitions can reduce agency costs and save transaction costs, to seek a merger synergies, improve enterprise efficiency, mergers and acquisitions can reduce investment risk, reasonable tax avoidance.
At the same time, described the process of the value creation in mergers and acquisitions. From the target company's options, target the valuation of mergers and acquisitions, corporate mergers and acquisitions of payment options, post-merger integration patterns and processes in order to explain the logic.
Once again, discussed problems and causes the value creation in China's mergers and acquisitions. Its main problems: the macro level: legal system is not perfect, the lack of a sound legal environment; too much government intervention, not reflect the mergers and acquisitions market; acquisition of corporate finance problems, resulting in higher acquisition costs; the absence of an intermediary participation during mergers and acquisitions. micro-areas: mergers and acquisitions motives are wrong, the blind pursuit of diversification; the absence of the concept of value creation, there is no clear strategic planning; business valuation problems, leading to less accurate results of the assessment; neglected mergers and acquisitions of financial risks and seriously undermine investors interest; merger integration errors, can not generate synergy; expost poor performance, it is difficult to achieve value creation. The reasons for these problems include: enterprises mergers and acquisitions are accelerated for changes in the environment, government intervention is too large; the ever-changing financial environment, the target company's valuation is more difficult; financing difficulties induced blind acquisition, the lack of the concept of value creation; Post-merger integration, risk control and performance evaluation ignores the value of recycling.
Finally, theory with practice, puting forward in the value creation on M & A problems approaches: macro-areas: a sound system of the relevant legal norms; proper role of the government's role in mergers and acquisitions; promoting the liberalization of finance, acquisition financing to achieve the objectives; strengthening the construction and supervision of intermediaries; micro-areas: focusing on their long-term development strategy in order to value creation for the purpose of mergers and acquisitions; financial management to value-based management as the core, to provide management for value creation environment; perfecting China's M & A target company's valuation; careful selection of the target company mergers and acquisitions, mergers and acquisitions to reduce the risk; attention to post-merger integration, truly value creation; to enhance corporate value creation in mergers and acquisitions in performance management.
Papers related to the premise of the theory in Economics and Management, citing the relevant case data and conduct feasibility studies, integration of relevant disciplines related knowledge, trying to innovate in the following areas: the real purpose of mergers and acquisitions is not to expand the size , but rather to achieve value creation; How M & A creates value for the enterprise; how to resolve our country's value creation in M & A issues from various angles related measures, including macro and micro aspects.
并购是企业利用外延增长手段去促进其内涵增长的主要实现形式。通过并购活动,一个企业被另一个企业所容纳,生产要素重新组合,企业内部结构进行新一轮配置,资源共享,从而使企业能在更大范围和更合理的结构上经营,创造和增长企业的价值,满足资本增殖的要求。本文在回顾国内外相关文献的基础上,从理论和实例分析系统地剖析了我国企业并购中价值创造问题。
本文的研究思路为:从我国企业并购中价值创造的现状入手,采用常规的分析方法,从理论与实际两个方面深入地剖析了我国企业并购中价值创造存在的问题及原因,最后结合我国国情,借鉴国内外先进经验,提出了企业并购中价值创造存在问题的解决方法及对策。
首先,本文先对企业并购和企业并购中价值创造进行了诠释,介绍了并购的涵义及类型,企业并购中价值创造的涵义及其影响因素,包括:实体现金流量、加权平均资本成本、企业增长率、高增长延展时期。
其次,阐述了企业并购中价值创造的理论基础。同时把并购理论与并购实践结合起来,阐述了企业并购中价值创造的动因,并购符合企业长远发展战略的需要,并购能优化资本结构降低加权平均资本成本,并购能降低代理成本,节约交易成本,并购为谋求协同效应,提高企业效率,并购能降低投资风险,合理避税。
同时,阐述了企业并购中价值创造过程。从目标企业的选择,目标企业并购的价值评估,企业并购支付方式选择,企业并购后的整合与过程的逻辑顺序来解释。
再次,论述了我国企业并购中价值创造存在的问题及原因。其问题主要有:宏观方面:法律体系不健全,缺乏健全的法律环境;政府干预过多,没有体现企业并购市场化;并购企业融资存在问题,导致并购成本较高;并购过程中缺乏中介机构的参与。微观方面:企业并购动机有误,盲目追求多样化经营;缺乏价值创造的理念,没有明确的战略规划;企业价值评估存在问题,导致评估结果欠准确;忽略并购的财务风险,严重损害投资者利益;并购整合失误,无法产生协同效益;并购后绩效较差,难以实现价值创造。存在这些问题的原因有:经济环境变化使企业并购加速,政府干预力度过大;金融环境的多变,对目标公司价值评估更加困难;融资困难诱发盲目并购,缺乏价值创造的理念;并购后的整合、风险控制及业绩评估忽略价值再造。
最后,将理论联系实际,提出了对企业并购中价值创造存在问题的对策:宏观方面:健全相关的法律规范体系;正确发挥政府在企业并购中的作用;推进融资自由化,实现并购融资的目标;加强中介机构的建设和监管;微观方面:着眼于企业长远发展战略,以价值创造为目的的并购;财务管理以价值管理为核心,为价值创造提供管理环境;完善我国并购中目标企业的估价;谨慎选择并购目标企业,减少并购风险;重视企业并购后的整合,真正实现价值创造;加强企业并购中价值创造的绩效管理。
论文以经济学与管理学的相关理论为前提,引用了有关的数据与案例进行论证,融合了相关学科有关知识,力图在以下方面有所创新:提出企业并购的真正目的不是扩张规模,而是实现价值创造;并购如何为企业创造价值;从多个角度对如何解决我国企业并购中价值创造问题提出了相关对策,包括宏观以及微观两个方面。
With Chinse economy developed rapidly, many companies are trying to "bigger and stronger." Business expansion and to enhance the scale of strength, of course, by the enterprise itself connotative development of capital accumulation to achieve, but mergers and acquisitions between enterprises may well be an important way. But the acquisition goal is to achieve value creation, and only realized the value creation it truly reflects the important role of mergers and acquisitions.
M & A is the major form of content to promote its growth by the use of epitaxial growth of business means. Through mergers and acquisitions activity, an enterprise is accommodated by another enterprise, factors of production are re-combinated, internal structure of a new round of allocation, resource sharing, which enables enterprises operations in a greater range and a more rational structure, the creation and growth of the value of business to meet the capital requirements of the proliferation. This paper reviewed the literature at home and abroad, based on the theory and examples from the analysis system to analyze mergers and acquisitions of Chinese enterprises in the issue of value creation.
This study ideas as follows: from value creation in our mergers and acquisitions in the present situation, using conventional methods of analysis, from both theoretical and practical aspects of in-depth analysis of the value creation in mergers and acquisitions of Chinese enterprises and the reasons for problems.In the final, with the national situation learned from the advanced experience at home and abroad, puting forward in the value creation in M & A solutions to existing problems and countermeasures.
First of all, this article first carried out the interpretation of the meaning of corporate mergers and acquisitions and value creation in mergers and acquisitions and describes the types of mergers and acquisitions, corporate mergers and acquisitions in the meaning of value creation and its influencing factors, including: physical cash flow, weighted average cost of capital, business growth rate, extend the period of high growth.
Second, it described in the theoretical basis for value creation in mergers and acquisitions. At the same time, the M & A combination of theory and practice of mergers and acquisitions, described in the dynamics of value creation in mergers and acquisitions, mergers and acquisitions are consistent with the needs of long-term development strategy, mergers and acquisitions can optimize the capital structure to reduce the weighted average cost of capital, mergers and acquisitions can reduce agency costs and save transaction costs, to seek a merger synergies, improve enterprise efficiency, mergers and acquisitions can reduce investment risk, reasonable tax avoidance.
At the same time, described the process of the value creation in mergers and acquisitions. From the target company's options, target the valuation of mergers and acquisitions, corporate mergers and acquisitions of payment options, post-merger integration patterns and processes in order to explain the logic.
Once again, discussed problems and causes the value creation in China's mergers and acquisitions. Its main problems: the macro level: legal system is not perfect, the lack of a sound legal environment; too much government intervention, not reflect the mergers and acquisitions market; acquisition of corporate finance problems, resulting in higher acquisition costs; the absence of an intermediary participation during mergers and acquisitions. micro-areas: mergers and acquisitions motives are wrong, the blind pursuit of diversification; the absence of the concept of value creation, there is no clear strategic planning; business valuation problems, leading to less accurate results of the assessment; neglected mergers and acquisitions of financial risks and seriously undermine investors interest; merger integration errors, can not generate synergy; expost poor performance, it is difficult to achieve value creation. The reasons for these problems include: enterprises mergers and acquisitions are accelerated for changes in the environment, government intervention is too large; the ever-changing financial environment, the target company's valuation is more difficult; financing difficulties induced blind acquisition, the lack of the concept of value creation; Post-merger integration, risk control and performance evaluation ignores the value of recycling.
Finally, theory with practice, puting forward in the value creation on M & A problems approaches: macro-areas: a sound system of the relevant legal norms; proper role of the government's role in mergers and acquisitions; promoting the liberalization of finance, acquisition financing to achieve the objectives; strengthening the construction and supervision of intermediaries; micro-areas: focusing on their long-term development strategy in order to value creation for the purpose of mergers and acquisitions; financial management to value-based management as the core, to provide management for value creation environment; perfecting China's M & A target company's valuation; careful selection of the target company mergers and acquisitions, mergers and acquisitions to reduce the risk; attention to post-merger integration, truly value creation; to enhance corporate value creation in mergers and acquisitions in performance management.
Papers related to the premise of the theory in Economics and Management, citing the relevant case data and conduct feasibility studies, integration of relevant disciplines related knowledge, trying to innovate in the following areas: the real purpose of mergers and acquisitions is not to expand the size , but rather to achieve value creation; How M & A creates value for the enterprise; how to resolve our country's value creation in M & A issues from various angles related measures, including macro and micro aspects.
引文
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