中国上市公司企业并购后的财务分析—以联想集团为例
21世纪以来，中国宏观经济火速发展，市场经济紧张异常，企业核心竞争力也在不断的提高，越来越多的中国企业对于现在的传统内涵型增长模式已经逐渐不满，原有的模式已经无法应对现在的经济状况，以并购为主的外延型增长模式逐渐进入了企业家们的视线。2004年12月，联想集团宣布并购国际商用机器公司（IBM）个人电脑事业部（PC），作为中国海外并购最大“赢家”的联想，不仅赢得了全球的关注，还一跃成为仅次于戴尔和惠普的全球第三大PC制造商。企业并购是资本经营的一种重要方式，对企业想要更好的发展有很大的帮助。企业并购过程中涉及到许多财务问题。而财务问题的解决是企业并购成功的关键。因此，必须对目标企业价值进行合理的评估，对并购前后的主要财务指标进行分析，还有财务支付方式进行研究，为我国企业跨国并购提供财务分析的实例。西方国家的并购历史已经趋于圆满，但中国企业海外并购历史却很短暂，可供中国企业借鉴和学习的案例更是十分稀少。联想出重金的并购案例不但迈出了国际化的第一步，还为中国企业并购发展史提供了一个参考数据，能够很好的鼓励那些正在犹豫中的中国企业，对中国企业跨国并购的启示有着重要的现实意义。
关键词：联想集团；企业并购；财务指标分析；风险分析
Abstract
Since 21st century, China's macro economy quick development, the enterprise core competitive ability also constantly improve, tense market economy, more and more Chinese enterprises for the connotation of the traditional growth pattern has gradually, the original model has been unable to cope with the current economic situation, give priority to with mergers and acquisitions of epitaxial growth pattern into the line of sight of the entrepreneurs. Announced in December 2004, lenovo merger IBM (IBM) PC division (PC), as the biggest overseas acquisitions lenovo "winner", not only won the global attention, has become second only to dell and HP, the world's third-largest PC maker. Mergers and acquisitions is an important way of capital operation, want to better development of enterprises has important practical significance. Enterprise merger and acquisition process involves many financial problems. The financial problem is the key to the success of mergers and acquisitions. Must, therefore, reasonable assessment of target enterprise value, analyze the main financial indicators before and after mergers and acquisitions, and studies the financial payment, provide financial analysis for our country enterprise transnational merger and acquisition of the instance. Western m&a history has tend to be perfect, but the history of Chinese enterprises overseas m&a is very brief, for Chinese enterprises to draw lessons from and study of case is very rare. Lenovo a cheque-book m&a case not only the first step towards the internationalization, also provides a reference for Chinese enterprises m&a history data, can be very good to encourage those who are hesitant in Chinese enterprises, the enlightenment to Chinese enterprises cross-border m&a has important practical significance
Key words: Lenovo group; Enterprise mergers and acquisitions; Financial indicators analysis; The risk analysis
*若需了解更多与协助请咨询↓→[电脑QQ][手机QQ]【数据协助】
