企业并购与流动性分析

经济全球化是当今世界经济和社会发展的一个基本趋势，全球化竞争的加剧是推动企业并购的主要动因。自从2001年我国正式加入WTO，企业并购活动在市场经济的发展中一直扮演着十分重要的角色。作为参与激烈市场竞争的企业来说，要想扩大规模，增强实力，实现健康可持续的发展，兼并和收购就是重要的手段。
企业并购与资金流动性之间存在着相辅相成、相互依存的关系。企业的并购行为势必会对企业资金流动性产生影响，相反流动性也会对企业并购产生重要的影响。本文从分析企业资金流动性的内涵出发，论述了企业并购与流动性的关系，重点探讨了企业流动性与并购融资方式、并购风险、并购后整合难度等之间的关系。同时，还从各个角度论述了不同的融资方式对流动性的影响。最后，通过分析中国移动和中国联通的并购案例说明了流动性与企业并购融资方式选择的关系。

关键词   企业并购；流动性；融资
Abstract
Economic globalization is a fundamental trend of the world economic and social development， growing global competition is the main catalyst of corporate acquisition. Since china formally participated in WTO in 2001， enterprise merger and acquisition activity playing an important role in ‎development of market economy. In the fierce market competition， corporate merger and acquisition is an important means for an enterprise to enlarge operation scale， increase competitive strength and achieve healthy and sustainable development.
Mergers and acquisitions correlate with capital mobility. They have an effect on each other. In the aspect of the analysis of corporate liquidity， this essy discusses the mergers and acquisitions and fluidity of the relationship and focuses on the enterprise liquidity and acquisition financing， mergers and acquisitions risks and the post-merger integration of the difficulty of the relationship. At the same time， it displays the influence to the impact of capital mobility using different financing methods. At the end of the article， a case of M&A about China Mobile and China Unicom is offered， highlights the relationship between liquidity and the selection of financing method in M&A.

Key words   M&A   liquidity   Financing

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