会计学院知识库

  企业并购，实际上是一种企业的战略，是企业为了扩大经营的一种途径。对于海外并购案来讲，并购后的财务整合工作不可或缺。虽然已经有很多学者对其展开过研究，但尚未系统揭示财务整合在具体案例中的实现流程、路径及对其财务整合的效果评价。

  本文选取锦江国际并购卢浮酒店作为跨国并购后财务整合的研究案例,基于财务协同效应理论、企业核心能力理论及系统理论。首先对锦江国际并购卢浮酒店前的现状进行总结，并指出锦江为了实施海外布局战略，进军国际市场，将跨国并购作为实现其目标的途径，最终选择卢浮酒店为并购对象。其次，从财务整合机构、财务整合工作计划、内容等方面，分析锦江财务整合的过程，并总结了锦江国际财务整合的路径。再次，以是否发挥财务协同效应、是否实现企业长期目标及是否实现企业一体化运营为标准，选取恰当的定性评价指标；在定量分析财务指标的选取上，撇开表示企业某个时点经营状况的指标，而是选择能体现企业资产质量的指标，以此来避免在评价财务整合效果时，有并购活动自身对企业绩效的影响，使财务整合效果的评价更客观、可信。他山之石，可以攻玉，文章的最后，总结锦江国际并购后财务整合的成功经验，阐释对我国其他企业的启示。

  研究发现，锦江国际在完成财务整合工作后，企业的各项能力得到了不同程度的上升，通过合理及时的财务整合，帮助锦江更快地实现了并购的既定目标，实现并购的成功。因此，研究总结锦江国际并购后财务整合的成功经验，对其他拟进行跨国并购的企业有积极的启示作用。

       M&A, actually is a strategy for enterprise.M&A, is an expand way for enterprises. Besides and is important for many companies that want to seek opportunities. The M&A can help enterprises enhance the goal of decelopment ,but in many cases , has not completely recovered the process, as also as not reflected the effect of financial .

       This paper selects Jinjiang’s acquisition of Louver Hotel as a case study of cross-border M&A. Based on financial synergies, System theory, and so on. Systematic analysis of the case of enterprise finanxial interprise process. Generally, is short of indicators , but in my paper,the effect of M&A have be proved. In the article,the experience of  Jinjiang stock merge , is summarized , wish to help others learn and explain.This paper first summarizes the current sitiation of Jinjiang’s merge and acquision of Louver Hotel, secondly, learn Jinjiang why want to inplement M&A, it choose to overseas development ,have some plobloms and challenges .The stones of  others can be overcome . So , At last , Summarize the successful experience of financial integtation of Jinjiang , Hope to provide inspiration for others.Specifically speaking, Firstly, I analyzed the current situation of Jinjiang, in order to recover the lay out strategy, beside improve assets and effects ,Jinjiang decides to carry out M&A, hope to complete jinjiang companys objectives. Among, include the acquisition market share. Secondly, it analyses of Jinjiang hotel stock from the aspects of financial integration organization,financial integration work plan, fiancial integration mode and financial integration content, then, I analyzed the methods and path, these play an importantly and indispensable role in Jinjiang.Besides, study and analyze whether the financial integration is successful.

       It is found that after the financial integration of Jinjiang shares, the various capabilities of the enterprise have been improved to varying degrees. Through reasonable and timely financial integration ,Jinjiang can achieve the established target of M&A faster and achieve the success of M&A . Therefore ,the research and summary of the successful experience of Jinjiang ,the study will has a good influence ,for other enterprises.