第五章 结束语
企业投资是企业生存和发展的必然需求，跨国并购是企业面对国际环境的变化寻求资本扩张的必然趋势。我国许多企业的跨国并购中，存在了一定的障碍，但是这也给了我们总结进步的机会。所以，对以往的并购活动中的政治、经济、文化等方面进行详细分析和研究，为今后企业进行并购提供了经验，这样就可以规避一定的风险，降低并购过程中存在的障碍。由此，本文得出以下结论：
1.中国企业要想在国际舞台逐渐发展壮大，跨国并购是很好的一个选择。但是，跨国并购障碍重重，并非所有的企业都可以扫除障碍。所以企业要从实际出发，对合并后的价值进行评估，选择合理的并购对象和并购方案。
2.跨国企业并购存在着很多的障碍，我国企业在进行跨国企业并购之前，需要对文中提到的各个方面存在的障碍进行逐一的分析，并最终确定企业是否有能力克服障碍。
3.在应对跨国企业并购的障碍时，我国企业需要根据自身和被并购企业以及所在国家的具体情况，制定相应的措施，尽量规避不必要的障碍。中国企业要想把文化的冲突降到最低程度，就要学会如何建立起一种共同的文化，而不是非此即彼地选择一种文化。
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参考文献
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[2] 吴学君.外资并购对我国经济的负面影响及对策.[J].商业时代?学术论评 ,2006(02) [3] 郭春丽.外资在华并购的动向及对我国的影响.[J].宏观经济管理 2007(03) [4] 王靖.跨国并购对中国产业安全的影响及对策研究.[N].江海学刊 2007(06) [5] 周波.中国企业海外并购的财务风险及对策研究[J].知识经济，2011(17）
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版),Money China,2010(02)
[12] 郑利斌.我国企业并购中的财务问题研究. 经济师,China Econommist,2009(11) [13] 张晓红.浅析中国企业并购的财务问题及对策. 经济研究导刊.Economic Research Guide, 2009(24) [14]
Don Shultz. How to Read and Understand Financial Statements[J]．Leadership， 2006. [15]
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致 谢
经过半年的忙碌和工作，本次毕业论文的写作已经接近尾声，我的四年大学生活也即将画上句号。在此，我要向在论文写作过程中以及在大学四年的学习生活中曾经指导和帮助过我的老师、同学、朋友以及关心支持我的家人表示诚挚的谢意。
感谢我的论文指导教师梁权老师。梁老师严谨的治学态度、渊博的学识、一丝不苟的工作作风让我满怀敬意。从选题、定题、开题，一直到最后的定稿，梁老师给予我深刻而细致的指导，帮助我开阔思路，精心点拨，才能使我的论文顺利完成。同时，还要感谢财务会计系的所有老师们，是您们传授我知识，教我做人的道理，帮助我顺利毕业。
感谢我的同学、朋友，感谢你们在我写作论文的过程中给予我的关心、帮助与支持，才让我在求学得道路上不断进取、勇往直前。作为这个大家庭中幸福的一员，我不胜荣幸，感谢你们。
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附录一
Mergers and Acquisitions Basics :All You Need To Know
Introduction to Mergers and Acquisitions
The first decade of the new millennium heralded an era of global mega-mergers. Like the mergers and acquisitions (M&As) frenzy of the 1980s and 1990s, several factors fueled activity through mid-2007: readily available credit, historically low interest rates, rising equity markets, technological change, global competition, and industry consolidation. In terms of dollar volume, M&A transactions reached a record level worldwide in 2007. But extended turbulence in the global credit markets soon followed.
The speculative housing bubble in the United States and elsewhere, largely financed by debt, burst during the second half of the year. Banks, concerned about the value of many of their own assets, became exceedingly selective and largely withdrew from financing the highly leveraged transactions that had become commonplace the previous year. The quality of assets held by banks through out Europe and Asia also became suspect, reflecting the global nature of the credit markets. As credit dried up, a malaise spread worldwide in the market for highly leveraged M&A transactions.
By 2008, a combination of record high oil prices and a reduced availability of credit sent most of the world’s economies into recession, reducing global M&A activity by more than one-third from its previous high. This global recession deepened during the first half of 2009—despite a dramatic drop in energy prices and highly stimulative monetary and fiscal policies—extending the slump in M&A activity.
In recent years, governments worldwide have intervened aggressively in global credit markets (as well as in manufacturing and other sectors of the economy) in an effort to restore business and consumer confidence, restore credit market functioning, and offset deflationary pressures. What impact have such actions had on mergers and acquisitions? It is too early to tell, but the implications may be significant.
M&As are an important means of transferring resources to where they are most needed and of removing underperforming managers. Government decisions to save some firms while allowing others to fail are likely to disrupt this process. Such decisions are often based on the notion that some firms are simply too big to fail
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because of their potential impact on the economy—consider AIG in the United States. Others are clearly motivated by politics. Such actions disrupt the smooth functioning of markets, which rewards good decisions and penalizes poor ones. Allowing a business to believe that it can achieve a size ―too big t o fail‖ may create perverse incentives. Plus, there is very little historical evidence that governments are better than markets at deciding who should fail and who should survive.
In this chapter, you will gain an understanding of the underlying dynamics of M&As in the context of an increasingly interconnected world. The chapter begins with a discussion of M&As as change agents in the context of corporate restructuring. The focus is on M&As and why they happen, with brief consideration given to alternative ways of increasing shareholder value. You will also be introduced to a variety of legal structures and strategies that are employed to restructure corporations.
Throughout this book, a firm that attempts to acquire or merge with another company is called an acquiring company, acquirer, or bidder. The target company or target is the firm being solicited by the acquiring company. Takeovers or buyouts are generic terms for a change in the controlling ownership interest of a corporation.
Words in bold italics are the ones most important for you to understand fully;they are all included in a glossary at the end of the book.
Mergers and Acquisitions as Change Agents
Businesses come and go in a continuing churn, perhaps best illustrated by the ever-changing composition of the so-called Fortune 500—the 500 largest U.S. corporations. Only 70 of the firms on the original 1955 list of 500 are on today’s list, and some 2,000 firms have appeared on the list at one time or another. Most have dropped off the list either through merger, acquisition, bankruptcy, downsizing, or some other form of corporate restructuring. Consider a few examples: Chrysler, Bethlehem Steel, Scott Paper, Zenith, Rubbermaid, Warner Lambert. The popular media tends to use the term corporate restructuring to describe actions taken to expand or contract a firm’s basic operations or fundamentally change its asset or financial structure. Synergy
Synergy is the rather simplistic notion that two (or more) businesses in combination will create greater shareholder value than if they are operated separately. It may be measured as the incremental cash flow that can be realized through combination in excess of what would be realized were the firms to remain separate.
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