摘要
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摘要
全球公司史上的六次并购浪潮揭示出并购是公司发展的必由之路。随着我国
市场经济发展，越来越多的企业家认识到必须通过并购来抢占市场及人才，扩大
公司规模，获得持久的竞争动力，以实现公司快速发展。近年来，国内企业的并
购业务尤其是资本市场上市公司的并购业务异常火爆，中国已经成为最重要的并
购战场。但相比较于成功经验丰富，失败经验更丰富的国外同行，国内企业的并
购能力差距较大。对于身处资本市场的上市公司而言，监管层对企业并购一是加
大审核力度，形成监管威慑；二是强化业绩补偿监管，引导市场估值回归的表态，
促使上市公司在并购交易时必须更注重标的公司的质量。基于提高并购的质量和
符合监管要求两方面的压力，上市公司在进行并购业务时更加注重财务尽职调查，
财务尽职调查已经成为国内上市公司进行并购的必备流程之一

本文从理论分析入手，并与实践案例结合，首先分析了并购相关理论，阐述
了获得协同效应和竞争优势是企业并购的根源；通过对并购战略的分析，提出尽
职调查、并购估值和并购整合是并购业务的三个重要环节。接下来对财务尽职调
查的必要性、财务尽职调查的组织过程进行了全面的分析，在梳理了财务尽职调
查的一般内容后，提出了目标企业的商业模式、盈利能力和财务规范程度是进行
并购财务尽职调查时应重点调查的方面。最后通过 Q 公司进行并购财务尽职调查
的案例，展现了并购财务尽职调查的整体流程，并重点从前章理论研究的关键点
对目标公司进行了详细的分析，展现财务尽职调查成果能对企业并购决策提供强
有力的依据和支撑，使理论研究在实践中得到了验证。最后在理论和实践的基础
上提出了本文的结论和建议

面对实务中不少财务尽职调查流于形式，不能对并购决策提供有力支撑的现
状，本文立足于国内上市公司，分析其在并购重组中如何利用财务尽职调查这一
有效手段在有限的时间和严格的监管要求下提高并购效率，提出了着重从商业模
式、盈利能力和财务规范程度三方面入手，就能在较短时间约束条件下分析和掌
握目标公司核心价值的观点，对其他上市公司在实施并购财务尽职调查时有一定
的借鉴意义

关键词：公司并购，财务尽职调查，上市公司ABSTRACT
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ABSTRACT
The six M&A waves among global companies have revealed that M&A is the only
route for companies seeking development. With China’s economic development and
higher marketization degree, competition among companies intensified. More
entrepreneurs have realized that they must conduct M&A to vie for market share and
talent, expand scale of company and obtain consistent competitive advantage to achieve
faster development. The M&A business among Chinese companies, especially listed
companies, were booming in recent years, with both the number and amount of
transactions hitting a new high. China has become one of the world’s main M&A
markets, but Chinese companies are lagging much behind their foreign counterparts
which have extensive experience. For listed companies, regulators should intensify
scrutiny to deter such companies; also they should step up regulation over performance
compensation to guide market evaluation to return to a normal level and urge listed
companies to focus more on target company’s quality when conducting M&A
transaction. Faced with pressure on improving quality and meeting regulatory
requirements, listed companies should focus more on financial due diligence when
engaging in the M&A business. Financial due diligence has become one of the required
procedures for Chinese listed companies conducting M&A.
The article combines theoretical analysis with practical case. First, it analyzes
relevant theories on M&A and elaborates on that gaining synergy and competitive
advantage is motivation for companies conducting M&A; it then proposes that due
diligence, M&A valuation and M&A integration are three procedures for the M&A
business through analyzing M&A strategies. The article then conducts comprehensive
analysis on necessity and organizational process of due diligence and proposes that
companies should focus on business model, profitability and financial standard when
conducting M&A after detailing general contents of financial due diligence. The article
finally introduces overall process of financial due diligence in M&A through the case of
Company Q, and conducts detailed analysis on target company from key points in the
preceding chapter’s theoretical research and the argument “financial due diligence
provides solid basis and support for companies’ decision-making on M&A” is
confirmed in a practical case. The article also proposes conclusions and suggestions onABSTRACT
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financial due diligence for M&A.
Against the background that most financial due diligence cannot provide solid
support for M&A decision-making, the article analyzes how Chinese listed companies
use financial due diligence to improve M&A efficiency within limited time and under
stringent regulatory requirements, and proposes that a company can analyze and have an
insight into target company’s core value under constraint conditions within a short
period of time by focusing on business model, profitability and financial standard,
which may provide reference for other Chinese companies when conducting financial
due diligence for M&A.
Key words: Corporate M&A, financial due diligence, listed company目录
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目录
第一章 绪论.........1
1.1 选题背景1
1.2 研究目的2
1.3 研究思路3
第二章 主要理论基础.....4
2.1 并购相关理论 .... 4
2.1.1 并购概述 ...4
2.1.2 并购动因 ...4
2.1.3 并购战略 ...6
2.1.4 并购的关键环节 ...6
2.2 财务尽职调查 .... 9
2.2.1 财务尽职调查的必要性 .10
2.2.2 财务尽职调查的方法 .....12
2.2.3 财务尽职调查的组织 .....13
2.2.4 财务尽职调查的内容 .....15
第三章 Q 公司并购战略选择...19
3.1 Q 公司概况... 19
3.2 Q 公司并购战略及动因....... 20
3.2.1 前次并购实施效果 .........20
3.2.2 并购动因 .22
3.2.3 并购战略 .22
第四章 Q 公司财务尽职调查实践.......24
4.1 目标选择阶段 ..
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