摘要：并购，是企业与企业之间的兼并与收购行为。从19世纪末至今，先后经历横向、纵向、混合、融资及跨国并购五次大的浪潮。进入21世纪以来，我国越来越多的企业也将并购作为企业资本运营、提升竞争力的一大重要决策。而限于我国经济体制等历史因素，并购过程中出现了管理层操纵利润等相关问题，导致大量国有资产的流失。本文首先对并购与盈余管理的相关概念进行介绍。其次，通过对国内外并购与盈余管理研究现状的回顾与总结，找出并购的出发点、并购过程中盈余管理的行为及其暴露的问题。最后通过对案例公司并购前后的资产规模变动、股权变动、利润变动等相关财务指标的突出变动来说明并购发生的原因、并购过程中对相关盈余的处理以及可能存在的财务数据的粉饰行为。本文通过广日集团收购广钢股份的案例分析，试图回答以下问题：（1）、上市公司发生并购行为的动机是什么？（2）、并购过程中是否发生了盈余管理行为？若发生，是如何操作的？最后，希望本文能为我国上市公司的并购行为给予借鉴，同时也能为相关监管部门提供经验帮助，规范我国上市企业的并购行为。34793
毕业论文关键词： 并购 ； 盈余管理 ； 动机
Research on enterprise merger and earnings management
Abstract：M & A is the behavior of mergers and acquisitions between enterprises and enterprises. From the end of nineteenth Century, has experienced horizontal, vertical, mixed, financing and cross-border mergers and acquisitions of the five wave of the M & A. Since entering twenty-first Century, more and more enterprises in our country will also merge M & A as a major decision-making for capital operation and competitiveness of enterprises. And limited to the historical factors such as the economic system of our country, the management of the merger and acquisition process, the management of profit and other related issues, resulting in the loss of a large number of state-owned assets. Firstly, this paper introduces the related concepts of M & A and earnings management. Secondly, through the review and summary of domestic and foreign M & A and earnings management, the paper finds out the starting point, the behavior of earnings management and the problem of earnings management during the M & A. Prominent changes in the case company mergers and acquisitions and changes in asset size, changes in ownership, profit changes and so on the relevant financial indexes to illustrate the merger happens for a reason, the surplus in the procession of mergers and acquisitions and possible financial data of window dressing. The paper group on acquisition of GISE shares the case analysis, attempts to answer the following questions: (1) what’s the motivation of a listed company for M & A? (2) whether or not the earnings management act occurs during the merger and acquisition? If it happens, how is it operated? Finally, I hope this paper can provide a reference for the M & A behavior of the listing Corporation, and can provide experience for the relevant regulatory authorities to help regulate the merger and acquisition of Chinese listed companies.
Key words: Merger; Earnings management; Motivation
目 录
引言 1
一、企业并购与盈余管理概述 2
（一） 企业并购的概念及方式 2
（二） 盈余管理的概念及方式 2
二、企业并购与盈余管理的现状及问题 3
（一） 并购的实证研究现状 3
（二） 盈余管理的实证研究现状 3
（三） 企业并购与盈余管理相关问题 4
三、企业利用并购进行盈余管理的动机及手段 5
（一） 并购的动机及手段5 企业并购与盈余管理研究:http://www.751com.cn/kuaiji/lunwen_32453.html