摘要在经济全球化的国际大背景下，各国之间围绕自然资源、人才资源、技术资源的竞争日趋激烈。跨国并购作为企业间竞争的一种有效途径，除了能满足企业迅速扩张需要外，还能运用他国低成本的人力、物力资源以及通过学习被并购方的先进技术或通过品牌效应来帮助本企业提升自身价值。但是21世纪以来多次大型跨国并购失败案例让我们惊觉跨国并购并不像预期的那么简单。本论文在研习了国内外学者对跨国并购以及财务资源整合方面的相关研究后，尝试着运用财务指标分析方法对跨国并购决策进行分析，并在对比了跨国并购与国内并购区别的基础上从汇率风险管理及税收管理两方面结合运用成功案例加以说明，以期得出财务整合方面的经验教训并对我国打算实施跨国并购战略的企业提出具实用性的对策建议。9002
关键词：跨国并购；财务资源整合；财务指标；汇率风险管理；税收管理
毕 业 论 文 外 文 摘 要
Title   Cross-border M & A decision - making analysis
      ——Based on the integration of the financial resources                                            
Abstract
In the international context of economic globalization, an increasingly competitive among countries focuses on the natural resources, human resources and technical resources. Cross-border mergers and acquisitions (M&A) as competition among enterprises is an effective way. It not only can meet the needs of company’s rapid expansion, but also can assist them to enhance their value by using other countries low-cost human and material resources as well as by learning the advanced technology or famous brand of the acquired. However, several large-scale cross-border M&A failures in the 21st century make us come to realize cross-border M&A is not as simple as expected. This paper, after the study of cross-border M&A and financial resources integration of domestic and foreign scholars, tries to use financial indicators analysis methods to analyze the cross-border M&A decisions, and on the basis of comparison between the cross-border M&A and domestic M&A, this paper intends to combine with the use of one  successful case to explain from exchange rate risk management and tax administration in order to draw experiences and lessons of the financial integration and put forward practical suggestions to those Enterprises in china which intend to implement the strategy of cross-border M&A.
Keywords  cross-border mergers and acquisitions; the integration of the financial resources; financial indicators; exchange rate risk management; tax administration
 目录
1 绪论    1
1.1 国内研究现状    1
1.2 研究意义    1
2 理论综述    2
2.1 跨国并购流程    2
2.2 财务资源整合    3
2.2.1 理论基础    3
2.2.2 重要性    4
2.2.3 整合应遵循的原则    5
2.3 跨国并购特点    5
2.3.1 汇率风险管理    6
2.3.2 税收管理    7
2.4 决策分析法——财务指标体系评价法    9
3  理论应用于案例分析的说明    9
4 联想并购IBM的PC业务    11
4.1 背景介绍    11
4.2 并购前后指标分析    11
4.2.1 盈利能力分析    11
4.2.2 偿债能力分析    14
4.2.3 营运能力分析    16 跨国并购决策分析基于财务资源整合:http://www.751com.cn/kuaiji/lunwen_7574.html