摘要:企業(yè)的兼并與收購(gòu)是一種重要的市場(chǎng)經(jīng)濟(jì)現(xiàn)象，也是實(shí)現(xiàn)資源優(yōu)化配置的重要手段，更是企業(yè)資本運(yùn)作的核心內(nèi)容。隨著食品行業(yè)的競(jìng)爭(zhēng)愈演愈烈，通過(guò)并購(gòu)來(lái)快速發(fā)展也成為食品行業(yè)的一種常規(guī)的途徑。2008年卡夫公司成功地與吉百利公司進(jìn)行了并購(gòu)，眾所周知卡夫公司與吉百利都屬于大型食品公司。然而并購(gòu)能否成功關(guān)鍵在于協(xié)同效應(yīng)， 20世紀(jì)60年代H·伊戈?duì)?middot;安索夫第一次提出協(xié)同效應(yīng)(Synergy)這個(gè)理念，他重點(diǎn)強(qiáng)調(diào)了協(xié)同效應(yīng)在經(jīng)濟(jì)學(xué)中的含義，也就是取得各種利益的潛在機(jī)會(huì)，以及公司能力與這種潛在機(jī)會(huì)之間的緊密聯(lián)系。所謂并購(gòu)的協(xié)同效應(yīng)，是指在并購(gòu)的時(shí)候企業(yè)所產(chǎn)生的增效作用，即2+2=5的效應(yīng)。兩個(gè)單獨(dú)的企業(yè)價(jià)值的算術(shù)和要小于企業(yè)并購(gòu)后的總體價(jià)值，所以企業(yè)參與跨國(guó)并購(gòu)活動(dòng)追求的根本目標(biāo)是協(xié)同效應(yīng)。

關(guān)鍵詞 企業(yè)并購(gòu)；協(xié)同效應(yīng)；財(cái)務(wù)分析

Abstract:The merger and acquisition of enterprises are important market economic phenomena, key means in realizing the optimization and configuration of resources and core contents of business capital operation. With the increasing competition of food industry, the rapid development through merger and acquisition has become a routine approach of the food industry. In 2008, Kraft Foods merged and acquired Cadbury Schweppes successfully, as we know, both of which are large food companies. However, whether can the merger and acquisition be successful depends on the synergistic effect, H.igor Ansoff  first proposed the concept of synergistic effect in the 1960s, he emphasized the definition of the synergistic effect in the economics, namely he had obtained the potential opportunities of various benefits and the close relationship between company capacity and such potential opportunities. The named synergistic effect of merger and acquisition means the synergism generated by an enterprise when it is merged and acquired, namely an effect of 2+2=5. The arithmetical summation of two single enterprise values shall be less than the total value after their merger and acquisition, accordingly any enterprise participating in multinational merger and acquisition activities aims to pursue the synergistic effect ultimately.

Keywords  Merger and Acquisition  Synergistic Effect  Financial Analysis