摘 要:對企業來說，兼并是一種比自然成長更快實現規模效應的途徑。兼并企業直接購買被兼并企業的資源、技術，以期實現規模效應來取得競爭優勢。宏觀上，兼并有利于資源的重新配置和產業結構的優化。微觀上，企業兼并不僅能夠擴大規模，還能增強企業實力，提高經濟效益和增強競爭力。兼并企業要根據財務報表及財務數據做出分析，才能做出相應的財務決策。本文首先指出了兼并的意義、現狀、研究內容、擬解決的關鍵問題。其次列舉兼并中存在四個主要問題：目標企業的選擇、對兼并雙方的財務分析、對目標企業的價值評估、兼并后的整合。再次針對這些問題做出分析，以廣州藥業兼并廣州白云山為例，運用財務指標對兼并企業和目標企業做財務分析，并且用成本法、市場法、換股并購估價法對目標企業的價值進行評估，充分發揮財務決策在企業兼并中的作用。接著對我國企業兼并活動提出幾方面的建議：健全法律體系、充分發揮政府的調控作用、借鑒成功經驗、做好整合后工作。最后是結論部分，總結全文。

關鍵詞：企業兼并；財務決策；財務分析

ABSTRACT:For enterprise, merger is a way that is quicker than the natural growth to achieve the scale of economies. Merger enterprise directly purchases the resources, technology, experiences of takeover enterprise, hope to achieve the economies of scale and obtain competitive advantage. Macro level, mergers is advantageous to the resource reconfiguration and optimization of industrial structure. Micro level, the enterprise merger is a important way to enhance strength of enterprise, make the realization of scale economy, improve economic benefits and enhance the competitiveness. Enterprise that merger makes analysis according to the financial statements and financial data, and then makes financial decisions. At first, this paper points out the meaning of merger and acquisition, the present situation, research contents, the key problems, then list four main problems existing in the mergers and acquisitions: the choice of target enterprises, the financial analysis to the both sides of mergers and acquisitions, the evaluation of the target enterprise’s value, and the merger integration. It needs make a analysis to solve these problems, takes Guangzhou Pharmaceutical Industry mergers Baiyunshan of Guangzhou as an example, do financial analysis using financial indicators for the takeover and target enterprises, and use cost method, market method, exchange M&A valuation method to evaluate the value of target enterprise, give full play to the financial decision-making role in the enterprise merger and acquisition. And then I will put forward several suggestions to our country’s enterprise merger cases: perfecting legal system, making good use of the regulation function of government, drawing lessons from successful merger cases, completing the integration work. Finally, summarize the full text.

Keywords: Business Merger, Financial Decisions, Financial Analysis