【正文】 因此，只有當(dāng)收購(gòu)方能夠能過(guò)擁有被收購(gòu)方的所有權(quán)以及有效運(yùn)用被收購(gòu)方的資產(chǎn)來(lái)增加其資產(chǎn)時(shí)，收購(gòu)方才能使用收購(gòu)箕策略。盡管收購(gòu)的頻率已經(jīng)減緩，數(shù)目卻維持在高峰。有人認(rèn)為這種策略在1980A), inthtext, refers to the uncertainty in financial crisis or financial achievement losses caused by the false financial decision in the early, middle and also the opposite effect and influence resulted fromtheuncertainties existingThroughout the whole Mamp。并購(gòu)后企業(yè)的組織制度的整合是必不可少的：（1） 企業(yè)組織能否形成型的組織體系以適合并購(gòu)后的經(jīng)營(yíng)目標(biāo)和總體戰(zhàn)略；（2）企業(yè)能否形成統(tǒng)一的行為規(guī)范；（3）企業(yè)能否妥善處理企業(yè)制度之間的沖突。企業(yè)預(yù)想在并購(gòu)中穩(wěn)定自身企業(yè)股價(jià)就應(yīng)該利用混合支付方式，這樣對(duì)上市公司的股價(jià)在一定程度上具有減小沖擊的作用。這充分說(shuō)明雀巢集團(tuán)對(duì)其并購(gòu)的分公司及分工廠組織整合不統(tǒng)一，規(guī)章制度不明確，這一次對(duì)徐福記的并購(gòu)依然出現(xiàn)了這樣的隱憂，會(huì)給并購(gòu)后企業(yè)的發(fā)展帶來(lái)風(fēng)險(xiǎn)因素[22]。為此，在一定程度上降低了雀巢集團(tuán)短期資金的流動(dòng)性，給企業(yè)帶來(lái)了短期的財(cái)務(wù)危機(jī)。（7）同年，12月7日，徐氏集團(tuán)正式在新加坡交易所發(fā)布，其公告主要宣布商務(wù)部已批準(zhǔn)了雀巢集團(tuán)以17億美元收購(gòu)徐福記60%股權(quán)。 表31 20092011年資產(chǎn)負(fù)債表主要數(shù)據(jù) 單位：百萬(wàn)元項(xiàng)目201120102009總流動(dòng)資產(chǎn)333243899737339非流動(dòng)資產(chǎn)總額807677264473254總資產(chǎn)114091111641110593總流動(dòng)負(fù)債352323014629765總非流動(dòng)負(fù)債205851889717564總負(fù)債558174904347329總股本582746259863205總負(fù)債和權(quán)益114091111641110534一般情況下，從以上圖表的分析看出2011年與2010年、2009年相比不斷增長(zhǎng)，表明企業(yè)的債務(wù)負(fù)擔(dān)逐漸增大，企業(yè)資金實(shí)力有所削弱，對(duì)企業(yè)長(zhǎng)期發(fā)展有所制約。在并購(gòu)的整個(gè)交易完成后,并購(gòu)方取得目標(biāo)公司的經(jīng)營(yíng)控制權(quán)其實(shí)只是完成了并購(gòu)的第一個(gè)步驟, 再次之后，企業(yè)還必須對(duì)并購(gòu)后的企業(yè)進(jìn)行合理的整合發(fā)展,特別是在財(cái)務(wù)方面的整合是極為重要的一環(huán)節(jié),如若整合不當(dāng),則會(huì)導(dǎo)致以往所隱藏的財(cái)務(wù)風(fēng)險(xiǎn)都可能會(huì)因此爆發(fā),而導(dǎo)致企業(yè)難以應(yīng)對(duì),最終面臨并購(gòu)失敗[13]。才可以真正實(shí)現(xiàn)更大的利潤(rùn)，創(chuàng)造更大的利潤(rùn)空間。第2章 企業(yè)并購(gòu)的基本理論2.1.2..并購(gòu)是指企業(yè)間的兼并與收購(gòu)活動(dòng)，這兩者在概念上既有各自的特點(diǎn)，同時(shí)又有密切的聯(lián)系，人們通常都會(huì)將其聯(lián)系在一起簡(jiǎn)稱并購(gòu)。本文通過(guò)對(duì)雀巢集團(tuán)并購(gòu)徐福記集團(tuán)的現(xiàn)狀問(wèn)題的分析，主要針對(duì)企業(yè)并購(gòu)所出現(xiàn)的企業(yè)價(jià)值評(píng)估風(fēng)險(xiǎn)、支付風(fēng)險(xiǎn)、整合風(fēng)險(xiǎn)等情況，為將要企業(yè)并購(gòu)的公司提供一些參考及合理化得建議。中國(guó)在2010年并購(gòu)市場(chǎng)發(fā)展趨于活躍，在2010年中國(guó)企業(yè)并購(gòu)交易案例共有1798起，%；，%，但是并購(gòu)領(lǐng)域在我國(guó)仍然不健全，不過(guò)企業(yè)并購(gòu)將越來(lái)越完善成為市場(chǎng)體制下市場(chǎng)主體的一種市場(chǎng)行為，當(dāng)然，企業(yè)并購(gòu)活動(dòng)也是中國(guó)在資本經(jīng)濟(jì)市場(chǎng)發(fā)展必將經(jīng)歷的一個(gè)過(guò)程。 (2) 財(cái)務(wù)協(xié)同效應(yīng) 財(cái)務(wù)協(xié)同效應(yīng)主要是指在企業(yè)發(fā)生并購(gòu)活動(dòng)后能夠給企業(yè)在財(cái)務(wù)方面帶來(lái)的各方面的效益，在這些效益的獲得上不是單單的依靠效率的提高而引起的，而是由于稅法、會(huì)計(jì)處理制度以及證劵交易等內(nèi)在規(guī)定的作用而產(chǎn)生的一種單純?cè)诮疱X(qián)上的效益，主要體現(xiàn)在實(shí)現(xiàn)一定的預(yù)期效益和合理避稅等方面[4]。目標(biāo)企業(yè)的價(jià)值取決于三個(gè)方面的因素：第一是被并購(gòu)目標(biāo)企業(yè)的資產(chǎn)的現(xiàn)時(shí)重置成本；第二是資產(chǎn)效用既滿足收購(gòu)者的某種需要的使用價(jià)值；第三是資產(chǎn)的預(yù)期的獲利能力和在當(dāng)時(shí)市場(chǎng)上的稀缺程度[10]。在2011年年報(bào)顯示雀巢集團(tuán)在去年銷(xiāo)售額達(dá)836億瑞郎，%，%。依據(jù)徐氏集團(tuán)最新財(cái)務(wù)報(bào)表顯示，同比以前年度分別增長(zhǎng)31%和14%。通常的支付方式主要有四種：現(xiàn)金支付、股票支付、綜合證劵支付和遞延支付[16]。 債務(wù)融資是指并購(gòu)企業(yè)通過(guò)借債的方式獲得并購(gòu)資金的一種手段[20]。之后在選擇適合本企業(yè)并購(gòu)活動(dòng)的支付方式。組織結(jié)構(gòu)的整合其主要是指并購(gòu)重組后企業(yè)的機(jī)構(gòu)設(shè)置問(wèn)題，其關(guān)鍵是怎么合并雙方企業(yè)的的人員安排問(wèn)題。第四，建立統(tǒng)一組織結(jié)構(gòu)使之企業(yè)有序發(fā)展。A Project. In the financial integration of the later stage, clear internal relationship and harmonious external environment are the most important, as well as the integration of financial management target, financial system and performance appraisal motivation system, financial structure and cash acquisition strategy has been a popular strategy among . firms for many years. Some believe that this strategy played a central role in an effective restruturing of . business during the 1980s and 1990s and into the 21st century. Increasingly, acquisition strategies are being more popular with firms in other nations and economic regions, includingEurope. In fact, about 40 to 45 percent of the acquisitions in recent yearshave been made across country borders( ., a firm headquartered iOnecountry acquiring a firm headquartered in another country). For example,40percent of WalMart’s international growth had e through acquisitions,and management remains open to further acquisitions.Five waves of mergers and acquisition took place in the 20th century, withthe last two occurring in the 1980s and 1990s. There were 55,000 acquisitions valued at trillion dollars in the 1980s, and acquisitions in the 1990s exceeded 11 trillion dollars in value. World economies, particularly the . economy, slowed in the new millennium, reducing the number of mergers and acquisitions pleted. The annual value of mergers and acquisitions peaked in 2000 at about trillion dollars and fell to about trillion in 2001. However, as the worldwide economy improved, the global volume of announced acquisition agreements was up 41 percentfrom 2003 to trillion dollars for 2004, the highest level since 2000,andThe pace in 2005 was significantly above the level of 2004. Although the frequency of acquisitions has slowed，their number remains high. In fact, an acquisition strategy is sometimes used because of the uncertainty in petitive landscape. A firm may make an acquisition to increase its market power because of a petitive threat, to enter a new market because of the opportunity available in that market, or to spread the risk due to the uncertain environment. In addition, as volatility brings undesirable changes to its primary markets, a firm may acquire other panies to shift its core business into different markets. Such options may arise because of industry or regulatory changes. For instance, Clear Cha