【正文】 因此，只有當(dāng)收購方能夠能過擁有被收購方的所有權(quán)以及有效運(yùn)用被收購方的資產(chǎn)來增加其資產(chǎn)時，收購方才能使用收購箕策略。盡管收購的頻率已經(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后的經(jīng)營目標(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)想在并購中穩(wěn)定自身企業(yè)股價就應(yīng)該利用混合支付方式，這樣對上市公司的股價在一定程度上具有減小沖擊的作用。這充分說明雀巢集團(tuán)對其并購的分公司及分工廠組織整合不統(tǒng)一，規(guī)章制度不明確，這一次對徐福記的并購依然出現(xiàn)了這樣的隱憂，會給并購后企業(yè)的發(fā)展帶來風(fēng)險因素[22]。為此，在一定程度上降低了雀巢集團(tuán)短期資金的流動性，給企業(yè)帶來了短期的財務(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：百萬元項目201120102009總流動資產(chǎn)333243899737339非流動資產(chǎn)總額807677264473254總資產(chǎn)114091111641110593總流動負(fù)債352323014629765總非流動負(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，表明企業(yè)的債務(wù)負(fù)擔(dān)逐漸增大，企業(yè)資金實力有所削弱，對企業(yè)長期發(fā)展有所制約。在并購的整個交易完成后,并購方取得目標(biāo)公司的經(jīng)營控制權(quán)其實只是完成了并購的第一個步驟, 再次之后，企業(yè)還必須對并購后的企業(yè)進(jìn)行合理的整合發(fā)展,特別是在財務(wù)方面的整合是極為重要的一環(huán)節(jié),如若整合不當(dāng),則會導(dǎo)致以往所隱藏的財務(wù)風(fēng)險都可能會因此爆發(fā),而導(dǎo)致企業(yè)難以應(yīng)對,最終面臨并購失敗[13]。才可以真正實現(xiàn)更大的利潤，創(chuàng)造更大的利潤空間。第2章 企業(yè)并購的基本理論2.1.2..并購是指企業(yè)間的兼并與收購活動，這兩者在概念上既有各自的特點，同時又有密切的聯(lián)系，人們通常都會將其聯(lián)系在一起簡稱并購。本文通過對雀巢集團(tuán)并購徐福記集團(tuán)的現(xiàn)狀問題的分析，主要針對企業(yè)并購所出現(xiàn)的企業(yè)價值評估風(fēng)險、支付風(fēng)險、整合風(fēng)險等情況，為將要企業(yè)并購的公司提供一些參考及合理化得建議。中國在2010年并購市場發(fā)展趨于活躍，在2010年中國企業(yè)并購交易案例共有1798起，%；，%，但是并購領(lǐng)域在我國仍然不健全，不過企業(yè)并購將越來越完善成為市場體制下市場主體的一種市場行為，當(dāng)然，企業(yè)并購活動也是中國在資本經(jīng)濟(jì)市場發(fā)展必將經(jīng)歷的一個過程。 (2) 財務(wù)協(xié)同效應(yīng) 財務(wù)協(xié)同效應(yīng)主要是指在企業(yè)發(fā)生并購活動后能夠給企業(yè)在財務(wù)方面帶來的各方面的效益，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、會計處理制度以及證劵交易等內(nèi)在規(guī)定的作用而產(chǎn)生的一種單純在金錢上的效益，主要體現(xiàn)在實現(xiàn)一定的預(yù)期效益和合理避稅等方面[4]。目標(biāo)企業(yè)的價值取決于三個方面的因素：第一是被并購目標(biāo)企業(yè)的資產(chǎn)的現(xiàn)時重置成本；第二是資產(chǎn)效用既滿足收購者的某種需要的使用價值；第三是資產(chǎn)的預(yù)期的獲利能力和在當(dāng)時市場上的稀缺程度[10]。在2011年年報顯示雀巢集團(tuán)在去年銷售額達(dá)836億瑞郎，%，%。依據(jù)徐氏集團(tuán)最新財務(wù)報表顯示，同比以前年度分別增長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)融資是指并購企業(yè)通過借債的方式獲得并購資金的一種手段[20]。之后在選擇適合本企業(yè)并購活動的支付方式。組織結(jié)構(gòu)的整合其主要是指并購重組后企業(yè)的機(jī)構(gòu)設(shè)置問題，其關(guān)鍵是怎么合并雙方企業(yè)的的人員安排問題。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