摘要:2009年以美国为首的西方经济爆发金融危机，随后波及全球经济，至今仍处于低迷状态。并购作为一种资源配置的有效手段，成为企业在后金融危机时期抵御衰退、低成本扩张的重要方法。但是，并不是每一次并购都能达到理想的预期效果，甚至有些企业因此走上破产的道路。并购活动的复杂性和高风险性是并购高失败率的直接原因，其中又以财务活动为核心。本文对国内外企业并购的动态和失败的诸多原因进行了论述，采用规范性和实证性结合法、重点分析法以及综合归纳法进行研究，将存量资产的整合细分为固定资产、流动资产和无形资产等方面的整合，对负债的整合也作了比较详细的论述。

　　　本文共分五部分：第一部分介绍了选题背景及意义、研究目的和研究思路及国内外对财务整合的研究动态。第二部分是主要是对财务整合的定义、必要性、理论基础、基本模式及内容等方面进行了研究，建立了财务整合的基本理论架构。第三部分详细论述了资产存量和负债整合的具体内容与方式。第四部分分别从对整合前财务的事前审查、整合中财务信息的有效保密和整合后财务的积极控制三个方面进行阐述。第五部分通过案例分析—华裕集团并购天健企业，说明华裕集团经过有效的财务整合，使企业获得并购协同效应，实现盘活资产存量，提高资产使用效率，提升企业核心竞争力。

　　　本文在以上基础上得出了以下结论：初步提出了并购后财务整合的理论架构；对存量资产和负债的整合方式进行了系统化的探讨；总结了财务整合有效运行的保证条件；通过对华裕并购天健的案例分析，说明了并购后有效地财务整合使得并购方获得并购协同效应，有效配置资源和改善经营状况，增强并购双方的核心竞争力。

关键词 企业并购；协同效应；财务整合

Abstract:In 2009, us-led financial crisis erupted in western economic and spread to the global economy. It is still downturn. M&A as an effective means of resource allocation, has become the important methods for the enterprise, which can resist the recession, expand low-cost in the financial crisis. This article discusses the trends of mergers and acquisitions at home and abroad as well as the multiple causes of failed mergers and acquisitions. In addition, it carries out detailed research through methods including comprehensive induction, normative and empirical combination, and key analysis. The integration of the stock assets is subdivided into current assets, fixed assets, and intangible assets. The integration of liabilities is also illustrated in details.

　　　This article consists of five parts. The first part introduces the research background, meaning, objectives, ideas and research trends of financial integration at home and abroad. The second part mainly discusses the definition, necessity, theoretical basis, financial economic characteristics, basic modes and contents of financial integration, and establishes the basic theoretical framework of financial integration. The third part carries out the detailed discussion on the specific contents and methods of the integration of stock assets and liabilities. The fourth part discusses the pre-examination of financial status, the effective confidentiality of financial information during the integration, and the positive financial control after integration. The fifth part takes the real mergers and acquisitions case of Huayu Group and Tianjian Corporation as the example to show that, through efficient financial integration, Huayu Group has successfully achieved the goals of gaining synergy effect, revitalizing stock assets, improving assets utilization efficiency and enhancing its core competence.

　　　On the basis of above analysis and discussions, this article has come out with the following conclusions. It initially puts forward the theoretical framework of financial integration after M&A, carries out systematic discussion of integration methods of stock assets and liabilities, summarizes the necessary guaranteed conditions for the effective operation of financial integration, and analyzes the real mergers and acquisitions case of Huayu Group and Tianjian Corporation to illustrate that, through efficient financial integration, efficient M&A will bring beneficial synergy effect, reallocate resources, improve operating conditions and enhance the core competence of both companies.

Keywords  mergers and acquisitions  synergy effect  financial integration