随着我国社会主义市场经济的不断发展，企业之间的竞争越来越激烈，部分企业 选择通过并购来突出重围，实现既定战略目标。并购行为往往伴随着法律、市场、财 务、评估、整合等风险，投资决策者只有在做出充分的分析和合理的判断才能避免企 业蒙受损失。本文针对这一情况，以当前国内外经济环境为背景，以企业并购理论为 基础，以 ZJDL 建设公司并购 MM 设计公司为案例，收集大量欧亿·体育（中国）有限公司并加以整理，力求理 论与实践相结合，对并购行为的市场及财务可行性分析做了深入研究。本文主要内容 如下：1）阐述和分析当前国内外经济环境及企业并购的基本理论；2）选定 ZJDL 建设 公司并购 MM 设计公司为具体案例，充分收集并购双方目前的各项信息并加以分析和整 理；3）选定具体的分析手段，从市场可行性和财务可行性两方面分别对该并购案例进 行研究和论证。 关键词：企业并购、市场可行性、财务可行性II ABSTRACT As the development of socialist market economy in China, the competition between enterprises is becoming increasingly fierce, some of them choose to achieve their strategic objectives through merger and acquisition merger and acquisitions behavior always come with many risks, such as law, market, financing, evaluation, integration, decision-makers can only make their enterprise avoid from suffering losses by sufficient analysis and reasonable judgment.In response to this situation, with the background of the economic environment at home and abroad, the basic theory of mergers and acquisitions, the example of ZJDL Construction Company merger and acquisition MM Design Company, I collected and organized a large number of information , persisted in combining theory and practice, and made a further study of market and financial feasibility analysis of merger and acquisition behavior in this paper.The main contents of this paper are as follows: 1, Presents and analyzes the economic environment at home and abroad, and the basic theory of mergers and acquisitions; 2, Using ZJDL Construction Company merger and acquisition MM Design Company as an example, collected and analyzed a large number of information from the acquirer and target; 3, Study and argument the feasibility of market and financing by using specific analysis method. Key Words: merger and acquisition；market feasibility；financial feasibilityIII 目录 摘要 ..................................................................................................................................................... V ABSTRACT ........................................................................................................................................... II 目录 ....................................................................................................................................................... III 1 绪论 .................................................................................................................................................... 1 1.1 研究背景 .................................................................................................................................... 1 1.2 国内外研究现状 ........................................................................................................................ 2 1.2.1 国外研究现状 .................................................................................................................... 2 1.2.2 国内研究现状 .................................................................................................................... 2 2 企业并购及可行性研究的基本理论 ................................................................................................ 4 2.1 企业并购的基本理论 ................................................................................................................ 4 2.1.1 企业并购概念 .................................................................................................................... 4 2.1.2 企业并购的理论基础 ........................................................................................................ 4 2.1.3 企业并购的实施 ................................................................................................................ 5 2.2 市场的基本理论 ........................................................................................................................ 6 2.2.1 市场及市场占有率的概念 ................................................................................................ 6 2.2.2 企业战略规划及产业链 .................................................................................................... 6 2.3 财务管理的基本理论 ................................................................................................................ 8 2.3.1 财务管理概念 .................................................................................................................... 8 2.3.2 财务管理的理论基础 ........................................................................................................ 8 2.3.3 企业并购财务管理 ............................................................................................................ 8 2.4 可行性研究的基本理论 .......................................................................................................... 10 2.4.1 可行性研究的重要意义 .................................................................................................. 10 2.4.2 可行性研究的基本内容 .................................................................................................. 11 3 ZJDL 建设公司及 MM 设计公司的基本情况分析 ......................................................................... 12 3.1 ZJDL 建设公司的基本情况分析 .............................................................................................. 12 3.2 MM 设计公司的基本情况分析 .............................................................................................. 12 3.2.1 设计公司概况 .................................................................................................................. 12 3.2.2 主要业务情况 .................................................................................................................. 13 IV 3.2.3 财务状况 .......................................................................................................................... 14 3.2.4 在施工程情况 .................................................................................................................. 14 4 并购 MM 设计公司的市场可行性分析 ......................................................................................... 17 4.1 电力欧亿·体育（中国）有限公司市场情况分析 .......................................................................................................... 17 4.2 脱硫脱硝环保欧亿·体育（中国）有限公司分析 .......................................................................................................... 17 4.3 收购的必要性及可行性分析 .................................................................................................. 19 4.3.1 提升资质，增强欧亿·体育（中国）有限公司竞争力，丰富公司品牌 .............................................................. 19 4.3.2 资源整合，提升自身综合能力，开拓海外市场 .......................................................... 19 4.3.3 扩大业务，创造未来发展空间 ...................................................................................... 19 4.4 公司发展预测及业务板块细分 .............................................................................................. 20 4.4.1 环保业务 .......................................................................................................................... 20 4.4.2 电力业务 .......................................................................................................................... 20 4.4.3 海外业务 .......................................................................................................................... 21 5 并购 MM 设计公司的财务可行性分析 ......................................................................................... 22 5.1 投资价值分析预测 .................................................................................................................