摘要：自从中国改革开放，建立社会主义市场经济体制以来，企业并购就逐渐成为中国企业深化改革、加快发展，提高获利能力的一个重要途径。公司并购中涉及到许多财务问题，如价值评估问题、融资问题等。如何解决这些财务问题往往成为企业并购成功的关键。本论文在分析国内外研究现状的基础上，对公司并购面临的财务问题进行了详细探讨。文章首先，揭示了在并购定价时存在的信息不对称、无形资产价值失真、价值评估方法选择不当等问题。其次，阐述了并购支付方式中支付方式受法律限制、换股并购普遍率不高等问题。最后，提出解决上述问题的防范措施：选择合理的估值方法和融资方式、全面评估企业资产、建立规范的证券市场环境。通过详细的分析，力求为公司并购活动提供指导，促进我国并购活动健康展开。
关键词：并购；并购理论；价值评估；支付方式；财务风险
Abstract：Since China socialist market economy system has established, M&A becomes significant phenomenon of Chinese economy as well as a major way of improving the enterprise’s reform, developing and market competitive power. M&A involves many financial problems, such as the problem of valuation, financing, etc, which would be the crux of the matter whether the M&A win or not. Based on the analysis of domestic and foreign research about present situation, the financial problems were discussed in detail. Firstly, this article reveals the problems in pricing, such as information asymmetry, inaccurate assessment of immaterial asset and the incorrect value assessment method. Secondly, the problems of the payment about the legal limitation on payment and the downturn of Stock-for-Stock are explained. Finally, this article puts forward several preventive measures to solve the above problems: choosing reasonable valuation method and the financing way, assessing enterprise assets totally, and setting up standard securities market environment. Through detailed analysis, this article tries to provide guidance for merger and acquisition activities, promotes the development of our country's merger and acquisition activities healthily.
Key words：Merger and Acquisition(M&A), The theory of Merger and Acquisition, enterprise valuation, payment method, financial risk
