参考文献[1] 唐彦.企业并购的财务风险及防范措施[J].商情.2012[2] 谢学军.企业并购中的知识转移与知识整合研究[D].南开大学.2010[3] 韩鹰东.战略驱动型企业并购研究[D].辽宁大学.2011[4] 李铁瑛.中国企业横向整合管理模式选择研究[D].华南理工大学.2011[5] 王艳.阿里“B计划”[J].中国经济和信息化.2014[6] 向志军.浅谈制造业财务成本精细化管理措施[J].企业改革与管理.2014(24)[7] 叶敏霞.不同经济性质企业收购中的财务问题及对策[J].中国集体经济.2010(10)[8] 张建儒.王璐.企业并购财务整合及协同效应评价[J].财会通讯.2015(02)[9] 韩鹰东.战略驱动型企业并购研究[D].辽宁大学.2011[10] 毋立化.企业并购中财务风险产生的原因及对策[N]. 财会信报. 2011-06-13 (C05)[11] 王萍.胡东旭 .企业并购“时间就是敌人”[N]. 企业家日报. 2013-05-20 (021)[12] 李欣.卧龙控股并购ATB协同效应显现[N]. 证券时报. 2012-04-28 (A03)[13] 徐洁云.优酷土豆未了局：1+1能否大于2[N]. 第一财经日报. 2012-05-31 (C01)[14] Morris,Mick,Cherries, Neil [J].Control Engineering, 2013, pp.n[15] A Clear Look at Internal Controls: Theory and Concepts, Babk Jamshidi-Navid,[J].Accounting Horizons，Feb.2010.外文资料翻译译文基于价值链的石油化工企业并购研究摘要基于价值链和跨国并购的理论分析，我们研究的合并和石化产业基础价值链上的收购，根据佩特罗的价值链的特征化学工业。
我们提出的实施过程及并购获取积分的方法基于价值链的石化行业的地位。
关键词：合并；价值培养；整合；模式1.景区简介如今的发展，包括结构调整—世界佩特罗的合并与重组—化学工业是一种表现形式全球资源，如能源的分配。
它主要反映了日益实现的全球分布石化产业链，包括增加全球化的探索，挖掘，提炼，并存储和运输和销售石油天然气。
在2009，中国成为世界上第四大原油生产国与原油生产1亿8900万吨，占世界5.4%总产量和非常接近俄罗斯，沙特阿拉伯和美国。
然而，在2009，中国成为世界上第二大石油消费国石油消费量为3亿9300万吨多。
我国对外贸易依存度高达52%进口量为2亿400万吨。
数据显示在盖茨中国供求危机悖论能量场，使其极端重要海外石油资源，通过兼并的安全中国的能源供应。
在美国进行了一项研究表示，贝恩资本公司，只有24%的企业创造了新的价值通过100家企业之间的合并进行了合并和收购谈判。
已经成功地实现了合并。
而56%企业原有的价值而又不贬低甚至新的价值，尽管他们最初达成合并协议。
因此，如何通过完善的并购管理模式来实现企业跨国并购的预期目标，是并购企业面临的主要问题。
因此，它是MER策略研究意义—德国企业并购以及战略，石化企业跨国经营产业符合中国的现实基础价值链整合的相关理论和视角。
2.并购的理论基础2.1.基于价值链的石油化工产业价值链理论描述一个语料库-波特为整个业务活动划分为多个具体的单位在他的分析肺公司竞争优势。
他叫他们价值创造活动，其功能有差异不同的部分。
价值创造活动主要包括基本活动是指生产、宣传—、运输、售后服务等，并指供应原料的补充活动材料，技术，人力资源，金融和等等. 在林前活动中的活动相互联系—公司价值创造过程的构成及价值创建链，这是一个公司的价值链。
1994，格里菲提出全球商品链的框架，将价值链与组织的全球化。
他对生产链的生产者驱动，以及购买者驱动的基础上的框架进行了比较研究。
早在第二十一世纪，格里菲和同一领域的研究组同意长期全球价值链取代全球商品链的发展中国家企业应该抓住每一个机会，融入全球价值链的第二十一个世纪以来。
石化行业分析价值链石化产业价值链的基本活动包括油田建设和开采，炼油产品的生产，石油和天然气的储存和运输，石化产品和服务的销售等。
2.2.石化产业价值链的辅助活动包括基础设施、人力资源、技术开发和企业的采购油田勘探开发的上游对石化行业来说，这是必不可少的专业一般石油化工生产技术。
它主要包括石油勘探、开发决策、失水—和工程设备采购。
油田建设完成后，油田和相关设备将原油开采，并成为原油。
当进入炼油厂，将原油提炼成各种各样的原油石油的增长，如汽油、柴油和煤油等等等等。
石油和天然气的储存和运输是运输—石化产品的实现过程，其中产品将被转移到下一个生产商或经销商，如将石化产品运送至3月—营销公司与经销商。
销售石油化工产品是最重要的石油化工价值链段。
服务是维护和增加生产过程的过程生产销售价值。
佩特罗衍生物—化工产品包括汽油、柴油和润滑油等等等等。
他们提供不同的服务。
3.基于价值链的企业并购的实施过程合并后的价值链整合是一个专业—分析并购过程。
它定义了功率因数每一节的价值链分析和亲—微尘合并的因素的能力，通过整体价值链的创新能力—企业将开发。
下面的图并购的实施过程基于价值链的企业。
如图3-1所示。
图3-1基于价值链的企业并购的实施过程3.1.价值链分析价值链分析是一种战略分析工具，通过它我们可以认识到创造价值的价值—两国企业参与并购的过程。
它是后续整合的基础。
企业内部价值链分析：企业内部价值链包括基本活动和补充活动。
直接活动和间接创造价值的每一个包括在上述活动。
贸易价值链分析：企业的价值链划分分成两个主要的供应链，分别上游的值链（供应商）和下游的价值链（买家）企业的。
3.2.价值链过程的评估根据波特的价值链理论，对企业建设贡直接对企业的边际利润价值链的基本和辅助活动。
通过对价值链的评估，我们应该能够判断哪些环节是关键性的环节，而在价值链的价值创造过程中，活动是多余的。
3.3.价值链整合兼并和并购后的整合价值链—，主要有价值的改革和重组企业边界的创造过程。
一般说—，有四的企业集成模式，即吸收、共生、保护和控制。
如图2所示。
吸收整合模式：在这种整合模式下，资源的相互价值可共享链，可消除重复链接和企业的经营成本可以削减关闭。
共生一体化模式：并购完成后，“双方仍有独立经营权。
但他们依靠彼此策略和转变他们的管理技能和能力。
保护一体化模式：实现这一整合模式后，进入—并购企业将更少的干预关于合并企业。
独立的权利两者的比例和管理仍有变。
控制一体化模式：双方的资源将整合—综合利用并购这一模式下。
以这种方式，资源的力量和优势将充分利用。
如图3-2所示。
低高战略要求图3-2 高企独立要求3.4.关于整合效应分析价值链：价值链整合的过程是一个过程发现问题和不断改进。
因此，应评估在每一个操作过程，并购整合过程中的问题时间和调整整合计划和策略。
同时，一个反馈的良好循环过程并在时间上的改善可能会形成相应的整合过程。
4.四基本方法4.1.上游价值链整合合并企业的上游价值链价值链的供应商的整合—流价值链的供应商应该切断交易和经营成本的情况下，企业保证供应链的安全性企业后的整合。
4.2.内部价值链整合我们可以全面而具体地理解关于哪些活动可以产生价值的歌剧—通过对内部价值的分析企业链。
具体地说，是内部的—企业的价值链可以集成在跟随—荷兰国际集团。
企业的基础设施整合：企业的基础设施整合是企业的基础设施整合的一部分，作为版权集合的整合。
这是跨境MER第一节—GER与并购整合。
企业整合基础设施是指并购整合合并后的基础设施和固定资产—企业并购的过程后。
MER—该收购可能评估，吸收或皮固定根据其发展被兼并企业的资产—发展战略和经营目标。
人力资源管理的整合：人力资源是一种特殊的资本资源。
它有稀缺性和难以模仿的特点。
结构—企业人力资源的真实性决定了企业的人力资源知识技能，团队精神和创新能力。
在那里—在人力资源整合的过程中，应实现以下几个方面：加强—沟通，留住人才，解决一般EM—获得适当和建立有效的制度环境—勇敢工作人员。
金融一体化：兼并和收购的目标是加强它的竞争力和创造更多的价值，通过重新—源集成。
成本管理，风险控制优化财务管理流程应金融一体化进程中的主要事项。
兼并与收购的协同效应整合应努力实现。
有2种替代模式集成的网络连接—南希：移植模式和混合模式。
当—整体转移移植模式选择或混合模式与相互和谐应该是—确定企业的整合过程。
4.3.下游价值链整合下游价值链整合的价值经销商链。
关于交易的特殊性在汽油和化学方面，各种各样的事情应该被保险在下游价值整合的过程中连锁整合。
第一，统筹交易原油的运输。
其次，企业要注意处理好东道国的交易在获得优惠政策的行动。
第三，狩猎对于新的营销渠道，积极扩大分布—执行市场份额。
第四，推出石油运输计划—站在国内按照国家—尝试的能源战略。
5.结论基于跨国兼并和交流的整合问题是一种集成和管理有形合并企业资源。
这意味着合并收购整合其全球资源整合能力，双方的操作运用。
并购提高核心企业的竞争性和通过其长期利润最大化全球资源配置的行动，本地化操作管理模式，广泛使用全球稀土—全球价值链的来源与整合。
中国石化企业欲植入全球价值链的石化产品通过跨国并购，实现其跨越式发展。
中国石化进入—企业越来越国际化。
各种案件，无论失败或成功，适用于珍贵的重新—中国企业“走出去”研究的来源。
跨境并购的基本整合模式基于价值链的收购被提出线的价值链分析方面。
整个价值链整合分为上游价值连锁整合，内部价值链整合企业下游价值链整合。
外文原文Research for Merger and Acquisition of PetrochemicalIndustries Based on Value ChainABSTRACTBased on the analysis of the theories of value chain and multinational merger and acquisition, we research the merger and acquisition of petrochemical industries based on value chain, according to the trait of the value chain of the petrochemical industries. And we propose the implementation process and the integration method for the merger and acquisition of petrochemical industries based on value chain.Keywords: Merger; Value Train; Integration; Pattern1. IntroductionNowadays the development including structural adjustment, merger and recombination of worldwide petrochemical industries is one of the manifestations of the global distribution of resources such as energy. It mainly reflects the increasingly realized global distribution of the petrochemical industrial chain, including the increasing globalization of exploration, digging, refining process, and also storage and transportation and sales of oil and gas.In 2009, China became the world’s fourth largest crude oil producing country with a crude oil production of 189 million tons which occupied 5.4% of the world total production and very close to Russia, Saudi Arabia, and the United States. However, in 2009, China became the world’s second largest oil consuming countries only after the United States with an oil consumption of as many as 393 million tons. And the ratio of China’s dependence on foreign trade was up to 52% with the oil import amounts to 204 million tons. The data indicates China’s supply and demand crisis paradox in the field of energy, making it extreme important to acquire overseas oil resources by means of merger for the safety of China’s energy supply. In a research conducted by the United Stated BAIN Company, only 24% of the enterprises have created new value through merger among the 100 enterprises which had conducted merger and acquisition negotiations and had successfully realized merger .while 56% of the enterprises disparaged their original value even without creating new value, though they had reached a merger agreement at first. Therefore,how to realize the expected goals through sound merger management model in the process of multinational mergers is the main problem the merger enterprises are facing. Thus, it is significant to research the strategy of merger and acquisition of enterprises as well as strategy for multinational integration of enterprises of petrochemical industries conforms to China’s reality with the basis of relative theory and angle of integration of value chains.2. Theoretical Basis of the M&A of the2.1. Petrochemical Industries Based on Value ChainDescription of Value Chain Theory Potter divided the whole business activity of a corporation into many single specific units in his analysis of corporation competitive advantage . And he called them value creating activity, which functions differently in different sections. Value creating activity mainly includes elementary activity which refers to production, promotion, transportation, and after-sale service and so on, and supplementary activities which refers to supply of raw material, technology, human resources, and finance and so on. The activities connect with each other in the corporation value creating process and constitute the value creating chain, which is the value chain of a corporation . In 1994, Griffin put forward the framework of Global Commodity Chain, associating value chain with organization of globalization. And he conducted a comparative study between the production chains of producer-driven as well as purchaser-driven based on the framework . Early in the 21st century, Griffin and groups of researchers of the same field agreed to substitute Global Commodity Chain with the term Global Value Chain.Enterprises of developing countries should seize every opportunity to integrate into the global value chain since the 21st century. Analysis of Petrochemical IndustriesValue Chain The elementary activities of petrochemical industries value chain include Oilfield construction and mining, refining products production, oil and gas storage and transportation, sale of petrochemical products and service and so on .2.2. the supplementary activities of petrochemical industries value chain include infra-structure, human resources, technology development and the purchase of enterprises.Oil field exploration and development: Oil field exploration and development is the upstream of petrochemical industries and it is essential for the production of general petrochemical production. It mainly includes oil field exploration,exploitation decision, location layout, and engineering equipment purchase. Refining products production:When oil field construction is completed, the oil will be exploited and become crude oil through oil field and relative equipment.When entering into the refinery, the crude oil will be refined and converted into all kinds of petroleum growing such as gasoline, diesel, and kerosene and so on.Oil and gas storage and transportation:Oil and gas storage and transportation is the transportation process of petrochemical products, by which the products will be transferred to the next producer or dealer, such as transporting the petrochemical products to marketing company and franchiser. Sale of petrochemical products :Sale of petrochemical products is the most important section of petrochemical value chain. Service:Service is the process to maintain and add production value after the sale of production. Derivatives of petrochemical products include gasoline, diesel, and lubricant and so on. They offer different service.3.Implementation Process of the Merger and Acquisition ofEnterprises Based on Value ChainThe integration of the value chain after merger is a process of analysis and merger. It defines the power factors of every section by the analysis of value chain and pro-motes the ability of the factors by merger, through which the creative ability of the whole value chain of enterprises will be developed. The following Figure 1shows the implementation process of the merger and acquisition of enterprises based on value chain.Figure 1. Implementation process of the merger and acquisition of enterprises based on value chain.3.1. Value Chain AnalysisValue chain analysis is a strategic analyzing instrument, through which we can recognize the value creating process of bilateral corporations involved in the merger. It is the basis of the follow-up integration. Analysis of the interior value chain of enterprises The interior value chain of enterprises includes basic activity and supplementary activity. Activities of direct and indirect creation of value share included in each of the aforesaid activities. Analysis of the value chain of trades The value chain of trades of enterprises are divided into two main chain units, respectively upstream of value chain (suppliers) and downstream of value chain (buyers) of the enterprises.3.2. Assessment of the Process of Value ChainAccording to Potter value chain theory, the basic and supplementary activities of value chain of enterprises con- tribute directly to the marginal profit of the enterprises.After assessment of value chain, we should be able to judge which links are the key parts and which activities are redundant in the process of value creation of mutual value chains.3.3. Integration of Value ChainThe integration of value chain after mergers and acquisitions are mainly reform and reorganization to the value creation process in Boundary of Firm. Generally speaking, there are four patterns of integration of enterprises, namely types of absorption, symbiosis, protection and control .These are illustrated as in Figure 2. Absorption integration mode Under this integration mode, resources of mutual value chains can be shared, repeated link may be eliminated and costs of the operation of the enterprises can be cut off accordingly. Symbiosis integration mode After the completion of mergers and acquisitions, the two parties involved could still possess independent rights of operation. But they would rely on each other on strategies and shift many of their management skills and abilities.Protection integration mode After the fulfillment of this integration mode, enterprises of mergers and acquisitions would intervene less about the merged enterprises. Independent rights of ope- ration and management are still possessed by the two sides. Control integration mode Resources from both sides would be integrated comprehensively by mergers and acquisitions under this mode. In this way, the power and advantage of the resources would be fully used.high enterprise independent requireLow high strategy require3.4. Analysis about the Effect of the Integration of Value ChainThe process of integration of value chain is a process of problems found and improved constantly. Therefore, enterprises should assess every operation process in the process of merger integration in order to find problems in time and adjust integration plans and strategies at the same time. A good circulation process of giving feedback and improving in time could be formed accordingly in the process of integration.4.Four Elementary Ways Based on Mergers and AcquisitionsIntegration of Value Chain4.1. Upstream Value Chain IntegrationUpstream value chain of merged enterprises means the value chain of its suppliers to the integration of the up- stream value chain suppliers should cut off transaction and operation costs of the enterprises under the condition of the guarantee of the safety of the supply chain of the enterprises after the integration .4.2. Interior Value Chain IntegrationWe can comprehend comprehensively and specifically about which activities could produce value in the operation process through the analysis of the interior valuechain of enterprises. To state specifically, the interior value chain of enterprises could be integrated on the following aspects. Integration of enterprises’infrastructure Integration of enterprises’ infrastructure is part of as Copyright sets integration. It’s the first section of cross border merger and acquisition integration. Integration of enterprises’infrastructure means merger s and acquisitions integrate the infrastructure and fixed assets of the merged enterprises after the process of mergers and acquisitions. Mergers and acquisitions may assess, absorb or peel the fixed assets of the merged enterprises according to its development strategies and operation targets. Integration of human resource management. Human resource is a special capital resource. It has features of rareness and difficulty in imitation. The structure of human resource of an enterprise determines its knowledge skills, team spirits and creative ability. Therefore, in the process of integration of human resource, the following aspects should be achieved: strengthening communication, keeping talents, settling down general employees properly and establishing efficient system to encourage staff members. Integration of finance The goal of mergers and acquisitions is to strengthen its competitiveness and create more value through re-source integration. Costs management, risk control and optimization of financial management process should be the main items in the process of integration of finance. Synergistic effect between mergers and acquisitions and integration should be tried best to achieve. There are two alternative patterns for integration of finance: transplantation pattern and blending pattern. Whether to choose overall transferred transplantation pattern or blending pattern with mutual harmony should be determined by the integration process of enterprises.4.3. Downstream Value Chain IntegrationDownstream value chain integration means the value chain of dealers. Concerning about particularity of trades of petrol and chemistry, various things should be insuredin the process of the integration of the downstream value chain integration. First, plans a whole the transactions of transportation of crude oil. Secondly, enterprises should be aware of dealing well with host country and taking actions in acquiring preferential policies. Thirdly, hunt for new marketing channels actively and expand distributed market share. Fourthly, launch plans of oil transportation into domestic country in accordance with the country’s energy strategy.5. ConclusionsIntegration based on cross border mergers and acquisitions is a way to integrate and manage the tangible resources of merged enterprises. It means mergers and acquisitions combine the operation of the two sides by virtue of its ability to integrate global resources. Mergers and acquisitions improve its core enterprise’s compete and maximize its long term profit through the actions of global allocation of resources, localization of operation management pattern, wide use of global re- sources and integration of global value chain. Chinese petrochemical enterprises desire to implant global value chain of production of petrochemicals through cross border mergers and acquisitions, and achieve its leap forward development. Chinese petrochemical enterprises become more and more internationalized. Various cases, no matter failed or successful, apply precious resources for studying “Going Out”of Chinese enterprises. The basic integration mode of cross border mergers and acquisitions based on value chain is brought out from the aspect of analysis of value chain of lines. The whole value chain integration is divided into upstream value chain integration, interior value chain integration and downstream value chain integration of the enterprises.。