摘要:企业的兼并与收购是一种重要的市场经济现象，也是实现资源优化配置的重要手段，更是企业资本运作的核心内容。随着食品行业的竞争愈演愈烈，通过并购来快速发展也成为食品行业的一种常规的途径。2008年卡夫公司成功地与吉百利公司进行了并购，众所周知卡夫公司与吉百利都属于大型食品公司。然而并购能否成功关键在于协同效应， 20世纪60年代H·伊戈尔·安索夫第一次提出协同效应(Synergy)这个理念，他重点强调了协同效应在经济学中的含义，也就是取得各种利益的潜在机会，以及公司能力与这种潜在机会之间的紧密联系。所谓并购的协同效应，是指在并购的时候企业所产生的增效作用，即2+2=5的效应。两个单独的企业价值的算术和要小于企业并购后的总体价值，所以企业参与跨国并购活动追求的根本目标是协同效应。

关键词 企业并购；协同效应；财务分析

Abstract:The merger and acquisition of enterprises are important market economic phenomena, key means in realizing the optimization and configuration of resources and core contents of business capital operation. With the increasing competition of food industry, the rapid development through merger and acquisition has become a routine approach of the food industry. In 2008, Kraft Foods merged and acquired Cadbury Schweppes successfully, as we know, both of which are large food companies. However, whether can the merger and acquisition be successful depends on the synergistic effect, H.igor Ansoff  first proposed the concept of synergistic effect in the 1960s, he emphasized the definition of the synergistic effect in the economics, namely he had obtained the potential opportunities of various benefits and the close relationship between company capacity and such potential opportunities. The named synergistic effect of merger and acquisition means the synergism generated by an enterprise when it is merged and acquired, namely an effect of 2+2=5. The arithmetical summation of two single enterprise values shall be less than the total value after their merger and acquisition, accordingly any enterprise participating in multinational merger and acquisition activities aims to pursue the synergistic effect ultimately.

Keywords  Merger and Acquisition  Synergistic Effect  Financial Analysis