企业收购最根本的目的是给收购方增加或创造巨大的竞争优势,从而为股东增加财富。根据现代金融理论,股东财富最大化被假定为管理层进行投资和融资决策时的理性标准。但是股东财富最大化可能会被管理者的自身利益所取代。如何对被收购企业进行合理估价,以及如何对并购过程中的一系列风险进行规避并对并购中的财务陷阱进行防 The ultimate goal of a business acquisition is to add or create a significant competitive advantage for the acquirer, thereby adding wealth to shareholders. According to modern financial theory, the maximization of shareholders’ wealth is assumed to be the rational standard when management makes investment and financing decisions. However, the maximization of shareholders ’wealth may be replaced by the managers’ own interests. How to conduct a reasonable valuation of the acquired company and how to circumvent a series of risks in the process of mergers and acquisitions and prevent the financial trap in the mergers and acquisitions