企業(yè)并購(gòu)的財(cái)務(wù)風(fēng)險(xiǎn)分析——以電信服務(wù)行業(yè)為例------畢業(yè)論文

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摘要
中國(guó)電信運(yùn)營(yíng)商處在國(guó)內(nèi)市場(chǎng)發(fā)展緩慢、市場(chǎng)逐漸飽和以及國(guó)際化的趨勢(shì)下，出于尋求新的利潤(rùn)增長(zhǎng)點(diǎn)的目的將目光投向新興市場(chǎng)。我國(guó)電信行業(yè)的跨國(guó)并購(gòu)屬于起步階段，復(fù)雜多變的國(guó)際環(huán)境以及企業(yè)并購(gòu)所帶來(lái)的財(cái)務(wù)風(fēng)險(xiǎn)使得我國(guó)電信行業(yè)將要面臨諸多復(fù)雜的財(cái)務(wù)風(fēng)險(xiǎn)問(wèn)題。
通過(guò)對(duì)企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)相關(guān)理論知識(shí)的學(xué)習(xí)發(fā)現(xiàn)各種財(cái)務(wù)風(fēng)險(xiǎn)的形成因素可以歸結(jié)為不確定性和信息不對(duì)稱(chēng)。因此本文對(duì)我國(guó)電信服務(wù)行業(yè)跨國(guó)并購(gòu)的風(fēng)險(xiǎn)的預(yù)測(cè)、防范和控制都是針對(duì)于不確定性和信息不對(duì)稱(chēng)的。在對(duì)中國(guó)移動(dòng)并購(gòu)巴科泰爾案例進(jìn)行分析后，對(duì)我國(guó)電信服務(wù)行業(yè)跨國(guó)并購(gòu)所將面臨的財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行了預(yù)測(cè)，并針對(duì)預(yù)測(cè)得出的各種財(cái)務(wù)風(fēng)險(xiǎn)，嘗試提出了防范和控制所面臨財(cái)務(wù)風(fēng)險(xiǎn)的措施。

關(guān)鍵字：電信行業(yè) 企業(yè)并購(gòu) 財(cái)務(wù)風(fēng)險(xiǎn) 跨國(guó)并購(gòu)

Abstract
Domestic market slowly development speed, market is gradually saturate and the trend of internationalization has made China Telecom operators get into new and developing market for growth of profit. The cross-border mergers and acquisitions (M&A) in a primary stage in china Telecom operators, and so much financial risk in M&A, china Telecom operators need to deal a lot of problems in cross-border mergers and acquisitions.
After study of the relevant theory knowledge of financial risk in M&A, the forming factors of financial risk can be sum up to uncertainty and information asymmetry. In this paper, the forecast and prevent China Telecom operator’s cross-border mergers and acquisitions risks of enterprises financing risk must be directed against uncertainty and information asymmetry. After analysis the cases of China Telecom M&A Paktel Limited, has forecasted the financial risk in cross-border M&A and obtained the measure of prevent the risks.

Key word:  M&A  Financing risk  Cross-border M&A
Telecom operators

目錄
一、緒論 6
（一）、問(wèn)題的提出 6
（二）、研究的目的和意義 6
（三）、本文的框架和特色 6
二、企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的概述 7
（一）、企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的產(chǎn)生 7
（二）、企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的類(lèi)型 8
（三）、財(cái)務(wù)風(fēng)險(xiǎn)對(duì)企業(yè)并購(gòu)影響 11
三、中國(guó)移動(dòng)并購(gòu)巴科泰爾案例財(cái)務(wù)風(fēng)險(xiǎn)分析 13
（一）、中國(guó)電信服務(wù)行業(yè)企業(yè)并購(gòu)的發(fā)展趨勢(shì) 13
（二）、中國(guó)移動(dòng)并購(gòu)巴科泰爾案例簡(jiǎn)介 14
（三）、中國(guó)移動(dòng)并購(gòu)巴科泰爾案例財(cái)務(wù)風(fēng)險(xiǎn)分析 15
（四）、財(cái)務(wù)風(fēng)險(xiǎn)對(duì)未來(lái)發(fā)展的影響 17
四、中國(guó)電信服務(wù)行業(yè)企業(yè)并購(gòu)所面臨的財(cái)務(wù)風(fēng)險(xiǎn) 18
（一）、跨國(guó)并購(gòu) 19
（二）、跨國(guó)運(yùn)營(yíng) 20
五、如何防范和控制中國(guó)電信服務(wù)行業(yè)企業(yè)并購(gòu)所面臨的財(cái)務(wù)風(fēng)險(xiǎn) 21
（一）、合理評(píng)估財(cái)務(wù)風(fēng)險(xiǎn) 21
（二）、認(rèn)識(shí)到財(cái)務(wù)報(bào)表的不足 21
（三）、把財(cái)務(wù)風(fēng)險(xiǎn)降到最低 22
六、結(jié)論 23
文獻(xiàn)綜述 25
參考文獻(xiàn) 34
致謝 36