企業(yè)并購(gòu)中的財(cái)務(wù)風(fēng)險(xiǎn)研究

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摘 要
在我國(guó)不斷推進(jìn)企業(yè)改革的今天，隨著經(jīng)濟(jì)全球化的發(fā)展，企業(yè)之間的并購(gòu)活動(dòng)已經(jīng)呈現(xiàn)越來越頻繁的趨勢(shì)。但是，國(guó)外對(duì)于企業(yè)并購(gòu)實(shí)務(wù)和理論相關(guān)的研究已經(jīng)遠(yuǎn)遠(yuǎn)領(lǐng)先我們，尤其是在企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)研究的領(lǐng)域上，已經(jīng)取得了很大的進(jìn)展。由于我國(guó)研究的落后已經(jīng)嚴(yán)重影響了企業(yè)并購(gòu)的健康快速發(fā)展，因此迫切需要加快對(duì)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的研究。
首先，在前人的理論和社會(huì)實(shí)踐的基礎(chǔ)上對(duì)并購(gòu)的相關(guān)概念進(jìn)行具體的定義，分析了并購(gòu)可能給企業(yè)帶來的各種形式的風(fēng)險(xiǎn)，并根據(jù)并購(gòu)過程對(duì)財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行分類，而后對(duì)各種財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行分別進(jìn)行深入分析，繼而提出具體的控制舉措和意見。
本文分五個(gè)部分：
第一部分是企業(yè)并購(gòu)和并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的相關(guān)理論。首先對(duì)企業(yè)并購(gòu)的概念進(jìn)行定義；繼而對(duì)并購(gòu)中的風(fēng)險(xiǎn)一一進(jìn)行分類，并從中引出并購(gòu)風(fēng)險(xiǎn)中最重要的一種風(fēng)險(xiǎn)——財(cái)務(wù)風(fēng)險(xiǎn)；最后，介紹了并購(gòu)的財(cái)務(wù)風(fēng)險(xiǎn)的概念和表現(xiàn)以及并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的基本內(nèi)容。
第二部分是對(duì)企業(yè)并購(gòu)中的價(jià)值評(píng)估風(fēng)險(xiǎn)進(jìn)行分析。首先介紹了目標(biāo)企業(yè)價(jià)值評(píng)估的方法，然后分析了造成風(fēng)險(xiǎn)的原因，最后說明了防范風(fēng)險(xiǎn)的方法。
第三部分是對(duì)企業(yè)并購(gòu)融資與支付中存在的財(cái)務(wù)風(fēng)險(xiǎn)及原因進(jìn)行剖析。從企業(yè)并購(gòu)融資與支付的方式開始介紹，然后分析了造成風(fēng)險(xiǎn)的原因，最后提出了防范風(fēng)險(xiǎn)的方法。
第四部分對(duì)公司并購(gòu)整合期財(cái)務(wù)風(fēng)險(xiǎn)的控制對(duì)策進(jìn)行分析。對(duì)公司并購(gòu)中整合期財(cái)務(wù)風(fēng)險(xiǎn)產(chǎn)生的原因進(jìn)行分析，提出了對(duì)整合期財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行控制的對(duì)策。
第五部分結(jié)論。總結(jié)了全文的內(nèi)容、概括了本文提出的論點(diǎn)，并提出了展望和不足。
關(guān)鍵詞：企業(yè)并購(gòu)，財(cái)務(wù)風(fēng)險(xiǎn)，財(cái)務(wù)整合，融資支付


ABSTRACT
Continuously push forward the reform of enterprises in our country today, with the development of economic globalization, mergers and acquisitions between enterprises has showed a trend of more and more frequent. M&A practice and theoretical research, however, has the very big disparity compared with foreign country, the gap is particularly reflected in mergers and acquisitions of financial issues, which has seriously affected the healthy and rapid development of our country enterprise M&A.
This paper based on the previous theory and social practice to specific definition of related concepts of M&A, analyzes the mergers and acquisitions may bring all kinds of financial risk, and according to the process of mergers and acquisitions of financial risk classification, and then respectively, in-depth analysis of all kinds of financial risk, and puts forward specific control measures and suggestions.
This article is divided into five parts:
The first part is the financial risk of the enterprise form of mergers and acquisitions and mergers and acquisitions related theory. First of all to define the concept of mergers and acquisitions; And then classify the risk in M&A, and lead to M&A risk in one of the most important risk, financial risk; Finally, this paper introduces definition of mergers and acquisitions of financial risk and identify the basic content of financial risk and M&A.
The second part is to analyze the value assessment of risk of mergers and acquisitions. First introduced the target enterprise value eva luation methods, then analyzes the causes of the risk, risk prevention methods were illustrated finally.
The third part is to the enterprise M&A financing and payment of financial risk and the reasons are analyzed. From the first introduced the way of M&A financing and payment, and then analyzes the causes of the risk, the risk prevention methods are put forward.
The fourth part of the financial risk of company merger integration phase control countermeasures were analyzed. For company mergers and acquisitions in the integration phase of the causes of financial risk analysis, put forward the countermeasures of the integration phase of the financial risk control.
The fifth part conclusion. Summarizes the full text and summarized in this paper, the content of the thesis, and put forward the prospects and the insufficiency.
Key words： M&A , financial risk ,financial integration, finance to pay

目 錄
前 言 - 1 -
1企業(yè)并購(gòu)及其財(cái)務(wù)風(fēng)險(xiǎn)概述 - 1 -
1.1 企業(yè)并購(gòu)概述 - 1 -
1.1.1企業(yè)并購(gòu)的涵義 - 1 -
1.2 企業(yè)并購(gòu)風(fēng)險(xiǎn)概述 - 3 -
1.2.1 企業(yè)并購(gòu)風(fēng)險(xiǎn)的涵義 - 3 -
1.2.2 企業(yè)并購(gòu)風(fēng)險(xiǎn)的類別 - 3 -
1.3.1 企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的概念界定 - 4 -
1.3.2 企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)特征 - 4 -
1.3.3 企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的主要內(nèi)容 - 5 -
2 目標(biāo)企業(yè)價(jià)值評(píng)估風(fēng)險(xiǎn)及其防范 - 6 -
2.1 目標(biāo)企業(yè)價(jià)值評(píng)估方法 - 6 -
2.1.1折現(xiàn)現(xiàn)金流法 - 6 -
2.1.2市盈率法 - 7 -
2.1.3 成本法 - 7 -
2.2 目標(biāo)企業(yè)價(jià)值評(píng)估風(fēng)險(xiǎn)及成因分析 - 8 -
2.3 目標(biāo)企業(yè)價(jià)值評(píng)估風(fēng)險(xiǎn)的防范 - 8 -
2.3.1 改變信息不對(duì)稱，提高信息質(zhì)量 - 8 -
2.3.2 選擇適當(dāng)?shù)膬r(jià)值評(píng)估方法 - 8 -
3 企業(yè)并購(gòu)融資與支付風(fēng)險(xiǎn)及其防范 - 9 -
3.1 企業(yè)并購(gòu)的融資與支付風(fēng)險(xiǎn)的表現(xiàn) - 9 -
3.2 企業(yè)并購(gòu)的融資與支付風(fēng)險(xiǎn)的防范 - 9 -
3.2.1 企業(yè)融資風(fēng)險(xiǎn)的防范 - 9 -
3.2.2 企業(yè)并購(gòu)支付風(fēng)險(xiǎn)的防范 - 10 -
4 企業(yè)并購(gòu)整合期風(fēng)險(xiǎn)及其防范 - 11 -
4.1 企業(yè)并購(gòu)整合期風(fēng)險(xiǎn)的表現(xiàn) - 11 -
4.2 企業(yè)并購(gòu)整合期風(fēng)險(xiǎn)的防范 - 12 -
結(jié)束語 - 13 -
致謝 - 14 -