我國企業(yè)跨國并購財(cái)務(wù)風(fēng)險(xiǎn)的成因及防范研究

論文編號:CW152  論文字?jǐn)?shù):13992,頁數(shù):20

我國企業(yè)跨國并購財(cái)務(wù)風(fēng)險(xiǎn)的成因及防范研究
 摘     要
 隨著經(jīng)濟(jì)全球化進(jìn)程的加速以及中國企業(yè)規(guī)模的不斷擴(kuò)大，越來越多的中國企業(yè)開始把跨國并購作為對外直接投資、開拓國際市場的新策略�？鐕�并購有助于企業(yè)在全球范圍內(nèi)優(yōu)化資源配置，調(diào)整市場結(jié)構(gòu)，集中生產(chǎn)要素，提高企業(yè)的規(guī)模和市場競爭力，但與此同時(shí)，跨國并購也隱藏著許多風(fēng)險(xiǎn)：政治風(fēng)險(xiǎn)、文化風(fēng)險(xiǎn)、法律風(fēng)險(xiǎn)、財(cái)務(wù)風(fēng)險(xiǎn)等，其中財(cái)務(wù)風(fēng)險(xiǎn)是各種并購風(fēng)險(xiǎn)在價(jià)值量上的綜合反映，影響著企業(yè)并購成功與否。
 本文從中國企業(yè)跨國并購這一角度出發(fā)，針對財(cái)務(wù)風(fēng)險(xiǎn)問題進(jìn)行了研究。首先分析中國企業(yè)跨國并購財(cái)務(wù)風(fēng)險(xiǎn)的現(xiàn)狀及存在問題，然后詳細(xì)剖析了導(dǎo)致企業(yè)跨國并購財(cái)務(wù)風(fēng)險(xiǎn)的主要原因，最后提出了加強(qiáng)財(cái)務(wù)風(fēng)險(xiǎn)的有關(guān)對策及建議，如明確企業(yè)并購動(dòng)機(jī)，制定合理并購戰(zhàn)略等。
 
關(guān)鍵詞：跨國并購；財(cái)務(wù)風(fēng)險(xiǎn)；現(xiàn)狀；對策
 
論文類型：應(yīng)用型 
  Study on the Situation and Control of Financial Risk of Chinese Enterprises' Cross-border M&As
 ABSTRACT
 With the acceleration of the economic globalization and the Chinese enterprises' scale growth, Chinese enterprises are starting to take cross-border M&As to increase foreign direct investment and develop new strategies in international markets. Cross-border M&As can help enterprises globally optimize the allocation of resources, adjust the market structure, concentration of production factors, improve the size of the business and market competitiveness. But at the same time, cross-border M&As also have many hidden risks: political risk, cultural risk, legal risk, financial risk and so on. The financial risk is the risk of a variety of M&As on the value of the General reflected. It is very important for M&As success.
 The paper has study the financial risk during M&As of Chinese enterprises. At first, the paper has explained the current situation. Then, analyed the main the problem of the financial risk during M&As of Chinese enterprises. Finally, in order to effective control and manage the financial crises, acrodding the causes of financial risks, the paper has put forward some countermeasures, such as confirming merge motive, laying down reasonable stratece and so on.
 
Key Words: Cross-border Merger; Financial Risk; Current Situation; Countermeasures
 
Type of Thesis: Applied Type

目   錄
1 緒論 1
1.1 研究背景 1
1.2 研究方法 1
1.3 研究目的及意義 1
1.4 跨國并購財(cái)務(wù)風(fēng)險(xiǎn)國內(nèi)外研究現(xiàn)狀 2
1.4.1 國外研究現(xiàn)狀 2
1.4.2 國內(nèi)研究現(xiàn)狀 2
2 我國企業(yè)跨國并購財(cái)務(wù)風(fēng)險(xiǎn)的理論研究 3
2.1 跨國并購財(cái)務(wù)風(fēng)險(xiǎn)的定義 3
2.2 企業(yè)跨國并購財(cái)務(wù)風(fēng)險(xiǎn)的成因 3
2.2.1 跨國并購過程的不確定性 3
2.2.2 信息不對稱性 4
3 我國企業(yè)跨國并購財(cái)務(wù)風(fēng)險(xiǎn)的現(xiàn)狀 5
3.1 數(shù)量逐步增加，規(guī)模逐步擴(kuò)大 5
3.2 銀行信貸集中交易分部行業(yè)特征明顯 5
3.3 業(yè)績表現(xiàn)欠佳 6
3.4 并購主體逐漸增加 6
4 我國企業(yè)跨國并購財(cái)務(wù)風(fēng)險(xiǎn)存在的問題 8
4.1 正確選擇目標(biāo)企業(yè)難度較大 8
4.2 企業(yè)跨國并購經(jīng)營成功率較低 8
4.3 融資問題突出 9
4.4 整合問題不容忽視 9
5  加強(qiáng)我國企業(yè)跨國并購財(cái)務(wù)風(fēng)險(xiǎn)防范的對策和建議 11
5.1 明確企業(yè)并購動(dòng)機(jī)制定合理并購戰(zhàn)略 11
5.2 充分獲得目標(biāo)企業(yè)的信息 12
5.3 提高目標(biāo)企業(yè)價(jià)值評估的準(zhǔn)確性 12
5.4 建立健全財(cái)務(wù)風(fēng)險(xiǎn)預(yù)測和監(jiān)控體系 13
5.5 加強(qiáng)跨國并購的籌資管理 13
5.6 改善企業(yè)融資狀況 13
6  結(jié)束語 15
參考文獻(xiàn) 16
致謝 17