企業并購中的財務風險及其防范

摘要

當前，我們正處于經濟全球化和市場經濟體制不斷完善的形勢下。企業要是想發展得持久，就必須得發生企業并購活動。雖說企業并購能夠給企業帶來經濟利益，但做任何事情都是有利也有弊的。企業并購是一種投資活動，投資的過程會伴隨著風險。并且風險貫穿于并購活動的全過程，其中最大的風險就是財務風險。所以，我們得關注企業并購的財務風險管理，并且要采取一系列措施來減少財務風險給企業帶來的損失。本文主要研究的是企業并購方面的知識，研究的重點有兩個：第一是企業在進行并購時會遇到的財務風險；第二是如何應對并購過程中的財務風險。第一版塊介紹的是企業并購在國內的現實意義、現實理論、研究的目的以及研究成果；第二版塊的是企業并購的定義、動因和意義，以及財務風險的概念；第三版塊介紹的是企業在并購時因信息不對稱、價格、資金籌集、資金結算、管理等問題而出現的財務風險；也多方面地介紹了這些問題的來源。第四版塊介紹的是企業在并購時遇到的財務風險，企業應做怎樣的防范對策；最后介紹的是關于我對本文研究企業并購得出的結論。

關鍵詞：企業并購；財務風險；財務風險防范

Abstract

At present, we are in the situation of economic globalization and continuous improvement of market economy system. If an enterprise wants to develop for a long time, it must have M & A activities. Although M & A can bring economic benefits to enterprises, it has advantages and disadvantages to do anything. M & A is a kind of investment activity, the process of investment will be accompanied by risks. And the risk runs through the whole process of M & A, the biggest risk is financial risk. Therefore, we have to pay attention to the financial risk management of M & A, and take a series of measures to reduce the loss of financial risk to enterprises. This paper mainly studies the knowledge of enterprise merger and acquisition, and focuses on two aspects: the first is the financial risk that the enterprise will encounter when it conducts merger and acquisition; the second is how to deal with the financial risk in the process of merger and acquisition. The first section introduces the practical significance, practical theory, research purpose and research results of enterprise merger and acquisition in China; the second section introduces the definition, motivation and significance of enterprise merger and acquisition, as well as the concept of financial risk; the third section introduces the financial risk of enterprise merger and acquisition due to information asymmetry, price, fund raising, fund settlement, management and other issues; It also introduces the sources of these problems in many aspects. The fourth section introduces the financial risks that enterprises encounter in M & A and how to prevent them. The last part is about the conclusion that I got from the study of M & A in this paper.

Key words: enterprise merger and acquisition; financial risk; financial risk prevention

目錄

摘要 I

Abstract II

第一章 緒論 1

1.1 研究的背景及目的 1

1.2 國內國外研究狀況 1

第二章 企業并購及財務風險的概述 2

2.1 企業并購的概念 2

2.2企業并購的動因 3

2.3企業并購的類型 3

2.4企業并購的意義 4

2.5企業并購財務風險的定義 4

第三章 企業并購的財務風險及起因分析 4

3.1企業并購前的財務風險 4

3.2企業并購中的財務風險 5

3.3企業并購后的財務風險 6

第四章 企業并購財務風險的原因 7

4.1收購企業管理者目標不明朗 7

4.2單一的融資渠道，融資方式不合理 7

4.3 企業價值評估體系不完善 7

4.4 企業信息不對稱 7

4.5 企業支付方式的不當 7

4.6 財務制度建設不完善 8

第五章 企業并購財務風險的防范措施 8

5.1 企業并購前財務風險防范對策 8

5.2 企業并購中財務風險的防范措施 9

5.3 企業并購后的財務風險的防范措施 10

結論 11

參考文獻 12