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论文编号：	10275
作者编号：	2120163207
上传时间：	2018/12/5 16:18:57
中文题目：	K民营公司跨国并购风险管理研究
英文题目：	Research on the Cross-border Merger and Acquisition Risk Management of K Private Company
指导老师：	姚颐
中文关键字：	跨国并购；风险；风险管理；案例
英文关键字：	Cross-border Merger and Acquisition; Risk; Risk Management; Case
中文摘要：	跨国并购是企业在全球市场优化资源配置，提高自身竞争力的有效手段。近几年我国企业的跨国并购数量和规模都呈现上升趋势。但随着贸易保护主义的升温和我国外汇监管政策的收紧，跨国并购面临的风险呈现出新的复杂态势。以往学术界关于跨国并购风险管理的研究主要着力于具体风险的识别、评估和应对等措施，对于跨国并购风险管理这一活动在实施过程中存在的问题研究较少。鉴于此，本文在回顾前人研究成果的基础上，以民营企业K公司收购德国企业R公司的跨国并购交易为案例，对其在并购过程中的风险管理活动存在的问题进行分析，并运用委托代理理论、信息不对称理论等相关理论，提出了相应的改进方案。本文首先介绍了论文的研究背景和研究意义，对前人在跨国并购风险管理领域的研究进展进行了回顾，并对论文的研究内容、研究方法和创新之处进行了介绍。之后本文介绍了跨国并购风险管理相关的概念、理论和跨国并购风险管理的具体内容。然后本文对K公司和并购目标R公司的基本情况、本次并购交易的概况和并购后的绩效进行了介绍。之后本文对K公司在跨国并购中面临的各项风险、采取的风险管理措施和风险管理措施的实施效果等跨国并购风险管理现状进行了分析，发现了K公司的风险管理活动在公司制度、管理者和具体风险管理措施的实施等角度存在的若干问题，分析了各项问题的表现、原因和对并购的影响。最后，本文结合K公司实际，针对K公司在跨国并购风险管理活动中存在的各项问题提出了相应的改进建议。本文经过研究认为：首先，跨国并购风险管理的改进需要改善公司经营管理水平，解决管理制度不完善的问题，也需要提高企业的风险管理工具应用能力，使其能够合理运用风险管理工具来应对具体风险；其次，跨国并购风险管理的改进要结合企业实际，从跨国并购风险管理问题的影响和问题的成因两方面着手，既要消除问题已经造成的不良影响，又要从成因上避免相似问题的再次发生，如此改进措施才能实现良好运作，为跨国并购提供支持。
英文摘要：	Cross-border merger and acquisition is an effective means for enterprises to optimize resource allocation in the global market and improve their competitiveness. In recent years, there has been a general uptrend in the number and scale of cross-border merger and acquisition of Chinese enterprises. However, with the rise of trade protectionism and the tightening of china’s foreign exchange supervision policies, the risks of cross-border merger and acquisition present a new complex situation. Previous researches on the risk management of cross-border merger and acquisition mainly focus on the identification, assessment and response of specific risks, and there are few studies on how to establish and operate the risk management of cross-border merger and acquisition as a system. In view of this, based on the review on predecessors’ research results, this thesis analyzes K Company’s risk management activities with the example of this company’s cross-border merger and acquisition, and discovered some problems. Then whit using the principal-agent theory and asymmetric information theory, this thesis puts forward the solution to those problems. This thesis first introduces the research background and significance of the thesis, reviews the previous research progress in the cross-border merger and acquisition risk management, and introduces the research content, research methods and innovations of the thesis. After that, this thesis introduces the concepts and theories related to cross-border merger and acquisition risk management and the specific contents of cross-border merger and acquisition risk management. Then this thesis introduces the basic information of K Company and merger target R Company, the overview of this transaction and the performance after merger. After that, this thesis analyzes the risks K Company faced in the cross-border merger and acquisition, risk management measures and the effect of risk management measures as the content of the cross-border merger and acquisition risk management present situation. Then, this thesis finds out some problems in the risk management activities of K Company from the perspectives of company system, managers and the implementation of specific risk management measures, and analyzes the performances, causes and the impact on merger and acquisition of various problems. Finally, based on the actual situation of K Company, this thesis proposes corresponding improvement suggestions for the problems of K Company in the cross-border merger and acquisition risk management. This thesis argues that, first, the improvement of cross-border merger and acquisition risk management needs to improve the company's management level, solve the problem of imperfect management system, also needs to improve the company's ability to apply risk management tools, so that it can reasonably use risk management tools to deal with specific risks. Second, the improvement of cross-border merger and acquisition risk management needs to be combined with the actual situation of enterprises, starting from the impacts and the causes of risk management problems of cross-border merger and acquisition. It should not only eliminate the negative effects caused by the problems, but also avoid the recurrence of similar problems from the causes. Then the improvement measures can achieve good operation and provide support for cross-border merger and acquisition.
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