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论文编号：	11794
作者编号：	2120183034
上传时间：	2020/6/21 21:01:33
中文题目：	HT公司并购风险管理研究
英文题目：	Research on M&A Risk Management of HT Company
指导老师：	李莉
中文关键字：	企业并购；并购风险；风险管理
英文关键字：	M & A; M & A risk; Risk management
中文摘要：	在国家宏观政策支持下，我国资本市场正向着健康有序的方向快速发展，企业并购活动表现的日趋活跃，一些企业通过实施并购战略实现了规模扩张和协同发展，有效提升了企业价值和竞争力，但同时也有一些企业在实施并购的过程中付出巨大代价，甚至走向失败。并购活动注定不会一帆风顺，在实施过程中面临诸如估值风险、支付与融资风险以及整合风险等，对相关并购风险管理的得当与否，会在一定程度上影响并购项目的成败。因此，企业需要制定合理的风险管理方案，采取恰当的应对策略，才能为并购活动的顺利实施提供保障。 HT公司作为一家国有控股的高科技上市公司，上市以来先后实施了一系列资产重组和并购活动，并购目标的范围逐渐由内部向外部延伸，顺应了我国当前企业并购的发展趋势，但在向市场化并购转变的过程中，对企业并购风险的管理水平也提出了更高的要求，本文通过对HT公司并购AT公司的案例进行深入分析，充分识别企业并购活动中存在的风险，在此基础上进一步研究和探讨企业并购风险管理中存在的问题，以期找到合适的解决方案，为其他同类企业加强并购风险管理和确保并购活动顺利实施提供参考和借鉴。 本文选取HT公司作为研究对象，通过理论联系实际，深入剖析了企业并购风险管理中存在的问题，力求分析总结出企业并购风险管理的解决方案和实施保障。首先，在绪论部分介绍了本文的研究背景和意义，阐述了研究的内容和创新点。其次，介绍了本文研究课题所依据的理论基础，对企业并购风险管理相关概念进行了界定，分析了国内外并购风险管理的研究现状。进而对HT公司业务情况和并购实施情况进行了总体介绍，并对HT公司并购风险管理的现状、存在的问题和成因进行了透彻的分析。接着从设计原则和可行性方面对并购风险管理的改进进行了论证，在此基础上提出了HT公司的并购风险管理改进方案。之后提炼出并购风险管理方案的实施保障措施。最后对全文的研究内容进行了总结，对我国今后的企业并购风险管理进行了展望。
英文摘要：	Under the support of national macro policies, China's capital market is developing rapidly in a healthy and orderly direction, and the M & A activities of enterprises are becoming more and more active. Some enterprises have achieved scale expansion and coordinated development through the implementation of M & A strategy, effectively improving the value and competitiveness of enterprises, but at the same time, some enterprises have paid a huge price in the process of M & A, even failed. M & A activities are bound to be not smooth. In the process of implementation, they are faced with such risks as valuation risk, payment and financing risk and integration risk. The proper management of relevant M & A risks will affect the success or failure of M & A projects to a certain extent. Therefore, enterprises need to make a reasonable risk management plan and take appropriate response strategies to ensure the smooth implementation of M & A activities. As a state-owned high-tech listed company, the HT Company has carried out a series of asset restructuring and M & A activities since its listing. The scope of M & A objectives is from inside to outside, which conforms to the current development trend of enterprise M & A. However, in the process of transformation to market-oriented M & A, it also puts forward higher requirements for the management level of M & A risks. This paper introduces the M & A of the AT company by the HT Company, the case of M & A is analyzed in depth to fully identify the risks existing in the M & A activities. On this basis, the problems existing in the M & A risk management are further studied and discussed in order to find appropriate solutions to provide reference and reference for other similar enterprises to strengthen the M & A risk management and ensure the smooth implementation of M & A activities. In this paper, the HT Company is selected as the research object, through the combination of theory and practice, the problems existing in M & A risk management are deeply analyzed, and the solutions and implementation guarantee of M & A risk management are analyzed and summarized. First of all, in the introduction part, it introduces the background and significance of this study, and expounds the research content and innovation. Secondly, this paper introduces the theoretical basis of this study, defines the relevant concepts of M & A risk management, and analyzes the research status of M & A risk management at home and abroad. Then it introduces the business situation and the implementation of M & A of the HT Company, and analyzes the current situation, existing problems and causes of M & A risk management of the HT Company. Then it demonstrates the improvement of M & A risk management from the design principles and feasibility, and puts forward the improvement plan of M & A risk management of the HT Company. After that, the paper abstracts the implementation guarantee measures of M & A risk management plan. Finally, this paper summarizes the research content of this paper, and looks forward to the future of M & A risk management in China.
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