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论文编号：	12320
作者编号：	2120183085
上传时间：	2021/3/5 15:50:26
中文题目：	LX并购SY的企业并购财务风险管理研究
英文题目：	Research on Financial Risk Management of Enterprise M&A Based on LX M&A SY
指导老师：	刘志远 高玉章
中文关键字：	企业并购；财务风险；光伏发电
英文关键字：	Corporate M&As; Financial risks; Photovoltaic power generation
中文摘要：	目前中国企业正处于加紧脚步调整产业结构的过程之中，行业间的竞争愈演愈烈。传统企业想要更好的吸收发展优质资源，快速实现转型升级，依托于并购往往是多数企业的首要选择。毋庸置疑，并购行为具有着高风险性的特征，而企业对风险的应对手段欠妥导致了很多并购没有取得预期的效果。这其中，财务风险更是难以回避的问题。在完成并购的过程中，财务活动必不可少且连贯存在，管理和控制财务风险是尤为重要的提高并购成功率的手段。 在优化全球生态环境的进程中，清洁可再生能源已成为产业热点。其中，太阳能发电基于种种优势，受到了市场和政府双重高度重视。政府出台了一系列政策，有力地支撑了光伏行业平稳快速发展。因此，光伏发电行业企业并购也随之增多，光伏行业成为许多企业调整产业结构、转型升级的选择。 本文主要分析了LX公司并购SY公司过程中存在的财务风险以及应对措施的内容，通过效果分析，发现该并购中财务风险应对总体上是顺利而有成效的，但仍然存在不理想和需要改进完善之处。本文试图分析LX公司所采取的风险管控措施及其有效性，并在此基础上找出存在的问题与具体成因。 对于LX公司在前期并购管理过程中形成的财务风险遗留问题，以及LX公司尚未完全进行完毕的并购整合阶段，本文有针对性地提出了一些具体建议。但更重要的是，对于LX公司已经完成的并购阶段，总结其并购财务风险管理手段的经验教训，以供未来资本市场上其他企业并购光伏企业时借鉴参考。
英文摘要：	At present, Chinese companies are in the process of stepping up their pace to adjust their industrial structure, competition among industries has become increasingly keen. Traditional companies want to better absorb high-quality resources and quickly realize transformation and upgrading, relying on M&As is often the first choice for most companies. Undoubtedly, M&As are with high risks, and the improper response methods of enterprises to risks have caused many M&As to fail to achieve the expected results. Among them, financial risks are even more difficult to avoid. In the process of completing M&As, financial activities are indispensable and coherent, and managing and controlling financial risks is a particularly crucial safeguard to M&As. With the process of optimizing the global ecological environment, clean and renewable energy has become an highlight. Among them, solar power generation is particularly valued by the Chinese government on account of various advantages. The government has issued a series of policies that have strongly supported the steady and rapid expansion of the this industry. Therefore, M&As in the solar power generation industry have also boosted, and the photovoltaic industry has become the choice for many companies to adjust industrial structure, transform and upgrade. This paper analyses the financial exposures and countermeasures in the process of LX’s acquisition of SY. Through the effect analysis, it is found that the financial risk response in the merger is generally effective. However, there are still improving demands in the practice of M&A financial integration. This article attempts to analyze the risk control measures taken by LX Company and their effectiveness, and on this basis, find out the existing problems and specific causes. Regarding the financial risks left over by LX company in the early stage of M&A management, and the phase of merger integration that LX company has not yet fully completed, this article puts forward some specific suggestions. But more importantly, for the M&A phase that LX has completed, sum up the experience and lessons of its M&A financial risk management methods for reference when other companies in the future capital market merge photovoltaic companies.
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