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论文编号：	12771
作者编号：	2320190573
上传时间：	2021/12/8 19:11:41
中文题目：	R物业集团并购风险管控研究 ——以对K集团的并购案为例
英文题目：	Research on M&A Risk Control of R Property Group ——Take the M&A of K Group as an Example
指导老师：	郝臣
中文关键字：	物业；并购；并购风险；风险管控
英文关键字：	Property enterprises;M&A;M&A risk;Risk control
中文摘要：	物业企业是我国社会治理基础单元，近几年在政府宏观政策、疫情常态化的影响下，物业企业进入了全新的发展阶段。行业经过几年的发展，集中度虽有提升但仍较分散，且在头部企业纷纷进入资本市场的形势下，物业企业对规模的增长有较高要求，同时上市募得的大量资金也为物业企业并购提供了资金保障。但由于物业企业发展时间较短，对于并购业务经验尚不充足，而对于风险的管控是否得当在很大程度上影响并购业务的成功与否，对于并购风险的管控是各头部物业企业的重要研究课题。 本文以R物业集团对K集团的并购作为案例，通过文献研究法、案例研究法和数据分析法，对这一并购案进行了全面深入的研究。首先，结合财务和业务数据详细介绍了并购过程、动因和效果，进而分析了并购的定价、融资及支付和整合阶段面对的主要风险。其次，结合对应的风险阐述了R物业集团并购风险管控现状，指出了管控的问题，并从内外部两个角度剖析了问题产生的背后成因。最后，针对问题，提出高层重视、专业牵头、人财先行、节奏平稳的风险管控优化原则，并给出针对性的具体优化策略及保障落地的制度、人力、激励措施，形成本文的结论和建议。 经过研究，本文给出针对并购风险管控的具体建议：第一，加强对于信息的筛选，选择能够有业务互补作用的标的，同时通过项目踏勘和各版块尽调验证财务预测的准确性；第二，提前规划融资方式，支付方式应与重要交割节点匹配，并结合具体情况设置业绩对赌；第三，整合阶段需注意节奏，由专业投后部门牵头。本文聚焦物业管理这一特定行业，围绕获得项目管理权这一行业并购特性，结合理论总结和案例分析，以提升R物业集团及类似物业企业并购风险管控，具备创新性和价值意义。
英文摘要：	Property enterprises are the basic unit of social governance in China. In recent years, under the influence of the government's macro policies and the normalization of the Covid-19 epidemic, property enterprises have entered a new stage of development. Although the concentration of the industry has improved after several years of development, it is still relatively scattered. Under the trend that leading enterprises have entered the capital market, property enterprises have higher requirements for the growth of scale. At the same time, a large amount of funds raised by listing also provide financial guarantee for the M & A of property enterprises. However, due to the short development time of property enterprises, they don’t have enough experience in M & A.Whether the risk management and control is appropriate will largely affect the success of M & A. The M & A risk control is an important topic for all leading enterprises. Taking the M & A of R property group and K group as a case, the paper makes a comprehensive and deep study on the case through the methods of literature research, case study and data analysis. Firstly, combined with financial and business data, the paper introduces the M & A process, the motivation and effect of M & A in detail, and then analyzes the main risks faced in the pricing, financing, payment and integration stages of M & A. Secondly, combined with the corresponding risks, this paper expounds the current situation of M & A risk management and control of R property group, points out the problem of ineffective management and control, and analyzes the underlying causes of the problem from both internal and external perspectives. Finally, aiming at the problems, the paper puts forward the risk control optimization principles of executives’ attention, professional leadership, human and financial resources first and steady pace, and gives targeted specific optimization strategies and rules, human resource and inspiration measures to ensure the success, which are the conclusions and suggestions of the paper. After research, the paper gives specific suggestions for M & A risk control. Firstly, strengthen the ability of information filtering, select complementary targets and verify the accuracy of financial forecast through the project survey and due diligence. Secondly, plan the financing channels in advance,and the payment mode should match the main business transaction milestones .Set the performance bet in combination with the specific situation. Thirdly, pay attention to the pace in the integration stage which should be led by the professional post-investment department. The paper focuses on the specific industry, focuses on the M & A characteristics of the industry of obtaining project management right, and combines theoretical summary and case analysis to improve the M & A risk control of R property group and similar property enterprises, which represents the innovation and value.
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