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论文编号：	12870
作者编号：	2320180488
上传时间：	2021/12/13 10:43:52
中文题目：	T公司并购风险管理问题研究
英文题目：	Research on M&A Risk Management of T Company
指导老师：	姚颐
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：	随着2008年之后，我国资本市场不断发展，企业规模不断扩大，盈利能力也在逐渐提高。为加快发展速度，提高自身在行业内的市场竞争力，一些企业选择了并购的资本运作模式。部分企业通过并购成功实现了规模扩张和业务协同，有效提高了自身的盈利能力和市场占有率，企业在行业内影响力和关注度也得到了有效提升；但也有部分企业，尽管在并购中付出了较高的成本，包括时间成本、资金成本、人力成本等等，但最终仍未能达到预期效果。作为提高企业资金使用效率，放大资本规模，撬动资金杠杆的有效资本运作方式，并购可帮助企业在短时间内迅速形成规模效应，拓展产业链，提高行业内的影响力，但并购过程中也同样隐藏着风险。许多企业在进行并购时往往片面关注并购效益，而忽略并购风险，不仅可能导致并购行为失败，还会影响企业本身的正常运营，严重情况下可能导致企业最终破产。 T公司是一家专门从事海运相关业务的上市公司，在海运业持续低迷的市场背景下，众多同行业公司相继破产，T公司自身的利润空间被逐渐压缩，难以持续发展。为谋求公司的长远发展，实现战略转型，在资本市场蓬勃发展的大背景下，T公司决定采用并购战略，计划通过收购发展成熟且具备一定规模体量的科技服务类企业，成功实现业务转型，推动企业的迅速发展。但T公司在实施其并购战略的过程中出现了定价风险、支付风险、融资风险、流动性风险和整合风险，需要深入分析其产生的原因，并提出有效的优化方案，才能保障并购效果达到预期。 本文以T公司作为研究主体，结合企业并购、并购风险和风险管理的相关理论，采用定性和定量相结合的方式，深入分析其在并购中面临的风险种类、公司的风险管理现状、目前的风险管理方式存在的问题以及问题产生的原因，并针对上述情况提出优化方案和保障措施，旨在帮助企业有效降低并购中出现的风险，使并购效果达到预期。通过研究T公司在并购中的风险管理问题，一方面可为研究并购风险提供有效参考，另一方面可为其他同类经营者提供经验借鉴，具有理论研究意义和实践意义。 关键词：企业并购；并购风险；风险管理
英文摘要：	With the continuous development of my country's socialist capital market after 2008, the scale of enterprises has continued to expand, and profitability has gradually improved. In order to speed up development and improve their own market competitiveness in the industry, some companies have chosen the capital operation model of mergers and acquisitions. Some companies have successfully achieved scale expansion and business synergy through mergers and acquisitions, which have effectively improved their own profitability and market share, and their influence and attention in the industry have also been effectively improved; but at the same time, there are also some companies, although in Higher costs were paid in mergers and acquisitions, including time cost, capital cost, labor cost, etc., but the expected results were still not achieved in the end. As an effective capital operation method to improve the efficiency of corporate capital use, enlarge the scale of capital, and leverage capital leverage, mergers and acquisitions can help companies quickly form scale effects in a short period of time, expand the industrial chain, and increase their influence in the industry. However, the process of mergers and acquisitions is also There are also hidden risks. Many companies tend to pay one-sided attention to the benefits of mergers and acquisitions while ignoring the risks of mergers and acquisitions. This may not only lead to the failure of mergers and acquisitions, but also affect the normal operation of the company itself, and in severe cases may lead to the eventual bankruptcy of the company. Company T is a listed company specializing in shipping-related businesses. In the context of the continued downturn in the shipping industry, many shipping companies have gone bankrupt.Company T’s own profit margin has been gradually compressed and it is difficult to sustainably develop. In order to seek the company’s long-term development and achieve strategic transformation, under the background of the booming capital market, T company decided to adopt a merger and acquisition strategy, planning to successfully achieve business transformation through the acquisition of mature and mature technology service companies with a certain scale. Promote the rapid development of enterprises. However, in the process of implementing its M&A strategy, T company has encountered pricing risk, payment risk, financing risk, liquidity risk, and integration risk. It needs to analyze the causes of this in depth and put forward an effective optimization plan to ensure that the M&A effect can meet expectations. . This article takes T company as the main body of research, combined with the related theories of corporate mergers and mergers and acquisitions risks, and uses a combination of qualitative and quantitative methods to deeply analyze the types of risks it faces in mergers and acquisitions, the company’s risk response status, and the current risk response methods. The problem and the reasons for the problem, and proposed optimization plans and safeguard measures for the above situation, aiming to help companies effectively reduce the risks in mergers and acquisitions, so that the effects of mergers and acquisitions can reach expectations. By studying the risks of T companies in mergers and acquisitions, on the one hand, it can provide an effective reference for studying merger risks, and on the other hand, it can provide experience reference for other similar operators, which has theoretical research significance and practical significance. Key Words：M&A；M&A Risk；Risk management
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