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论文编号：	12930
作者编号：	2320170638
上传时间：	2021/12/14 13:22:15
中文题目：	券商并购的财务风险管理研究──以Z证券并购G证券为例
英文题目：	Research on the Financial Risk Management of M & A of Securities Company— Taking Z Securities Company''''s M&A of G Securities Company as an Example
指导老师：	程新生
中文关键字：	券商；并购；财务风险；财务风险管理
英文关键字：	Securities company；M&A；Financial risk；Financial risk management
中文摘要：	在我国经济体制改革的大背景下，并购重组的案例不断增多，即使在证券行业，也出现了很多大型的并购重组案例。但并购交易较为复杂，并购过程中面临的风险也较多，需要针对不同的风险采取差异化管理措施，其中并购交易中的财务风险贯穿始终，也是导致并购交易失败的最普遍、最重要的因素。鉴于券商并购活动开始频繁出现，在已有研究的基础上分析券商并购中的财务风险管理，易于找到财务风险的防范措施，推动券商并购交易的健康和稳定发展。为了给更多的并购企业提供并购财务风险管理的参考。 本文以Z证券并购G证券为例，采用文献法和案例分析法对Z证券并购G证券的财务风险管理的现状和问题进行研究。首先，通过收集和阅读中外文献，对券商并购财务风险管理的理论进行了梳理，为本文的研究提供理论基础。其次，从并购准备阶段、并购实施阶段和并购整合阶段介绍了Z证券并购G证券的财务风险管理现状。再次，找出Z证券并购G证券的财务风险管理过程中存在的问题，最后结合实际情况，提出Z证券在并购G证券财务风险管理上的优化建议。 本文的研究是以2020年交割完成的Z证券并购G证券为例，为拟进行券商并购的企业提供几点有针对性地财务风险管理防范优化建议，以期提高主并券商和被并券商的并购成功率。但财务风险贯穿整个并购的过程，由于篇幅和时间精力有限，本文仍有诸多不足之处，文中提出的各阶段建议只是站在公司的角度对财务风险管理提出优化建议，希望在学术研究和实践应用中不断进行补充完善。
英文摘要：	Under the background of China's economic system reform, the number of M&A cases has continued to increase. Even in the securities industry, there have also been many M&A cases. However, M&A transactions are more complicated, and there are many risks in the M&A process. We need to take differentiated management measures for different risks. Among them, the financial risks in M&A transactions run through and also the most common and important factor leading to the failure of M&A transactions. In view of the frequent occurrence of M&A activities of securities company, analysis of financial risk management in M&A of securities company based on existing research makes it easy to find measures to prevent financial risks and promote the healthy and stable development of M&A transactions of securities company. In order to provide more M&A enterprises with reference for financial risk management of mergers and acquisitions. This article takes Z Securities Company ' merger of G Securities Company as an example, and uses the literature method and case analysis method to study the current situation and problems of the financial risk management of Z Securities Company ' merger of G Securities Company. First of all, by collecting and reading Chinese and foreign documents, the theories of financial risk management of securities companies' mergers and acquisitions are sorted out, which provides a theoretical basis for the research of this article. Secondly, it introduces the current status of financial risk management of Z Securities Company ' M&A G Securities Company from the stage of M&A preparation, M&A implementation stage and M&A integration stage. Thirdly, find out the problems in the financial risk management process of Z Securities Company ' merger and acquisition of G Securities Company, and finally put forward the optimization suggestions of Z Securities Company in the financial risk management of the merger and acquisition of G Securities Company based on the actual situation. The research in this article takes Z Securities Company' merger of G Securities Company as an example, and provides several targeted financial risk management and prevention optimization suggestions for securities companies that intend to conduct M&A, in order to improve the success rate of M&A of the main and merged securities company. However, financial risk runs through the entire M&A process. Due to the limited time, there are still many imperfections in this article. The suggestions at various stages in the article are only suggestions for optimizing financial risk management from the perspective of the company. It is hoped that it will continue to be supplemented and improved in academic research and practical applications.
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