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论文编号：	13026
作者编号：	2120192978
上传时间：	2022/3/7 13:01:02
中文题目：	HD公司多元化并购中的财务风险管理问题研究
英文题目：	Research on the Financial Risk Management in Diversified Mergers and Acquisitions of HD Company
指导老师：	陆宇建
中文关键字：	多元化并购；并购风险；财务风险管理
英文关键字：	diversified mergers and acquisitions; M & A risks; financial risk management
中文摘要：	世界经济一体化程度逐渐加深，企业竞争愈加激烈，为了更好地培育出能广泛参与全球竞争的大企业，我国在深化资本市场改革的过程中，逐渐关注并购活动对企业的影响，并发布一系列的相关政策引导规范市场的并购行为。其中多元化并购有利于企业发展成为综合型的集团公司，具有提升企业形象和知名度、改变企业生命周期曲线等优点，日益成为大型企业的战略选择之一。但多元化并购交易风险较大，稍有不慎，不仅难以实现业绩增加，反而会削弱公司主营业务能力，所以，在并购过程中对风险的管控至关重要。 虽然我国并购业务活动相较于国外仍处于起步期，但在该领域，相关学者已经针对我国的并购活动做了广泛研究，他们对并购过程的阶段划分、并购风险的影响因素等都做了系统的阐述，为本文的写作奠定了理论基础。本文主要以HD公司为例，针对其在多元化并购活动中的财务风险管理展开研究，HD公司作为一家民营公司，初期发展较快，随着业务营收和资金盈余的增加，公司逐步拓展业务领域，通过多元化并购涉足多个行业。文章主要采用了文献研究法、案例研究法和实地调查法相结合的方法，以具体企业为分析对象，从多元化并购活动为切入点，详细地分析其在并购过程中的财务风险管理情况。 本文研究发现HD公司在决策阶段风险包括战略选择和对新业务不熟悉的估值风险，执行阶段由于采用大量现金支付、外汇管理不完善导致一定的支付风险，整合阶段中，财务整合难度较大，多元化并购后造成分红政策变动也可能使收购最终不达预期。在财务风险管理方面，战略风险评估不足、尽职调查不充分及对赌协议的指标设置不完善是决策阶段存在的问题，执行阶段的问题主要是大量融资导致财务杠杆增加和外汇管理手段单一，在整合阶段，公司多元业务的整合流程体系待建立及资源分配策略还待明确。对此，本文提出在决策时应对战略风险进行全面管理、提升尽职调查的工作质量和审查业绩并增加承诺保障机制；并购执行中，增加支付和融资手段和外汇风险管理手段；整合过程中，需对战略与财务整合方案进行优化、增强内部治理和加强主营业务的发展。
英文摘要：	With the integration of world economy deepening, the competition among enterprises has become increasingly fierce. In order to cultivate large companies that can widely participate in global competition, our country has gradually paid attention to mergers and acquisitions activities during the process of capital market reform, and also issued a series of relevant policies to guide and regulate mergers and acquisitions. Diversified M&A strategy is helpful for a company to become a comprehensive group enterprise. For example, it can enhance corporate image and popularity, even change the life cycle curve and discover new profit growth points. Therefore, it has increasingly become a strategic choice for large companies. However, diversified M&A transaction is relatively risky. A slight carelessness may not only make it difficult to achieve an increase in performance, but also weaken its main business. Under these circumstances, risk management and control are crucial. Although M&A activity in China is still in the early stage compared with foreign countries, relevant scholars have done extensive studies on that, like distinguishing stages of M&A process, identifying influence factors of M&A risks and so on. These systematic treatises laid a theoretical foundation for the writing of this dissertation. This dissertation takes HD company as an example to conduct researches on its financial risk management during diversified M&A process. As a private company, HD has developed rapidly in the initial stage and was also supported by local government. With the increase of business revenue and surplus funds, the company gradually expanded its business area and entered multiple industries through diversified M&A. The dissertation mainly adopts literature research method, case research method and field investigation method. Taking a specific enterprise as analysis object, starts from the diversified M&A activities and analyzes the financial risk management during the M&A process in detail. This dissertation found that the risks of HD company in the decision-making stage included strategic choices and valuation risks due to unfamiliar with new businesses. In the implementation stage, a large amount of cash payments and imperfect foreign exchange management have led to certain payment risks. In the integration stage, financial integration was more difficult than expected. What is more, changes in dividend policy after diversified mergers and acquisitions may also make the acquisition ultimately fall short of expectations. In terms of financial risk management, inadequate strategic risk assessment, insufficient due diligence and the setting of indicators for gambling agreements are problems in the decision-making stage. In implementation stage, the increase in financial leverage caused by a large amount of financing and the single foreign exchange management method are the main problems.Difficulty in resource allocation resources after diversification and lack of business integration process system are the main problems during integration process. Therefore, this dissertation proposes that HD company need to improve comprehensive strategic risk assessment, improve the quality of due diligence and increase commitment guarantee mechanisms; In the implementation process, HD company should increase payment and financing methods as well as foreign exchange risk management methods; In the integration process, it is necessary to optimize the strategy and financial integration plan, strengthen the development of the main business and internal governance in diversified mergers and acquisitions.
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