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论文编号：	14347
作者编号：	2320190680
上传时间：	2023/12/12 11:20:24
中文题目：	新能源央企并购民营风电项目的风险防范对策研究－以H公司并购J公司为例
英文题目：	Research on the Risk Preventive Countermeasures of New Energy Central State-Owned Enterprises ’s M&A of Wind Power Private Enterprises -- Based on H Company ’s M&A of J Company
指导老师：	马连福
中文关键字：	民营风电；能源央企；并购；风险分析；防范策略
英文关键字：	private enterprise of wind power ; central enterprises of energy ; M&A ; risk analysis ; prevention strategies
中文摘要：	在国企混改与双碳政策的背景下，风电、光伏等新能源行业越来越受到关注，国内能源企业从拿地建设的模式进阶到股权和资产交易。在从政府依赖型调整为市场化进程中，风电行业并购成为主趋势，作为并购方的国有企业，并购失败则面临国有资产流失的风险，而作为转让方的民营风电企业，通常体量较小，产业单一，业务组织形式单一，从投资价值判断到公司经营均暗藏诸多风险。新能源央企作为近几年风电行业并购的中坚力量，研究它在同类并购中如何进行风险分析及风险防范，对于企业探索如何在此类并购场景中构建合理的风险管理机制具有理论及实践意义。 本文以作者就职的新能源央企H公司正在开展的民营风电J公司的并购活动为研究对象，以风险管理相关理论作为指引，再结合H公司近几年同类型的案例经验，聚焦风险管理流程，综合运用风险识别及度量相关专业方法，实现对并购项目的综合分析，进而实现风险防范，在着力提高本案例并购成功率的同时，给H公司乃至国内同类型的并购案例提供可供借鉴的风险管理经验。作者首先通过H公司以往案例数据、书籍、网络论坛、报纸、期刊、杂志和报纸等诸多渠道搜集企业并购及风险管理理论及相关理论文献，并对理论研究现状及应用进行归类、整理和分析，以梳理出理论演进脉络和应用方法，作为研究H公司并购J公司风险分析及防范对策的理论基础。然后，介绍并购双方的基本信息，以及H公司并购J公司宏观及微观动机，重点从H公司战略层次进一步提炼了新能源央企之于民营风电企业在当前大背景下的动机分析。接着，基于H公司已有的风险管理体系，对照公司内部已形成的并购该类产品的风险要素，识别该案例中的相关风险要素，并将所涉及的风险要素归纳为技术风险、财务风险、运营风险、法律风险以及过程管控风险，再详细介绍如何将识别的风险要素运用专家分析法及层次分析法进行度量后赋予风险等级。最后，基于已经识别到的风险要素，以及经过风险度量后得到的风险权重数据，介绍H公司并购J公司的关键风险对策研究，合理规避关键风险，提升H公司此次并购的成功率，同时进一步完善H公司同类型并购业务的风险防范手册，形成公司良性的风险防范反馈机制。 本文通过案例实战层面的并购风险管理工作，进一步总结了新能源央企对于民营风电企业并购风险管理的研究内容，提炼新能源央企该类高频并购业务场景的风险分析路径及防范对策，对于新能源央企并购民营风电企业的风险研究具有一定借鉴意义。
英文摘要：	Under the ‘dual background’ of the mixed reform of state-owned enterprises and the dual-carbon policy, new energy industries such as wind power and photovoltaic have attracted more and more attention. Domestic energy enterprises have advanced from the mode of land acquisition to equity and asset transactions.?In the process from government-dependent adjustment to marketization, M&A in the wind power industry have become the main trend. State-owned enterprises face the risk of loss of state-owned assets. While the wind power private enterprises, usually have a small volume, a single industry and a single form of business organization, and there are many risks hidden from investment value judgment to company operation.?As the backbone of mergers and acquisitions in wind power industry in recent years, it has theoretical and practical significance for enterprises to explore how to build a reasonable risk management mechanism in such M & A scenarios new energy central enterprises, and study of how to carry out risk analysis and risk prevention in similar mergers and acquisitions. This thesis takes the M & A activities of the private wind power J company being carried out by H Company, the central new energy enterprise where the author works, as the research object. Guided by the relevant theory of risk management, and combined with the same type of case experience of H Company in recent years, the author focuses on risk management process, and use the risk identification and measurement related professional methods , to achieve a comprehensive analysis of M & A projects, and further achieve the target of risk prevention.?While making great efforts to improve the success rate of M & A in this case, the thesis provides risk management experience for H Company and even the same type of M & A cases in China.First of all, the author collects the theory and related theoretical literature of M & A and risk management through H Company's previous case data, books, online forums, newspapers, periodicals, magazines and newspapers .Then the author classifies, collates and analyzes the current situation and application of the theory, to sort out the theoretical evolution and application methods, as the theoretical basis for studying the risk analysis and prevention countermeasures of H Company M & J Company.?Then, the author introduces the basic information of both sides of the M&A , as well as the macro and micro motivation of H company's merger and acquisition of J company, then focusing on the strategic level of H company ,the author further refines the motivation analysis of new energy central enterprises to private wind power enterprises under the current background. Then, based on the existing risk management system of H Company, the relevant risk factors in this case are identified according to the risk factors of M & A products formed within the company. The risk factors involved are summarized as technical risk, financial risk, operational risk, legal risk and process control risk.?Then it introduces in detail how to use expert analysis and analytic hierarchy process to measure the identified risk factors and give them a risk level.?Finally, based on the identified risk factors and the risk weight data obtained after risk measurement, this thesis focuses on the key risk countermeasures of H Company's merger and acquisition of J Company, in order to avoid the key risks reasonably and improve the success rate of H Company's M & A. at the same time, through the carding of this part, we can further improve the risk prevention manual of the same type of M & A business of H Company and form a benign risk prevention feedback mechanism of the company. Through the M & A risk management at the practical level of the case, this thesis further summarizes the research content of M & A risk management of new energy central enterprises for private wind power enterprises, and refines the risk analysis path and prevention countermeasures of high-frequency M & A business scenarios of new energy central enterprises, which has a certain reference significance for the risk research of new energy central enterprises' M & A of private wind power enterprises.
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