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论文编号：	4352
作者编号：	2120092849
上传时间：	2012/6/7 13:04:56
中文题目：	我国企业并购财务风险控制体系研究——以A公司并购案为例
英文题目：	The Study on the system to control the financial affairs during the M&A in China: take A Company for the case
指导老师：	边泓
中文关键字：	企业并购;财务风险;控制
英文关键字：	M&A; Financial risk; Management
中文摘要：	并购是完成资本扩张，提高企业竞争力的重要途径，也是实现自身战略部署的重要方式。伴随着经济全球化和一体化的进程，并购在世界范围内受到越来越多企业的追捧，在全球掀起此起彼伏的并购浪潮。而随着我国现代企业制度的建立以及股权分置改革的推进，兼并和收购（M&A）也成为我国企业合理配置资源，提高经济效益的重要手段。但纵观历史成果,很多并购活动都没有达到预期成果，甚至很多并购企业因此“一蹶不振”。因此并购虽然在调整经济结构中发挥着越来越重要的作用，但同时也是高风险的投资活动。企业并购的风险来自各个方面——法律风险、环境风险、信息不对称所导致的风险以及财务风险等等。但归根结底，任何风险产生的结果最终都要反映到财务上。所以加强企业并购活动的财务风险管理和控制对提高并购成功率有着重大的意义。本文研究的目的在于通过研读相关文献，结合全球并购活动的发展历程，着重分析我国企业并购的自身特点。全文共分为六章：第一章“绪论”提出了本文的研究内容，并主要对企业并购的背景、企业并购以及并购中的财务风险等相关概念做了简单的阐述和界定；第二章“相关研究与实践回顾”主要是对并购理论的阐述和梳理国内外学者对并购财务风险控制等相关理论的研究，并且通过介绍企业并购的发展历程，归纳总结了并购发展历程的特点和规律；第三章我国企业并购财务风险控制存在的问题，主要分析了国内企业并购的背景以及并购财务风险产生的原因和企业并购在财务风险控制方面的特殊问题；第四章是我国企业全面并购财务风险防范体系的构建，基于前文的分析本章对国内企业并购的财务风险控制问题提出改正完善措施，建立起比较完善的并购财务风险控制体系，认为全面财务风险控制体系的构成应该从并购活动前的尽职调查、并购活动执行过程中的定价、融资支付以及并购活动后的系统整合风险来考虑，最后提出了全面财务风险控制体系的保障措施；第五章案例分析，分析了A企业在并购活动中的财务风险控制措施，并对其结果进行评价，提出了建议；第六章总结，在上述的基础上，对本文做了小结，并对文章的待改进之处进行展望和探讨。
英文摘要：	M&A (merger and acquisition) is a major way to expend and to improve the competitiveness for an enterprise. It has been the favorite means to more and more companies with the trend of the globalization and the integration. Meanwhile, after the construction of the new enterprise system and the accomplishment of Share Splitting Reform in china, M&A is also a significant method for our business. However, a great many of M&A activities have been proved to be failed. On this aspect we can say that: though there maybe attractive fruits, there is also high risk in the merger and acquisition. The risk of M&A is consisted of many factors, the risk of law and the risk which is caused by unsymmetrical information. However, the most important risk is the financial affairs, for the final consequence of each risk will be reflected on it. So, strengthening the controlling of the financial affairs must be significant and necessary for the activity of M&A. The aim of the thesis is establishing a general framework to control the financial affairs by analyzing the state in the Mineral industry. The thesis is divided into six parts. The fist part is to expound the main content and to define some essential concept. The second part is “the review of the past researches and practices”, which is focused on absorbing the essence of the past theories about the financial affairs, and studying M&A practices. The third part is paying attention to discussing the condition of M&A in china, for the environment in our country, the type of the financial affairs, reasons of the financial risk and the management of it, then, I make analysis on the problems of the management about financial risk in our country. Next, the thesis gives the general controlling framework against the financial risk based on the analysis ahead .The five part hammers at the case-analyzing, based on A company. Considering the analyzing and discussing ahead, we give important advice to A through the general controlling framework. The final part summarizes the thesis ahead.
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