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论文编号：	6001
作者编号：	2120112762
上传时间：	2013/12/10 9:36:22
中文题目：	企业并购中的财务风险研究
英文题目：	Research of Financial Risk in Enterprise Mergers and Acquisitions
指导老师：	李姝
中文关键字：	企业并购；财务风险；财务风险控制
英文关键字：	enterprises M & A; financial risk; financial risk control
中文摘要：	上世纪90年代以来，全球化的浪潮席卷了几乎所有的经济领域，在各大领域的跨国公司、准跨国公司的主导下，全球企业迎来了又一次的并购浪潮。此时正值中国的改革开放取得阶段性成果的年代，已经满足了生存和发展需要的中国企业，开始有了更加深层次的需求，即通过与国际接轨的方式，从中国市场走向全球市场，分享经济全球化的成果。从那时开始，逐渐成长起来的中国企业开始尝试着加入这一全球并购的浪潮。并购在我国虽然只有短短20年的历史，但随着改革开放的深入，国际化经验的引入使得我国并购的市场化程度越来越高，并购相关的法制建设也愈加完善。特别是在中国经济面临从高速增长的阶段，步入了新的转型时期，并购市场也发生了新的变化。一方面，财富的积累使更多的民间资金开始寻求具有风险收益的投资渠道；另一方面，经济环境和政策环境的变化使诸如证券市场IPO之类的融资增长陷入停滞，综合这两方面原因，使得并购再一次成为投资者和融资企业关注的重心。但市场不能够忽视的是，企业的战略并购往往都需要大量的资金投入，这将给实施并购的企业以及投资者带来巨大的财务风险。多项研究表明，在并购数量和交易额快速增长的同时，并购风险也不断的增加，特别是并购行为所带来的财务风险。因此，对于并购财务风险防范与控制手段的研究，在并购盛行的今天，特别具有现实的意义。本文通过理论分析和案例实践的结合，力求探寻企业并购财务风险控制的最有效途径和方法。首先，在本文的引言部分阐述了本文的研究背景和研究目的，介绍了国内外最新的研究成果以及本文的创新之处。其次是本文的理论部分，在分析和总结企业并购及财务风险相关理论的基础上，特别针对企业并购财务风险的成因进行了讨论。然后就中国并购市场现状及并购的财务风险特殊性进行了探讨。接下来本文结合前述企业并购财务风险的理论体系，对联想并购IBM PC业务案例进行了深入的考察，详细介绍了案例的实施背景，分析了案例实施的动因，探讨了案例中并购整合措施的利弊，并揭示了案例中并购的财务风险；之后从并购定价风险、融资风险、支付风险和整合风险四个方面对并购财务风险控制措施进行了讨论，并结合我国企业并购财务风险的特殊性提出了风险控制对策。最后，是本文的结论部分，在对全文进行总结的基础上，对企业并购财务风险的控制提出了建议。
英文摘要：	Since 1990s, globalization has swept almost all sectors of the economy. In the lead of multinational corporations and quasi-led multinational from major area of the economy, global enterprise ushered in another wave of mergers and acquisitions. This period was exactly the time when China's reform and opening had achieved substantive results. Chinese enterprises which had already met the survival and development needs, began to have a more deep-seated desire. They wanted to share the fruits of globalization through international expansion, and developed their business from China to the world. Since then, Chinese enterprises which had been gradually growing up started trying to join the wave of global mergers and acquisitions. Although China’s mergers and acquisitions only has a short 20 year history, China’s M&A market has become more and more marketable and acquisition-related legal system has become even more perfect along with the deepening of reform and opening up as well as the introduction of international experience. When China’s economy faces the transformation from a high growth phase into a new period of transition, acquisitions market has also undergone new changes. On one hand, the accumulation of wealth makes more private capital begin to seek risk-return investment channels; on the other hand, the changing of economic and policy environment make the growth of financing such as IPO stagnate. The above reasons make acquisition become the focus of investors and financing companies one again. However, the market cannot ignore the huge capital investment of strategic acquisitions, which will bring a huge financial risk to acquirer and investors. Showed by many studies, the risk of mergers and acquisitions, especially financial risk, grows with the increasing of the number and volume of acquisition transactions. Therefore, the research of prevention and control of acquisition financial risk has a practical significance under the prosperity of mergers and acquisitions. This article strives to explore the most effective way and method to control financial risk of mergers and acquisitions, through theoretical analysis and case study. First, in the introductory section, this article describes the research background and purposes, the latest research results domestic and abroad as well as innovation of this paper. Followed is the theoretical part, in which this paper particularly discusses the causes of financial risk of acquisition, on the basis of analyzing and summarizing relevant theories of mergers and acquisition as well as financial risk. And then this article discusses the situation of China’s M&A market and the specialty of financial risk. Next, combining with the above mentioned theoretical systems of financial risk of mergers and acquisitions, this paper conducts a deep investigation into the case of Lenovo's acquisition of IBM PC business, in which introduces the implementation details of the case, and analyzes the motivation of the acquisition, along with the discussion of the pros and cons of integration measures, and reveals the financial risk of this case in the end. In the following chapter, this paper discusses financial risk control measures of pricing risk, financing risk, payment risk and integration risk, and also proposes financial risk control methods combined with the particularity of China’s M&A. In the end is the concluding part, in which proposes suggestions to financial risk control methods of mergers and acquisitions, on the basis of summarizing the full text.
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