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论文编号：	6279
作者编号：	2220120366
上传时间：	2014/6/6 21:33:55
中文题目：	企业并购中的超额支付风险及其防范研究—基于A公司并购案例分析
英文题目：	The Excess Payment Risk on Mergers and Acquisitions in The Enterprises and its Prevention study: Analysis Based on The M & A Case of A Company
指导老师：	陆宇建
中文关键字：	并购；超额支付；风险
英文关键字：	M & A；the excess payment；risk
中文摘要：	在全球一体化的今天，并购已成为企业多元化经营的有力工具。尤其是新一轮全球化并购浪潮出现，使得并购活动越来越密集。然而，与日俱增的并购活动对风险管理的要求也相对提高。在全球众多并购中，成功的并购活动大约仅为三成，大多并购活动未实现预期效果且在并购活动各环节充斥着各类潜在风险。由于我国企业对并购风险未予以充分重视，且并购风险管理在国内发展尚不成熟，在并购活动中易形成超额支付风险的诸多问题，所以本文对超额支付风险进行研究是非常必要的。本文从并购超额支付风险角度，首先在国内外学者研究的基础上对并购超额支付风险的含义进行界定，并对超额支付风险相关基础理论进行分析。然后，介绍了A公司及并购过程。结合A公司案例，认为获取信息不充分、过度自信、估值方法单一、考虑协同效应不充分及缺乏谈判纪律等是形成超额支付风险问题的成因，并分析A公司并购动机对超额支付的影响，归纳了超额支付风险具体防范对策。通过对A公司案例分析，总结了并购超额支付成因和对策。本文对企业并购超额支付风险及防范研究，有助于国内企业防范并购超额支付风险及并购估值后对被收购目标公司净资产公允价值的确定。
英文摘要：	In today's global integration, M & A has become a powerful tool for enterprise diversification. Especially in the new round of global mergers and acquisitions, the merger and acquisition activity is getting more and more crowded. However, growing with each passing day mergers and acquisitions activity requirements for risk management becomes relatively higher. In a number of mergers and acquisitions in the world, the success of M & A activity is only around 30%, most M & A activities did not achieve the desired effect. And all M & A activity links kinds of potential risk. For the enterprises in our country hasn't given enough importance to the risk of merger and acquisition and the development of risk management in China is still not mature, there are many problems are easy to form the excess payment risks in the M & A activities. So the research on the M & A and the excess payment risk is very important. This thesis from the excess payment risk of the M & A point of view, defines the excess payment risk based on scholar's research on M&A at home and abroad. And then analyze the relevant basic theory of it. Then introduces A company and the M&A process. Combined with the case of A company, this thesis accesses that the reason of the excess payment risks are not sufficient information, overconfidence，single value method, not sufficient considering and synergistic effect and lack of payment discipline. And also this thesis analyze the influence of the excess payment by the A company's merger motives and the thesis summarizes the excess payment specific risk prevention countermeasures. Through the analysis of the case of A company, it summarizes the reason of the excess payment risks and specific risk prevention countermeasures and the inadequacies of the research in mergers and acquisitions. In this thesis, the excess payment risk on M & A and prevention research to help domestic enterprises to prevent the excess payment risk and determine the fair value of the net assets after the acquisition of the target company valuations.
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