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论文编号：	7572
作者编号：	2120132462
上传时间：	2015/6/15 17:17:42
中文题目：	企业并购的财务风险管理研究——以A公司并购B公司为例
英文题目：	Research on Financial Risk Management of Mergers and Acquisitions—Taking A company M&A B as an example
指导老师：	胡望斌
中文关键字：	并购；财务风险；风险控制
英文关键字：	Mergers and Acquisitions；Financial Risks；Control of Financial Risks
中文摘要：	近年来，中国市场经济发展非常迅猛，企业的并购活动十分频繁，并购规模总量迅速攀升，并购已经成为帮助企业扩大规模，提高市场竞争力，降低运营成本和财务成本的主要方式。而在并购过程中，财务并购风险是关键的影响因素，因为财务问题贯穿整个调研、并购及并购后整合过程的始终，能否很好的规避和解决财务风险，是决定并购行为是否成功的重要因素。一旦出现财务风险，则不但可能影响企业的并购，甚至将给后续的经营活动造成重大负面影响，对于财务人员来说，对并购活动的财务风险进行深入分析，能帮助有效制定相关制度及控制措施，避免财务风险的发生，对于中国企业并购的扩张及中国市场经济的发展具有十分重要的现实意义。本文首先阐述定义了并购财务风险，并进行了并购财务风险种类的识别，随后通过判断对财务并购风险种类进行分类，以期对其进行防范。根据并购行为所处的阶段及涉及到的程序，对诸如各阶段可能出现的风险进行了分析，并结合案例实际，理论和实践相结合，根据各种风险产生的原因和背景，提出了风险防范措施。本文从案例出发，做了理论联系实际的分析，提出了一些规避及解决并购财务风险的方法，能作为企业并购过程中规避财务风险的有效建议，但受制于本人自身学术能力的不足，接触实际并购案例也十分有限，论文中所涉及到的案例分析仅停留在宏观层面，还不够深入细致，对于一些实务操作细节把握十分有限，对如何度量并购财务风险没有做量化研究。本人将在后续的工作实践中继续分析研究企业并购财务风险，并争取能探索出量化的研究方法。
英文摘要：	In recent years, the market economy of China develops fast. Enterprise merger and acquisition (M&A) activities are frequently, total amount of M&A becomes bigger than bigger. M&A has been the main way to expand for enterprises, improve market competitiveness, and reduce operating costs and financial costs. In the process of M&A, financial risk is the key factor to influence the result. Because of financial problems full of the M&A procedure, from the research to integration. To avoid and resolve financial risk is the one of the important factor to determine whether the M&A success or not. Once the financial risks become true, it may not only affect the enterprise M&A, but even give negative impact to the activities. For financial staff, to analyze the financial risk of M&A activity may improve the financial system, work out the effective countermeasure and avoid the financial risk. It‘s very important for the expansion of M&A and the development of China's market economy. Firstly, this thesis gives the definition of the financial risk of M&A, and analyzes the management theory. Subsequently, judging the various financial risks of M&A in order to identify and prevent the risks. According to the stage and the procedures of the M & A behavior, analyzes the problems of different stage, and combines with the actual case, by the combination of theory and practice, according to various reason and background of the risks, gives the prevention measures. Based on the case, this thesis gives the analysis of the theory and practice, give some methods to avoid and solve the M&A financial risk. These suggestions can be used to avoid financial risk in enterprise M&A activities. Since my own academic ability is insufficient and my actual experience is limited, the case analysis is not thorough enough. I didn’t do enough quantitative research on how to measure the M&A financial risk. I would continue to study in the subsequent work practice of M&A financial risks, and try my best to explore quantitative research methods.
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