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论文编号：	7600
作者编号：	2120132463
上传时间：	2015/6/16 11:47:50
中文题目：	我国企业并购与并购风险防控策略研究—以中星微电子并购案为例
英文题目：	The research of preventing strategy for Chinese enterprise M & A risks--Taking Vimicro''s M & A as an example
指导老师：	薛有志
中文关键字：	企业并购；并购动因；并购风险；风险防范
英文关键字：	Enterprise M&A; M&A motivation theory; M&A risk; Risks prevention
中文摘要：	中国自改革开放以来，社会经济环境发生了翻天覆地的变化，市场经济得到了前所未有的发展，为各行各业带来全新发展机遇，为中国企业提供了广阔的发展空间。进入二十一世纪后，中国经济进入了快车道，市场经济环境下的优胜劣汰，激发了市场竞争，为行业注入活力，中国企业通过优胜劣汰的市场竞争机制不断提升经营管理效率，提高市场竞争能力，企业得到发展和壮大。 随着世界经济一体化的推进，中国市场受到来自全世界企业的关注，更加剧了市场竞争。如何在竞争当中超越对手而立于不败之地，是每一个企业都在苦思冥想和努力实践的。越来越多的中国企业发现，借助资本市场，采用企业并购方式是快速壮大自己的发展途径。2013年，中国并购市场并购交易数量达到了5233宗，可统计的交易规模就超过3300亿美元，达到历史最高值。这种爆炸式的增长已证明并购方式对于企业发展的重要性。同时，不可忽视的是，成功并购案例的背后是数量惊人并购失败案例，据统计，仅有不到四成的并购活动取得成功，其余均以失败告终。并购行为是一种非常复杂的市场行为，并购失败的原因来自于方方面面的风险，企业如不加以分析和防范，将对并购活动造成致命的影响。 并购行为的实质是企业的一种投资行为，从这个角度来看，并购行为的全过程与风险同行。如何有效的对风险加以预测和防范，帮助企业提高并购成功率是本研究的出发点。本研究在参阅大量文献资料后，对企业并购活动相关的理论研究成果加以梳理，在理论研究的基础上，尝试对企业并购行为的前期、中期、后期不同阶段和所面临的风险因素进行深层次分析研究，在借助理论工具剖析各类并购风险后进行相应的防范措施研究，并得出研究结论。本研究希望通过理论研究，帮助中国企业在了解相关理论的前提下更加全面和透彻的认识并购活动中的风险，对并购风险的认知更加全面，感知更加敏锐，预防和处置风险能力更为游刃有余。 本研究分为六个章节：第一章为绪论部分，阐述了研究背景、研究意义与思路，以及对研究方法和研究框架的设计加以说明，同时对中国企业并购活动的现状和存在的问题进行了总览性的介绍；第二章是对相关理论的梳理和回顾，包括并购行为的定义、类型的描述，以及引发并购行为的动因理论，和并购动因理论包含的效率理论、信息与信号理论、市场势力理论、税盾理论、再分配理论；第三章内容是风险和风险管理的定义和特征，以及风险管理系统的内涵和流程，剖析了风险和风险管理的本质，为后面的并购风险相关内容做了理论铺垫；第四章内容对企业并购活动的调研和设计阶段、实施阶段、整合阶段等各个阶段隐含的风险和防范措施做了研究，将各个阶段涉及的目标选择、政治因素、并购谈判、评估过程、信息不对称因素，以及资产、战略、组织、文化的整合等风险和防范分条块详细阐述。第五章，在前面各章节研究的基础上，选择实际案例对并购活动中的风险类型、防范措施进行总结分析，令相关理论和定义在实践中有所体现，加强本研究对企业并购活动风险防范的指导意义。第六章，通过上述论证研究过程得出本研究的结论，并客观诚恳的对本研究不足之处做了总结，同时，也展望了未来在此方面的研究方向。
英文摘要：	Since the reform and opening up of China, we could see the great changes in our social economic environment, the market economy have been hitherto unknown development, bring new opportunities to development for all industries, provided a broad space for the development of Chinese Enterprises. After entering in twenty-first Century, Chinese economy into the fast lane, under the market economic environment, inspires more competition, injects the vitalities into different industries, by the fierce market competition， Chinese enterprises improve management efficiency, improve the ability of market competition constantly to develop and grow. With the global economic integration, more and more enterprises all over the world pay attention to the Chinese market, which intensified market competition. How to go beyond the opponent and how to be a winner in the competition, each enterprise must consider and practice carefully. More and more Chinese enterprises find out, they would depend on the capital market, by the way of merge and acquisition is the rapid growth of enterprise. In 2013, the number of M&A in china is 5233, statistical size of transactions exceeded $330billion, reaching the highest value. This explosive growth has proved the importance of M&A for the development of enterprises. At the same time, we could not ignore the fail cases behind the success of M&A, according to statistics, only less than 40% cases could be success in the M&A activities, the rest are ended in failure. The M&A activity is a very complex market behavior, the failure from the aspects of the different risks, the enterprise should make analysis and prevention carefully, or cause a fatal impact on M & A activity. The essence of the M&A is a kind of investment behavior of enterprise, from this point, the risk with the whole process of M&A. How to forecast and prevent the risk effectively and how to help enterprises to improve the success rate of M&A is the starting point of this article. A large number of literature in this study, I comb the research findings of the M&A theory, basis on the theoretical research, try to deeply research and analyze the risk factors of enterprise M&A behavior from different phase. The study of corresponding prevention measures through the theory of tool to analyze the various M&A risk, and drew the conclusion. The research conclusion could help the enterprise to understand the relevant theories and realize the risk in the M&A comprehensively，make enterprise get more acute perception for the M&A risk, upgrade the skills of prevention and disposal of risk abilities. There are six chapters in my article: The first chapter is the introduction, elaborate the background, significance and the train of thought and the illustration of the design of research methods and framework, along with the overview introduction for current situation and the existing problems of Chinese enterprise in M&A activities; The second chapter is to review and hackle the related theories, including the definition, description for the type of M&A behavior, and motivation theory that is initiated merger behavior, and M&A motivation theory contains the efficiency theory, information and signal theory, market power theory, tax shield theory, redistribution theory; The third chapter is the definition and characteristics of risk and risk management, and the connotation and process of risk management system, to analyze the nature of risk and risk management, to make the theory upholstery for the behind related merger risk content; The fourth chapter is the research of enterprise M&A activities in all stages of implied risk and preventive measures; including Research and design stage, selection, political factors, merger negotiations, evaluation process, information asymmetry, and assets, strategy, organization, culture integration risk and prevention; the fifth chapter content is base on the four chapters before, choose the real case to summarize and analyze the different kinds of risks and preventive measures, then put the related theories and definition into practice, burst the guidance of the article for the M&A risks prevention; the sixth chapter is the conclusion of the article , to summarize the insufficiencies of this study sincerely , at the same time, also give the prospect of the future research direction in this aspect.
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