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论文编号：	7755
作者编号：	2120132840
上传时间：	2015/12/4 20:06:38
中文题目：	MJ公司并购风险及控制
英文题目：	Research on Risk and Control of
指导老师：	薛红志
中文关键字：	并购风险；风险控制；MJ公司
英文关键字：	M&A risk;Risk Control; MJ Company
中文摘要：	随着国内经济结构转型升级步伐加快，不少企业也开始加快了国内外并购步伐，以进一步整合国内外相关优势资源，推动企业自身的转型升级。然而，企业并购并非一帆风顺；相反，企业并购是一个充满风险的企业管理过程。大多数的并购案例正在不断地证实，并购失败是企业并购活动的一个常态。为此，如何实施有效的企业并购风险防控，无疑就成为了部分存在并购需求企业关注的核心问题。 本文以并购风险管理相关理论为基础，采用案例分析等方法对MJ公司的并购风险相关问题进行研究。结果发现，目前MJ公司并购活动获得成功的案例属于少数，大部分并购均是以失败告终，或至今仍难以对并购效果做出判断；另外，通过对MJ公司历次并购活动进行分析，发现MJ公司在并购过程中主要面临以下风险类型：在并购前期，主要存在战略决策失误风险、行政体制干扰风险、投资决策失误风险；在并购中期，MJ公司主要存在对目标企业定价过高风险和并购谈判失败风险；在并购后期，MJ公司则主要面临经营不利风险，以及整合失败风险；其中，整合失败风险主要包括管理、人员、文化和财务整合失败风险。 针对上述风险类型，本文建议MJ公司可以采取以下措施，以进一步提高并购风险控制能力：一是在并购前期，应建立科学的并购战略决策机制、与当地政府保持良好沟通关系、科学研判市场趋势降等；二是在并购中期，应多措并举降低定价过高风险、树立大局观念降低谈判风险；三是在并购后期，应建立符合行业的经营风险控制机制，并做好风险控制预案以防范整合风险。
英文摘要：	With the acceleration of domestic economic structure transformation and upgrading, many enterprises have also begun to speed up the pace of mergers and acquisitions at home and abroad, in order to further integration of domestic and foreign relevant advantage resources, promote transformation and upgrading of the enterprise itself. Mergers and acquisitions, however, was not all plain sailing; On the contrary, M&A is a risky business management process. Most cases of mergers and acquisitions are constantly confirmed that M&A failure is a normal enterprise merger and acquisition activity. Therefore, how to implement effective enterprise merger and acquisition risk prevention and control, no doubt has become a part of M&A demand enterprises focus on the core of the problem. In this paper based on the M&A risk management related theory, the methods of case analysis study of MJ Company’s M&A risk related issues. The results show that the MJ company merger and acquisition activity in a successful case of minority, most of the mergers and acquisitions have ended in failure, or the effect of the mergers and acquisitions is still difficult to judge; In addition, through the analysis of MJ company all previous mergers and acquisitions, found that MJ company mainly face the following risk types: in the process of M&A in the early stage of the merger, there are strategic decision-making errors, administrative system interference risk, investment risk decision-making errors; In the middle of the mergers and acquisitions, MJ company mainly exist on the target enterprise pricing risk and risk of merger talks fail; Late in mergers and acquisitions, MJ company mainly business risks, as well as the integration of the risk of failure; Among them, the integration of the risk of failure mainly includes the management, staff, culture failure risk and financial integration. According to the risk types, this paper suggested that company can take the following measures, in order to further improve the merger and acquisition risk control ability: one is in the early stage of the merger, suggested that company should establish the scientific merger and acquisition strategy decision-making mechanism, keep good communication relationship with local government, and to scientific market trend down, etc.; The second is in the middle of the mergers and acquisitions, that company measures and reduce the price more high risk and establish the overall idea, reduce the risk of negotiation; The third it is late in mergers and acquisitions, company should be in line with the industry risk control mechanism, risk and risk control plan to guard against integration.
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