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论文编号：	952
作者编号：	2120071952
上传时间：	2009/5/26 0:37:29
中文题目：	中国制造业上市公司并购过程中的
英文题目：	Research on Financial Risk Con
指导老师：	余娟 副教授
中文关键字：	制造业 并购 财务风险控制 财
英文关键字：	Manufacturing Industry M&A/
中文摘要：	加入WTO后，中国经济已经成为世界经济不可或缺的一部分。可是，当中国企业参与到这场全球化的竞争时才发现自己的竞争实力远远落后于跨国公司，于是在近年来中国的制造业发起了一场以提高行业竞争力、增强企业实力为目的的行业整合运动。企业并购是实现行业整合的重要手段之一，然而企业并购交易是企业所有业务中风险最大的交易，许多中国企业难逃并购失败的厄运。经学者研究发现并购过程中的财务风险控制是影响企业并购成败的一个关键因素，因此如何控制企业并购过程中的财务风险已经成为中国制造业整合成败的关键。虽然中国企业的并购活动才处于起步阶段，但在这一领域，理论研究者已经作出了许多杰出的贡献，并提出一些独特的见解，他们对企业并购过程中财务风险控制方面的研究和探讨，为本文提供了良好的理论基础。本文研究的重点是对以前的研究进行整合，并使之系统化，同时结合并购过程来讲述企业如何进行财务风险控制，以期为企业并购活动提供指引与参考。 本文的第一章为导论，说明了本文的研究背景、研究意义和研究框架等；第二章为理论回顾，分别从并购理论和财务预警理论两个方面总结了国内外的研究现状，为本文的研究打下坚实的理论基础；第三章从并购过程中的财务风险分析入手，详细分析了并购的定价风险、融资风险和支付风险，并找出与各风险相关的财务指标，为下一章并购过程中的财务风险综合指标体系的选择以及预警模型的构建做了很好的铺垫；本文的第四章，运用因子分析的方法构建了企业并购过程中的财务风险预警模型，并进行检验，检验结果表明该模型在中国制造业上市公司并购过程中的财务风险预警应用中具有适用性；最后，本文的第五章，针对我国制造业上市公司并购过程中的财务风险控制，提出了对策与建议；第六章为本文的结论部分。
英文摘要：	China's economy has become an integral part of the world economy after joining WTO. However, when the Chinese enterprises participate in global competition, they find their own competitive strength is far behind transnational corporations, so in recent years, Chinese manufacturing industry has launched an industry integration movement to increase their competitiveness, to enhance the strength of their own. Mergers and acquisitions is an important way of industry integration, however, M&A transactions has the biggest risk of all business transactions, many Chinese enterprises can not escape the fate of a failed M&A. The scholars found that, in the process of M&A financial risks control is a key factor that affecting the success of it, so how to control financial risk in the process of M&A has become the key to the success of China's manufacturing industry integration. In this paper, the first chapter is introduction, describing the background, the significance and the framework of this research; The second chapter is theory recalling, making a summary description of research status from the M&A theory and the financial pre-warning theory respectively at home and abroad, laying a solid theoretical basis for this research; The third chapter begins with analyzing the financial risk in the process of M&A, and a detailed analysis is made in the pricing risk, financing risk and payment risk of M&A, making a very good foreshadowing for the next chapter; The forth chapter of this paper, using the method of factor analysis to build the financial risk pre-warning model in the process of M&A, and testing it, the results shows that the model is applicable to manufacturing industry in China, in pre-warning the financial risk in the process of M&A; Finally, the fifth chapter, proposing countermeasures and suggestions of financial risk control to China's manufacturing industry in the process of M&A.
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