S公司并购N公司中的财务风险控制研究

发布时间：2018-04-12 08:29

本文选题：企业并购 + 财务风险　；参考：《吉林财经大学》2017年硕士论文

【摘要】：随着经济全球化以及信息革命的快速发展,生产要素的配置正在由僵化单一转向动态开放。并购作为企业间的一项产权交易行为越来越多的出现在资本市场上。20世纪90年代初,全世界企业并购的金额约为4000亿美元,而到了21世纪初,企业间并购金额上升至3.5万亿美元。现代企业进行规模扩张的一种手段就是与企业的竞争者进行重组。但是企业的并购活动伴随着较大的风险,其中面临的最大风险就是财务风险,若是能够解决企业并购中的财务风险,其成功并购的概率会更高。在我国,国有企业并购还肩负着推进国有企业体制改革的重要使命。近几年,全球的轨道交通市场发展较快,国际中很多的经济体以及发展国家都开始规划铁路方面的发展和建设。中国国家领导人也提出了有关轨道交通方面的发展思路,比如“一带一路”战略思想的构建,并且国家计划在未来投资1.2万亿美元用于对外投资的相关项目。目前全球的轨道交通行业的发展空间较大。在此环境之下,S公司与N公司作为大型轨道交通方面的国有企业,其合并有着特殊意义,因此研究此次并购中的财务风险及其控制问题对今后的国有企业并购具有重要的指导意义。本文通过对S公司并购N公司的前期准备、并购过程中和完成并购之后的财务风险进行深入的探讨、分析,总结相关经验,帮助企业深刻理解解决财务风险在企业并购活动中的重要性,促使企业采取有效的措施,最大程度控制财务风险,实现协同效应,达到预期并购目标,改善并购绩效,从而提高并购成功率。本文首先从财务风险的概念以及并购活动中财务风险出现的原因入手,通过研究现在已经有的资料深入了解我国国有企业在并购活动中有关财务风险管理方面的内容。根据我国国有企业目前的具体情况以及企业进行并购活动需要完成的程序,结合S公司并购N公司这个典型案例,分析财务风险对国有企业并购的影响,最后总结并购过程中的各阶段财务风险的特征并提出相应的控制措施。
[Abstract]:With the rapid development of economic globalization and information revolution, the allocation of production factors is changing from rigid and single to dynamic opening.M & A, as a property right transaction among enterprises, appears more and more in the capital market in the early 1990s. The amount of M & A in the world is about 400 billion US dollars, but at the beginning of the 21st century,M & A between enterprises rose to $3.5 trillion.A means of scale expansion of modern enterprises is to restructure with their competitors.However, M & A activities of enterprises are accompanied by greater risks, among which the biggest risk is financial risk. If the financial risks in M & A can be solved, the probability of successful M & A will be higher.In our country, state-owned enterprise M & A also shoulders the important mission of promoting the reform of state-owned enterprise system.In recent years, the global rail transit market has developed rapidly, and many international economies and developing countries have begun to plan the development and construction of railways.Chinese leaders have also suggested ways to develop rail transit, such as the construction of Belt and Road's strategic thinking, and plans to invest $1.2 trillion in foreign investment projects in the future.At present, the global rail transit industry has a large space for development.Under this circumstance, as a large state-owned enterprise in rail transit, the merger of S Company and N Company is of special significance.Therefore, the study of the financial risk and its control in the M & A is of great significance to the future M & A of state-owned enterprises.This article through the S company M & A N company in the early preparation, M & A process and after the completion of the financial risk in-depth discussion, analysis, summary of relevant experience,To help enterprises to understand the importance of solving financial risks in M & A activities, to urge enterprises to take effective measures to control financial risks to the greatest extent, to achieve synergy, to achieve the desired goal of M & A, and to improve M & A performance.To improve the success rate of mergers and acquisitions.This paper begins with the concept of financial risk and the reasons for the emergence of financial risk in M & A activities, and through the study of the existing data, deeply understand the contents of financial risk management in M & A activities of state-owned enterprises in China.According to the current situation of state-owned enterprises in our country and the procedures that enterprises need to complete in M & A activities, combined with the typical case of S Company M & A, this paper analyzes the impact of financial risks on M & A of state-owned enterprises.Finally, the characteristics of financial risk in each stage of M & A are summarized and the corresponding control measures are put forward.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F406.7;F271

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