R资产管理公司财务尽职调查中存在的问题及其对策研究

发布时间：2018-04-03 05:32

本文选题：资产管理公司　切入点：财务尽职调查　出处：《华侨大学》2017年硕士论文

【摘要】：2006年以后,四大国有资产管理公司相继完成商业化转型。相比于政策性时期业务资源由国家给定,市场明确划分,无竞争与生存压力的状况,改制之后的资产管理公司需要凭自身市场竞争力获取业务资源,并且完全承担盈亏风险。资产管理公司由于业务本身所对应的标的资产及客户质量相对于银行业务较为次级,再次发生不良的风险较大。因此,为实现可持续发展,对拟收购的资产进行尽职调查起着举足轻重的作用,财务尽职调查作为整个尽职调查体系中最关键的环节,不仅可以了解拟收购资产历史价值,还能够预测未来价值及现金流量。全面系统的财务尽职调查工作可以及早识别风险,从源头上控制和防范风险,为决策提供重要的依据。本文从R资产管理公司项目经理的视角出发,通过梳理R资产管理公司历年项目财务尽职调查形成的报告要点,结合笔者自身参与多个项目财务尽职调查工作的实践经验,通过归纳总结法,发现R资产管理公司财务尽职调查过程中存在的一系列问题,并进一步调查剖析出现上述问题的主要原因。在对现状充分研究分析的基础上,本文以优化R资产管理公司财务尽职调查工作,解决上述问题为目标,有针对性地提出了以哈佛分析理论框架为核心指导的财务尽职调查流程改善对策。将定性分析与定量分析有机结合。以尽职调查对象所处宏观环境、行业环境和企业战略为背景首先进行战略分析,并在此基础上结合企业的会计政策和估计,进行会计分析和调整,联系企业经营活动与财务数据之间的关系进行各类财务指标与趋势分析,从而对前景做出合理预测,形成企业财务尽职调查的基本框架。最后,运用案例法,以A项目为例,实施开展财务尽职调查以验证改善对策的可行性,最终得出实践可行的结论。本课题研究有助于R资产管理公司提高财务尽职调查工作的效率,有效控制项目风险,从而保全资产。对其他资产管理公司开展业务具有借鉴意义。
[Abstract]:Since 2006, the four major state-owned asset management companies have completed commercial transformation.Compared with the situation that the business resources are given by the country, the market is clearly divided, and there is no competition and survival pressure in the policy period, the asset management companies after restructuring need to obtain business resources by their own market competitiveness, and bear the risk of profit and loss completely.Because the underlying assets and customer quality of the business itself are relatively inferior to those of the banking business, asset management companies are at greater risk of reoccurrence of bad assets.Therefore, in order to achieve sustainable development, due diligence on assets to be acquired plays an important role. As the most important part of the whole due diligence system, financial due diligence can not only understand the historical value of assets to be acquired.It can also predict future value and cash flow.Comprehensive and systematic financial due diligence can identify risks early, control and prevent risks from the source, and provide an important basis for decision-making.From the perspective of the project manager of R Asset Management Company, this paper combs the main points of the report formed by the financial due diligence of R Asset Management Company over the years, and combines the author's practical experience of participating in the financial due diligence work of many projects.A series of problems in the process of financial due diligence of R Asset Management Company are found by summing up method, and the main reasons for these problems are analyzed.Based on the analysis of the present situation, this paper aims to optimize the financial due diligence of R Asset Management Company and solve the above problems.This paper puts forward the countermeasures of improving the financial due diligence process guided by Harvard analytical theory framework.The qualitative analysis and quantitative analysis are combined organically.Taking the macro environment, industry environment and enterprise strategy of due diligence as the background, this paper first analyzes and adjusts the strategy, and then combines the accounting policy and estimation of the enterprise.Based on the relationship between business activities and financial data, various financial indexes and trends are analyzed, so as to make a reasonable prediction of the future and form the basic framework of financial due diligence.Finally, by using the case law and taking Project A as an example, we carry out financial due diligence to verify the feasibility of the improvement measures, and finally draw the feasible conclusion in practice.This research will help R Asset Management Company to improve the efficiency of financial due diligence and effectively control project risk, thereby preserving assets.Other asset management companies to carry out business reference.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39;F830.42

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