Z证券公司并购后整合的内部控制研究

发布时间：2018-05-02 12:27

本文选题：并购 + 整合　；参考：《重庆理工大学》2017年硕士论文

【摘要】：近几年来,随着金融市场的发展,证券行业面临的竞争愈来愈激烈。那么,为了让自己在金融市场上站稳脚步,越来越多的证券公司选择了并购扩张之路。然而并购这条路并不是那么容易,证券行业作为资金密集型和高风险行业,不做好并购后的整合工作,并购效应将不能很好发挥,造成并购失败。从内部控制各个环节入手,做好并购后的各项整合工作,将之贯穿于证券公司各环节,可达到公司价值增值目的,实现良好并购效果。理论上,目前国内外学者从内部控制角度对证券公司并购后整合的研究很少,大多单纯谈风险管理,实际中,也未引起足够重视。基于上述背景,本文从并购后产生正效应的视角,引入内部控制的五要素框架,对Z证券公司并购后的整合阶段进行内部控制优化,改善其内部控制体系,实现公司并购整合目标,产生正效应,达到期望的整合效果。本文基于国内外学者的研究思路和方法的指导,选用文献研究和案例分析的方法对选题进行研究。首先,对并购相关理论、内部控制理论、并购内部控制理论进行了阐述。接着,引入了Z证券并购M证券的案例,分析Z证券公司并购案例过程以及并购效应的影响因素,剖析其内部控制的现状及存在的问题。然后基于不足有针对性地对Z证券公司内部控制提出了优化对策:(1)构建并购后整合的内部控制框架;(2)夯实内部环境及营造并购后的文化氛围;(3)优化风险识别与评估机制;(4)将价并购正效应目标理念贯穿于并购后整合的控制活动中;(5)优化信息与沟通平台;(6)优化监督与控制体系。在设计中覆盖了并购后整合活动的多方面,使研究赋予实际操作性,在确保Z证券公司并购目标实现的同时来规避各种并购风险,实现收购后公司得到资源的有效配置,提升公司的经营效率,实现公司并购价值增值。
[Abstract]:In recent years, with the development of financial market, securities industry is facing more and more fierce competition. So, in order to let oneself stand firm in the financial market, more and more securities companies have chosen the road of M & A expansion. However, the road of M & A is not so easy. As a capital-intensive and high-risk industry, the securities industry will not do a good job of integration after M & A, and the effect of M & A will not be able to play a good role, resulting in the failure of M & A. Starting with each link of internal control, the integration work after M & A can be done well and run through every link of the securities company, which can achieve the purpose of increasing the value of the company and realize the good effect of merger and acquisition. In theory, scholars at home and abroad from the perspective of internal control of the merger and acquisition of securities companies after the integration of few research, mostly simply talk about risk management, in practice, did not cause enough attention. Based on the above background, this paper, from the perspective of positive effect after M & A, introduces the framework of five elements of internal control, and optimizes the internal control of the integration stage after M & A of Z Securities Company, and improves its internal control system. Achieve the goal of merger and acquisition integration, produce positive effect, achieve the desired integration effect. Based on the research ideas and methods of scholars at home and abroad, this paper chooses the methods of literature research and case analysis to study the topic. First of all, the M & A related theory, internal control theory, M & A internal control theory are expounded. Then, the paper introduces the case of M securities merger and acquisition of Z Securities, analyzes the M & A case process of Z Securities Company and the influencing factors of M & A effect, and analyzes the present situation and existing problems of its internal control. Then, based on the lack of pertinence to the internal control of Z securities company, the paper puts forward the optimization countermeasures: 1: 1) constructing the integrated internal control framework after the merger and building the internal environment and creating the cultural atmosphere after the merger and acquisition. 3) optimizing the risk identification and evaluation. (5) optimizing the information and communication platform and optimizing the supervision and control system. In the design, it covers many aspects of the post-merger integration activities, which makes the research practical, and ensures the realization of M & A goal of Z Securities Company to avoid all kinds of M & A risks, and realizes the effective allocation of resources after acquisition. Improve the company's operational efficiency and realize the value added of M & A.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39;F271;F830.42

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