国企改制并购中的风险研究——以平安并购家化为例

发布时间：2018-05-23 13:33

本文选题：企业并购 + 并购风险　；参考：《会计之友》2014年31期

【摘要】：非国有企业并购国有企业逐渐被认为是可以改变"国进民退"的现状从而推动国有企业改革发展的有力武器,而完整系统地识别并购交易过程中的风险因素并针对性地提出有效的规避方法无疑会对并购双方规避风险、提高并购成功率起到至关重要的作用。2010年,上海家化开启了"日化业并购第一案"。曾经被视为"资本+产业"完美结合的国企改制案例,如今却变成了"资本+产业=决裂"的反面教材的平安家化并购案引人深思。文章从实践角度出发,以平安家化并购案为例,按照并购过程发生的阶段顺序,对特定并购风险进行了详细的定性分析。通过着重分析平安并购家化案例中并购前的战略风险、并购中信息不对称风险和并购后的整合风险,得出了一些对其他企业进行并购的启示。
[Abstract]:The merger and acquisition of state-owned enterprises by non-state-owned enterprises has gradually been regarded as a powerful weapon that can change the status quo of "national advance and retreat" and thus promote the reform and development of state-owned enterprises. However, identifying the risk factors in the process of M & A transaction in a complete and systematic way and putting forward effective methods of avoiding them will undoubtedly play an important role in avoiding risks and improving the success rate of M & A. in 2010, Shanghai Jiahua opened the "Daily Chemical Industry M & A first case." Once regarded as the perfect combination of "capital industry", the case of state-owned enterprise reform has now become a case of "capital industry = break". From the practical point of view, taking the case of Ping an Jiahua merger as an example, this paper makes a detailed qualitative analysis of the specific M & A risk according to the stage sequence of the M & A process. By analyzing the strategic risk before M & A, the information asymmetry risk and the integration risk after M & A in Ping an M & A cases, some enlightenment to other enterprises are obtained.
【作者单位】：浙江财经大学会计学院;国网浙江海盐县供电公司;
【基金】：浙江省科技厅重点课题“浙江省上市公司盈余监管研究——基于终极控股股东视角”(项目编号:2014C25006)
【分类号】：F276.1;F271;F426.72

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