A集团并购的财务风险防范研究

发布时间：2018-08-30 11:21

【摘要】：随着互联网的蓬勃发展,不仅人们的生活方式有了很大改变,商业模式也发生了巨大变化,这给传统行业带来了强力的冲击。为了获得更好的发展,形成规模优势,增强自身竞争力,并购成为了企业扩张的最佳方式。由于互联网金融的兴起,争夺大数据资源,完善移动终端业务等,电子商务企业进行了大规模的并购活动。但是并购不一定就是成功的,研究表明,有一半左右的并购是无用的或是失败的,如雅虎和阿里巴巴的并购,最终以雅虎中国退出而结束。企业在计划开展并购活动的途中,很可能会产生多种不同的风险,像是市场环境的风险、因政策变动引起的政策风险以及财务风险等,这些风险之中财务风险作为所有经营行为的集合体现,对其加以控制与防范显得尤为重要。并购双方对并购财务风险认识的提升,及时建立并购财务风险管理体系来加以防范规避风险,并购安全和成功的可能性也会得到一定的提升。因此,论文对并购财务风险的研究具有重大意义。论文主要采用了文献研究法、案例分析法和数据分析法。论文在深入研究国内外相关成果的条件下,通过对并购相关理论的解释与阐述,为后续对并购财务风险的深入研究提供了基础。以并购交易的不同阶段为着眼点,从并购前、并购中、并购后这三个层次分析了 A集团并购潜在的财务风险,对整个电子商务行业的并购着借鉴意义。同时,在预防并购财务风险的过程中,总结了 A集团近几年的并购事件,介绍了电子商务行业和A集团的并购现状及并购动因,强调了 A集团在保证核心业务平稳运行的同时,还应该重视移动端用户的力量,加快流量资源的变现速度。另外还揭示了并购前的估值风险,并购中的融资风险和支付风险,并购后的财务整合风险以及各阶段风险产生的原因,最终提出了 A集团预防并购财务风险的解决对策。
[Abstract]:With the rapid development of the Internet, not only people's way of life has been greatly changed, but also the business model has undergone great changes, which has brought a strong impact to the traditional industry. In order to gain better development, form scale advantage and enhance competitiveness, M & A has become the best way to expand enterprises. Due to the rise of Internet finance, the competition for big data resources and the improvement of mobile terminal business, e-commerce enterprises have carried out large-scale M & A activities. But mergers and acquisitions are not necessarily successful, with research showing that about half of mergers and acquisitions are useless or unsuccessful, such as those between Yahoo and Alibaba, which ended with Yahoo China's exit. In the course of planning M & A activities, enterprises are likely to produce a variety of different risks, such as market environment risks, policy risks caused by policy changes, and financial risks, etc. Among these risks, financial risk is the collective embodiment of all management behaviors, so it is very important to control and guard against it. The awareness of M & A financial risk is improved and the management system of M & A financial risk is set up in time to avoid the risk. The safety and the possibility of success of M & A will also be promoted to a certain extent. Therefore, the thesis is of great significance to the study of M & A financial risk. The paper mainly adopts the literature research method, the case analysis method and the data analysis method. Under the condition of deeply studying the related achievements at home and abroad, the paper provides the basis for further research on the financial risk of M & A by explaining and expounding the related theories of M & A. Taking different stages of M & A transaction as the starting point, this paper analyzes the potential financial risks of Group A M & A from three levels: before, during and after M & A, which is of great significance to the M & A of the whole e-commerce industry. At the same time, in the process of preventing the financial risk of M & A, this paper summarizes the M & A events of Group A in recent years, introduces the current situation of M & A in E-commerce industry and Group A, and introduces the causes of M & A. It is emphasized that group A should pay attention to the strength of mobile users and speed up the realization of traffic resources while ensuring the smooth operation of core business. In addition, it reveals the valuation risk before M & A, the financing risk and payment risk in M & A, the financial integration risk after M & A and the causes of the risk in each stage, and finally puts forward the countermeasures to prevent the financial risk of M A.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271;F49

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