教育培训机构并购的财务风险研究

发布时间：2018-04-22 07:01

本文选题：并购 + 财务风险　；参考：《天津财经大学》2014年硕士论文

【摘要】：随着知识经济的快速增长,人们对自身的能力提升,培训需求越来越高,中国的教育培训机构进入快速发展阶段。伴随资本市场对教育机构的重视,外资资本的不断注入,使得大量的教育机构为了达到多元化,集团化,而采取快速扩张的方式提高其市场影响力,为实现企业规模经济利益最大化,采取同机构并购和跨国并购的战略方式,进行资源的有效配置。然而,在教育培训机构大规模的重组并购活动中,国内并购成功的案例比较少,可借鉴的并购理论和实务和国外相比具有很大差距性,这种差距真实的反应在企业的并购风险上,其中的财务风险问题最为突出,严重影响着我国教育机构快速健康发展。因此,结合教育培训机构的特点,财务风险的深入研究,就具有深远的理论及现实意义。本文是在上述背景下展开财务风险研究,首先对并购概念以及并购财务风险的含义进行界定,分析并购财务风险种类,并购成因和衡量方法；其次分析教育培训机构现状,机构并购的特点,成因及影响因素进行深入分析,得出制约教育培训机构并购的主要因素；再次以新东方并购上海绿光的案例进行分析,涵盖企业的背景,并购动因,提出了对各类财务风险进行防范的对策,最后通过新东方并购案例得出对教育培训机构的启示和发展本机构的建议。
[Abstract]:With the rapid growth of knowledge economy, people's ability to improve their own training demand is increasing, China's education and training institutions have entered a rapid development stage. With the attention of the capital market to educational institutions and the continuous injection of foreign capital, a large number of educational institutions, in order to achieve diversification and collectivization, adopt the method of rapid expansion to improve their market influence. In order to maximize the benefits of scale economy of enterprises, we should adopt the strategic ways of M & A and M & A, and allocate the resources effectively. However, in the large-scale reorganization and merger activities of educational and training institutions, there are few successful cases in domestic mergers and acquisitions, and the theory and practice of mergers and acquisitions that can be used for reference are quite different from those of foreign countries. The real reflection of this gap is the M & A risk of enterprises, in which the financial risk is the most prominent, which seriously affects the rapid and healthy development of educational institutions in China. Therefore, combined with the characteristics of education and training institutions, the in-depth study of financial risk has profound theoretical and practical significance. In this paper, the financial risk research is carried out under the above background. Firstly, the concept of M & A and the meaning of M & A financial risk are defined, the types of M & A financial risks, the causes of M & A and the measurement methods are analyzed. Secondly, the present situation of educational training institutions is analyzed. The characteristics, causes and influencing factors of institutional M & A are analyzed in depth, and the main factors restricting the M & A of educational and training institutions are obtained. Thirdly, the case of New Oriental M & A in Shanghai Green Light is analyzed, which covers the background of enterprises and the motivation of M & A. This paper puts forward some countermeasures to prevent all kinds of financial risks, and finally, through the case of New Oriental M & A, draws the enlightenment to the educational and training institutions and the suggestions for the development of this institution.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：G522.72

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