上市企业并购财务风险实证研究

发布时间：2018-04-09 03:19

本文选题：上市企业　切入点：并购　出处：《四川师范大学》2016年硕士论文

【摘要】：并购重组历来是企业扩大规模,增强核心竞争力,从而实现跨越式发展的有效方法。纵观世界500强的发展史,都是在并购中成长壮大起来的。伴随着改革开放的持续深入,中国特色社会主义市场经济体制的建立与完善,中国企业的经济实力和核心竞争力在迅速增强,2008年金融危机后,全球掀起了一股企业重组和产业结构升级的浪潮,对于欲冲出国门,整合全球资源的中国企业来说是一次绝佳的发展机遇,中国企业也抓住了这次机遇,在并购重组的战场上大显身手,但是并购是一个高风险的战略选择,由于缺乏控制并购财务风险的经验,很大一部分参与并购的企业最后不但没有达到并购目的,反而受到并购的拖累,影响了自身的业绩,本文分为六个章节来阐述:第一章,绪论。本文首先介绍关于企业并购及并购财务风险的背景和选择此题目的理由,而后简述国内外关于此选题的研究文献,并加以概括,提出自己研究的内容和方法,而后说明本文的创新点和不足。第二章,核心概念的界定和理论基础。本章首先结合前人的研究给企业并购的概念做出了界定,而后深入分析企业财务风险的内涵、识别、评估与控制建议。第三章,上市企业并购财务风险的理论分析。围绕上市企业并购中遇到的定价、融资、支付和整合风险分别加以分析,从而引入第四章的实证研究。第四章,上市企业并购财务风险的实证分析。本章运用Excel和SPSS软件对18家上市公司的财务数据进行描述性统计分析,根据分析结果得出相应的结论。第五章,上市企业并购财务风险控制对策。本章根据上一章的实证分析的结果从宏观和微观角度提出了几点控制并购财务风险的建议。第六章,结论与展望。本章对全文的内容作了几点归纳总结,并对企业并购的前途做出了美好的期望。本文的特色在于引入国外成熟的风险量化模型来对我国上市企业并购中的财务数据进行相关的统计分析,使我们更加清晰的看到并购中的定价、融资、支付与整合风险是如何影响并购效果的,并据此提出几点控制并购财务风险的建议。
[Abstract]:M & A has always been an effective method for enterprises to expand their scale, enhance their core competitiveness and realize leapfrog development.Throughout the world 500 strong history of development, are growing up in mergers and acquisitions.With the continuous deepening of reform and opening up, the establishment and improvement of the socialist market economy system with Chinese characteristics, the economic strength and core competitiveness of Chinese enterprises are rapidly enhanced. After the financial crisis of 2008,There has been a wave of corporate restructuring and industrial structure upgrading around the world, which is an excellent development opportunity for Chinese enterprises who want to rush out of the country and integrate global resources, and Chinese enterprises have also seized this opportunity.But M & A is a high-risk strategic choice. Due to the lack of experience in controlling the financial risks of M & A, a large proportion of the enterprises involved in M & A not only fail to achieve the goal of M & A.This paper is divided into six chapters: chapter one, introduction.This paper first introduces the background of M & A and its financial risk and the reasons for choosing this topic, then briefly describes the domestic and foreign research literature on this topic, summarizes it, and puts forward the contents and methods of its own research.Then explains the innovation of this article and shortcomings.The second chapter, the definition and theoretical basis of the core concept.This chapter firstly defines the concept of M & A based on previous studies, and then analyzes the connotation, identification, evaluation and control of corporate financial risk.Chapter three is the theoretical analysis of the financial risk of M & A of listed enterprises.Based on the analysis of pricing, financing, payment and integration risk in M & A of listed enterprises, the empirical research in Chapter 4 is introduced.Chapter four, empirical analysis of financial risk of M & A of listed enterprises.This chapter uses Excel and SPSS software to analyze the financial data of 18 listed companies.The fifth chapter, listed enterprises M & A financial risk control countermeasures.According to the results of empirical analysis in the previous chapter, this chapter puts forward some suggestions to control the financial risk of M & A from the macro and micro perspectives.Chapter six, conclusion and prospect.This chapter summarizes the content of this paper, and makes a good expectation on the future of M & A.The characteristic of this paper is to introduce foreign mature risk quantification model to carry on the related statistical analysis to the financial data in the M & A of listed enterprises in our country, so that we can see the pricing and financing in the M & A more clearly.How does the payment and integration risk affect the effect of M & A, and some suggestions on how to control the financial risk of M & A are put forward.
【学位授予单位】：四川师范大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F271

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