中海油并购尼克森财务风险管理问题研究

发布时间：2018-08-10 21:17

【摘要】：伴随我国的改革开放政策的深入,中国企业的自身实力也在逐渐提高,企业都逐渐把发展的眼光投向国外,逐步进入国际的大舞台,通过跨国并购、投资经营等等很多方式,来寻找新的发展方向。在2008年全球各地爆发了金融危机,世界经济形势极其堪忧,雪上加霜的是又在2010年爆发了欧洲的债务危机。在这样一个时点,各个有并购战略的企业都在积极的寻找并购的目标,等待到了合适时机,掀起一阵"中国的跨国并购浪潮"。我国的企业都在考虑和策划跨国并购的活动,但是有来自外界的数据统计表明,尽管我国进行跨国并购的企业数量较多,但是跨国并购的成功案例却很少,导致并购失败的原因主要是在活动中承担的各种风险,在众多种类的风险当中,财务风险对企业的持续经营和并购影响最大,而且,并购中的各种其他类型的风险也都会通过财务风险进行体现,所以,在跨国并购中,财务风险的管理对于并购活动成功与否至关重要。然而,还有很多企业的管理者并没发现财务风险对企业经营的重要性,常常把它忽略掉,也有很多企业虽然已经注意到了财务风险的存在,但是对于财务风险的相关内容还不是很了解,对其认识也还不完全深入,常常会忽略掉很多重要事项,所以,对此进行研究是很重要而且紧急的。文章选取了中海油并购尼克森的案例,这个案例是我国到目前单项的并购交易价格最高的一次海外并购活动。文章将结合当前我国企业的跨国并购的现状,来具体介绍管理过程中可能遇到识别和控制财务风险的方法,并且以中海油并购尼克森事件为例,找到其并购财务风险管理中的问题,分析引发问题的原因,总结其风险管理中存在的不足,针对问题在最后提出防范的建议,希望有利于提高跨国并购活动的成功率,减少损失。
[Abstract]:With the deepening of China's reform and opening up policy, the strength of Chinese enterprises is also gradually improving. Enterprises are gradually turning their development eyes abroad, gradually entering the international arena, and through cross-border mergers and acquisitions, investment management, and so on. To find a new direction of development. The financial crisis broke out around the world in 2008, and the world economic situation was extremely worrisome, which was compounded by the European debt crisis in 2010. At such a point, each enterprise with M & A strategy is actively looking for the goal of M & A, waiting for the right time, set off a "wave of cross-border M & A in China". Enterprises in China are considering and planning cross-border M & A activities, but statistics from outside show that although the number of cross-border M & A enterprises in China is more, there are few successful cases of cross-border M & A. The main reasons for the failure of M & A are all kinds of risks undertaken in the activities. Among the many kinds of risks, financial risks have the greatest impact on the continuing operation and M & A of enterprises. Various other types of risks in M & A are also reflected by financial risks. Therefore, in cross-border M & A, the management of financial risks is very important to the success of M & A. However, there are still many managers of enterprises who do not find the importance of financial risk to the operation of enterprises, and often ignore it, and many enterprises have already noticed the existence of financial risks. However, the related content of financial risk is not well understood, and the understanding of financial risk is not completely in-depth, and many important items are often ignored. Therefore, it is very important and urgent to study this issue. This paper selects the case of CNOOC's merger and acquisition of Nexen, which is the highest single M & A activity in China. According to the current situation of cross-border mergers and acquisitions of Chinese enterprises, this paper will introduce the methods of identifying and controlling financial risks in the process of management, and take the Nexen incident of CNOOC M & A as an example. Find out the problems in the financial risk management of M & A, analyze the causes of the problems, sum up the shortcomings in the risk management, and put forward some suggestions to prevent the problems in the end, hoping to improve the success rate of cross-border M & A activities. Reduce losses.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F426.22;F406.7;F271

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