海南航空股份有限公司并购融资风险管理研究
发布时间：2019-03-26 20:51
【摘要】：随着资本市场和金融体系的不断完善,我国并购市场也快速发展。并购活动规模和范围的扩张直接推动提升了并购企业对融资的需求。在并购交易中,并购企业面临的主要瓶颈就是融资问题。融资活动作为并购过程中重要的一环,其中存在多种风险因素。同时,并购企业对并购融资风险管理的经验尚不充分,资本市场相关融资风险的保障措施仍不完善,并购融资风险对并购企业的融资过程及并购活动影响重大。因此,有效提高并购企业融资风险管理能力就成为一个必要并且重要的课题。 本文以海南航空股份有限公司并购融资案例为研究载体,对并购融资风险管理相关理论进行梳理和介绍,阐述并购融资的概念及动因,按照并购融资过程对并购融资风险进行界定,并介绍了并购融资风险管理理论,旨在为本文后续分析海南航空并购融资案例奠定理论基础；在并购融资风险管理相关理论的基础上,对海南航空并购融资情况进行分析,采用定性和定量相结合的风险识别方法对海南航空并购融资前的决策阶段风险、并购融资过程的持续性风险以及并购融资后的运作阶段风险进行识别,并使用F值分数模型对海南航空并购融资整体风险水平进行评估；基于以上对海南航空并购融资风险的识别评估,根据风险管理过程理论,从并购融资各个阶段提出有针对性的控制措施和管理建议。 本文对海南航空并购融资风险根据风险管理过程进行识别、评估,并从不同阶段提出风险控制措施,对海南航空并购融资风险管理具有一定的借鉴意义,同时也有助于我国并购企业提升对融资风险管理的认识,提供实践参考。
[Abstract]:With the continuous improvement of capital market and financial system, M & A market of our country also develops rapidly. The expansion of the scale and scope of M & A activities directly promotes the demand for financing of M & A enterprises. In M & A transactions, the main bottleneck faced by M & A enterprises is financing. Financing as an important link in the process of M & A, there are many risk factors. At the same time, the experience of M & A enterprises on the risk management of M & A financing is not enough, the guarantee measures of capital market-related financing risks are still not perfect, and M & A financing risks have a great impact on the financing process and M & A activities of M & A enterprises. Therefore, it is necessary and important to effectively improve the ability of financing risk management of M & A enterprises. Taking the M & A financing case of Hainan Airlines Co., Ltd as the research carrier, this paper combs and introduces the related theories of M & A financing risk management, and expounds the concept and motivation of M & A financing. According to the M & A financing process, this paper defines the M & A financing risk, and introduces the M & A financing risk management theory, in order to lay a theoretical foundation for the follow-up analysis of Hainan Airlines M & A financing cases. Based on the risk management theory of M & A financing, this paper analyzes the financing situation of Hainan Airlines M & A, and adopts the method of qualitative and quantitative risk identification to analyze the decision-making stage risk of Hainan Airlines M & A before financing. The persistent risk of M & A financing process and the risk of operation stage after M & A financing are identified, and the overall risk level of Hainan Airlines M & A financing is evaluated by using the F-value score model. Based on the above-mentioned identification and evaluation of Hainan Airlines M & A financing risk, according to the risk management process theory, this paper puts forward targeted control measures and management suggestions from each stage of M & A financing. This paper identifies and evaluates the financing risk of Hainan Airlines M & A according to the risk management process, and puts forward the risk control measures from different stages, which has certain reference significance for the risk management of Hainan Airlines M & A financing. At the same time, it is helpful for M & A enterprises to improve their understanding of financing risk management and provide practical reference.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F562;F275;F271
本文编号：2447920
[Abstract]:With the continuous improvement of capital market and financial system, M & A market of our country also develops rapidly. The expansion of the scale and scope of M & A activities directly promotes the demand for financing of M & A enterprises. In M & A transactions, the main bottleneck faced by M & A enterprises is financing. Financing as an important link in the process of M & A, there are many risk factors. At the same time, the experience of M & A enterprises on the risk management of M & A financing is not enough, the guarantee measures of capital market-related financing risks are still not perfect, and M & A financing risks have a great impact on the financing process and M & A activities of M & A enterprises. Therefore, it is necessary and important to effectively improve the ability of financing risk management of M & A enterprises. Taking the M & A financing case of Hainan Airlines Co., Ltd as the research carrier, this paper combs and introduces the related theories of M & A financing risk management, and expounds the concept and motivation of M & A financing. According to the M & A financing process, this paper defines the M & A financing risk, and introduces the M & A financing risk management theory, in order to lay a theoretical foundation for the follow-up analysis of Hainan Airlines M & A financing cases. Based on the risk management theory of M & A financing, this paper analyzes the financing situation of Hainan Airlines M & A, and adopts the method of qualitative and quantitative risk identification to analyze the decision-making stage risk of Hainan Airlines M & A before financing. The persistent risk of M & A financing process and the risk of operation stage after M & A financing are identified, and the overall risk level of Hainan Airlines M & A financing is evaluated by using the F-value score model. Based on the above-mentioned identification and evaluation of Hainan Airlines M & A financing risk, according to the risk management process theory, this paper puts forward targeted control measures and management suggestions from each stage of M & A financing. This paper identifies and evaluates the financing risk of Hainan Airlines M & A according to the risk management process, and puts forward the risk control measures from different stages, which has certain reference significance for the risk management of Hainan Airlines M & A financing. At the same time, it is helpful for M & A enterprises to improve their understanding of financing risk management and provide practical reference.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F562;F275;F271
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