我国玻璃行业并购财务风险控制研究

发布时间：2018-01-15 13:33

本文关键词：我国玻璃行业并购财务风险控制研究　出处：《对外经济贸易大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来，随着国内房地产行业的快速发展，带动玻璃行业产能过度增长。由于玻璃生产企业进入门槛较低，在利益的驱使下，大量资本投入兴建生产线，导致重复建设严重。玻璃生产行业又容易受到原材料、燃料价格及市场环境影响，受市场影响波动幅度大。由于平板玻璃行业70%以上的需求来自于房地产项目，而房地产行业发展前景的不确定性又必然影响对玻璃产品的需求。介于玻璃行业的特殊性，玻璃炉窑生产线无法对其产能进行有效调控，加上停产成本过高，企业为了维持其市场份额，必然导致行业内竞相压价，进行恶性竞争。结果是供需矛盾进一步加剧，玻璃的重箱售价甚至低于生产成本，整个行业的盈利状况持续恶化，成为典型的产能过剩行业。在这种背景下，玻璃企业间的并购重组就不失为一种有效的选择，在恶性竞争中出现的企业发展不平衡也为并购创造了条件。只有对行业内资源进行重新整合，才能从根本上解决资金、燃料、原料及恶性竞争的问题，提升整个行业的利润率及市场竞争能力。工信部于2013年出台了一系列政策，明确指示要求加快推进玻璃行业的并购重组与产业整合，计划于2015年以前，，淘汰平板玻璃落后产能2000万重量箱。对玻璃行业而言，并购是在不涉及增量，不影响各地区产能及的分布格局和均衡的情况下进行。与投资新建生产线相比，有利于维护其原有地区市场的稳定性，降低了恶性竞争的可能。并购后，被收购的目标企业通过引入新的管理机制，也可以达到债务负担的目的，从根本上解决企业发展的资金问题，实现轻装上阵。另外通过并购，使得企业发展规模与产品质量得到同步提升，促进玻璃行业的产业结构调整和升级。业内优势企业已经开始着手通过收购行为以实现其战略目标。就并购主体来讲，优势企业在积极谋求低成本的扩张战略，而弱小企业迫于竞争压力和维持其发展也愿意被兼并重组，由此可见我国玻璃行业重组整合顺应时代的发展。然而，企业并购是一个复杂的资本运作过程，其中蕴藏着大量的财务风险。据有关资料统计，世界范围内大公司的并购交易活动，70%都以失败告终。并购过程当中的风险涉及一系列的风险，比如财务风险、法律风险、道德风险、市场风险等等。由于财务风险贯穿并购活动的始终，能否合理控制财务风险成为决定并购成败的关键因素。因此本文着重对并购财务风险的评价及控制进行研究，并结合玻璃行业的数据及特征进行分析，希望本文的研究能够为该行业重组并购提供一定有益借鉴。
[Abstract]:In recent years , with the rapid development of the domestic real estate industry , the productivity of the glass industry has been increased excessively . Due to the low entry threshold of the glass production enterprises , a large amount of capital is put into the construction production line under the driving of the benefit . The uncertainty of the development prospect of the real estate industry will inevitably affect the demand of the glass product . The result is that the contradiction of supply and demand is further aggravated , and the price of the glass is even lower than the production cost , and the profitability of the whole industry continues to deteriorate , and becomes a typical excess capacity industry . In this context , the merger and reorganization between the glass enterprises is an effective option , and the imbalance of the enterprise development in the vicious competition creates conditions for the M & A . Only by reintegrating the resources in the industry can we fundamentally solve the problems of funds , fuels , raw materials and vicious competition , and improve the profit margin and the market competitiveness of the whole industry . In the case of the glass industry , the acquisition is carried out under the condition that the increment is not involved , the distribution pattern and the equilibrium of each region are not affected . Compared with the investment new production line , it is beneficial to maintain the stability of the original regional market and reduce the possibility of a vicious competition . However , the acquisition of M & A is a complicated capital operation process , which contains a great deal of financial risk . According to the data statistics , 70 % of the activities of M & A transactions in the world range with failure . The risk involved in the process of M & A involves a series of risks , such as financial risk , legal risk , moral hazard , market risk , etc . As a result , this paper focuses on the evaluation and control of M & A financial risk , and analyzes the data and features of the glass industry . It is hoped that the research in this paper will provide some useful reference for the restructuring of the M & A .

【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F406.7;F426.721

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