中国中车并购财务风险分析及启示

发布时间：2018-01-26 02:15

本文关键词： 国企合并财务风险国企改革　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：并购包括兼并与收购,吸收合并又称兼并是并购方式的一种,作为影响着企业竞争力的重要因素,吸收合并越来越多的受到管理者和学者的密切关注。企业合并对优化资源配置,提升企业竞争力具有重要的作用。在并购过程中,企业面临着不仅有来自市场的风险,也有来自政策方面的风险以及其他各方面风险,但其中最为突出的便是财务风险。并购双方应该在并购过程中采取有效手段来规避或化解潜在的、可识别的财务风险。因此,本文对并购的财务风险的分析具有重大意义。“十三五”期间,新一轮的国企改革将成为国企健康发展以及整个国民经济蓬勃发展的动力。中央企业作为各行各业的龙头企业,其一举一动将影响深远,是我国进行战略经济部署的关键。中国南北车是我国装备制业的领军人物,由原铁道部一分为二成为中国南车、中国北车,为打破恶意竞争,发展“一带一路”于2014年中国南北车股票双双停牌,开启合并之路。论文选题符合当下热点问题,以十三五规划与十八届五中全会为背景,对国企改革下的具体形式国企并购进行财务风险分析,采用案例分析法,结合典型案例中国南北车并购案进行实例研究,对其并购财务风险进行分析,并指出国企合并风险防控措施,对国企合并大潮的到来提供一定的理论指导。本文的研究主要分为以下四方面内容:一、在引言部分详细介绍了论文的选题背景、研究意义、文献综述、研究方法与框架,并提出可能的创新之处。二、介绍了并购的相关概念,国企并购发展历程,并购动因理论,并对国有企业的并购财务风险进行理论介绍。三、以中国中车并购案例为研究对象,对其并购背景、并购动因、并购的财务风险进行研究,并在研究之后做出总结。四、提出有效的针对国有企业并购风险防范建议与措施。希望通过本文的分析及案例的借鉴,可以为接下来国有企业并购提供一定的指导建议与理论方法。
[Abstract]:M & A includes merger and acquisition, absorption and merger is one of the ways of M & A, as an important factor affecting the competitiveness of enterprises. More and more managers and scholars pay close attention to absorption and merger. Corporate merger plays an important role in optimizing the allocation of resources and enhancing the competitiveness of enterprises. Enterprises face not only the risks from the market, but also the risks from the policy and other risks. But the most prominent is the financial risk. Both sides should take effective measures to avoid or resolve the potential, identifiable financial risk. This paper is of great significance to the analysis of the financial risk of M & A. during the 13th Five-Year Plan period. The new round of reform of state-owned enterprises will become the driving force for the healthy development of state-owned enterprises and the vigorous development of the entire national economy, and the central enterprises, as the leading enterprises in various industries, will have far-reaching effects on their every move. It is the key to the strategic economic deployment of our country. China's north-south car is the leading figure in China's equipment industry, and the former railway ministry has become the China Southern car and the China North car in order to break the malicious competition from the former Ministry of Railways into two parts. The development of "Belt and Road" was suspended in 2014, opening the road of merger. The topic of this paper is in line with the current hot issues, with the 13th Five-Year Plan and the Fifth Plenary session of the 18 Central Committee as the background. This paper analyzes the financial risk of the specific form of SOE M & A under the reform of state-owned enterprises, and analyzes the financial risk of SOE M & A by case analysis, combined with the typical case study of China's North-South car merger and acquisition case. The paper also points out that the measures of preventing and controlling the risks of the merger of state-owned enterprises provide certain theoretical guidance for the coming of the tide of merger of state-owned enterprises. The research of this paper is mainly divided into the following four aspects: 1. In the introduction, the background, significance, literature review, research methods and framework of the thesis are introduced in detail. Secondly, the related concepts of M & A and the development of SOE M & A are introduced. M & A motivation theory, and the financial risk of mergers and acquisitions of state-owned enterprises are introduced theoretically. Third, take China China car M & A case as the research object, to its M & A background, M & A motivation, M A financial risk. And after the study to make a summary. 4, put forward effective measures for state-owned enterprises M & A risk prevention recommendations and measures. Hope through the analysis of this article and the case of reference. It can provide some guiding suggestions and theoretical methods for the next state-owned enterprises merger and acquisition.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.472;F271;F406.7

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