FH公司跨境并购财务风险问题研究

发布时间：2018-02-10 20:08

本文关键词： 跨境并购财务风险防范措施　出处：《广东财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的发展,企业并购作为现代企业扩大公司业务的战略性投资方式,因其可以优化资源配置、扩大企业规模、开拓市场等作用,越来越多的企业采取这一路径。自从加入“WTO”后,许多知名企业的业务范围已经扩展到了国外。随着“走出去”的潮流的进一步推广,企业间的跨国、跨境并购已经成为我国企业想要迅速抢占国际市场的一项重要手段。西方国家通过五次的并购发展,企业并购日益成熟。相比较于西方国家的五次并购浪潮,我国企业并购发展历程相比较短,缺乏经验。在并购风险的认识和防范,尤其是财务风险防范仍然存在不足。财务风险作为并购风险中最重要的因素,值得重视和更为深入的研究。FH公司跨境并购台资企业GJ公司是一个真实的案例,是大陆企业要约收购台湾企业的第一案。文章通过分析此次跨境并购案中财务风险的表现形式及影响因素:包括对目标企业价值分析的不确定性、融资渠道单一、溢价并购等方面的原因。根据这些原因,针对大陆企业和台资企业自身的特点,对FH公司跨境并购所存在的财务风险提出相应的建议:具体包括并购前全面了解目标企业,并购渠道多元化、并购中合理评估目标企业价值、并购后对财务监管和人员进行整合等。以期通过此案例,对其他企业并购有参考价值。
[Abstract]:With the development of China's economy, M & A is a strategic investment method for modern enterprises to expand their business, because it can optimize the allocation of resources, expand the scale of enterprises, open up markets, etc. More and more enterprises take this path. Since joining WTO, many well-known enterprises have expanded their business scope to foreign countries. Cross-border mergers and acquisitions have become an important means for Chinese enterprises to quickly seize the international market. Western countries have grown increasingly mature through the development of five mergers and acquisitions. Compared with the five waves of mergers and acquisitions in western countries, The development of M & A in our country is relatively short and lack of experience. There are still some shortcomings in the cognition and prevention of M & A risk, especially in the prevention of financial risk. As the most important factor of M & A risk, financial risk is the most important factor in M & A risk. It is worth paying attention to and studying more deeply. The cross-border merger and acquisition of Taiwan-funded GJ Company by FH Company is a real case. It is the first case in which mainland enterprises offer to buy Taiwan enterprises. This article analyzes the manifestation of financial risk in this cross-border merger and its influencing factors, including the uncertainty of the value analysis of the target enterprises, and the single financing channel. According to these reasons, according to the characteristics of mainland enterprises and Taiwan-funded enterprises, the corresponding suggestions on the financial risks of cross-border mergers and acquisitions of FH companies are put forward: the specific recommendations include comprehensive understanding of target enterprises before M & A. Diversification of M & A channels, reasonable evaluation of target enterprise value in M & A, and integration of financial supervision and personnel after M & A are expected to be of reference value to other enterprises in M & A through this case.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.6;F406.7

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