H电器公司并购的财务风险研究

发布时间：2018-04-24 07:13

本文选题：企业并购 + 财务风险　；参考：《西安理工大学》2017年硕士论文

【摘要】：电器行业是我国近30年来发展最快、竞争最激烈、与国际接轨最多的传统产业。从上个世纪80年代到现在,电器企业的竞争,走过了从质量到成本、到规模再到市场的历程。企业选择走独立自主的发展道路需要大量的人力、财力和物力资源。若是依然按照这种方式,企业将处于被动地位,在市场的竞争中丧失原有的优势。基于这一点,并购开始成为企业获取资源、技术、提升其核心竞争力的重要手段。企业在进行并购时,会产生财务风险且贯穿于整个活动之中,财务风险也成为决定并购能否成败的重要因素。如何识别这一过程中财务风险的种类,以及规避企业并购所产生的财务风险就成了各大企业进行并购时首要的考虑因素。本文在国内外相关理论和研究成果的基础上,首先介绍了并购及其带来的的财务风险类型。其次对电器行业的并购现状进行分析,指出H电器公司并购K公司各阶段存在的财务风险及成因;然后构建了多层次模糊综合评价模型,选取相关指标计算其财务风险所处的范围,找到最重要的影响因素;最后依据成因分别从H电器公司并购前的定价风险、并购时的融资和支付风险、并购后的整合风险提出控制对策,主要包括整合财务组织机构、明确财务管理目标、整合管理制度、合理的融资和支付方式等方面,希望能对H电器公司的发展起到积极作用。最终得出的结论是,影响H电器公司并购K公司的主要风险因素是并购时的融资风险和并购后的整合风险,虽然整个过程的财务风险处于合理范围,但H电器公司还需重视对K公司的后期整合。本文对企业在有效控制并购重组中存在的财务风险提供了相关建议,希望能为其他企业的并购活动有一定的借鉴意义和参考价值。
[Abstract]:Electrical industry is the traditional industry with the fastest development, the fiercest competition and the most international integration in the past 30 years. From 1980's to now, the competition of electric appliance enterprises has gone from quality to cost, to scale to market. A large number of human, financial and material resources are required for enterprises to choose an independent development path. If still according to this way, the enterprise will be in a passive position, losing the original advantage in the market competition. Based on this, M & A has become an important means for enterprises to acquire resources, technology and enhance their core competitiveness. In the process of M & A, enterprises will have financial risk and run through the whole activity. Financial risk also becomes an important factor to determine the success or failure of M & A. How to identify the types of financial risks in this process and how to avoid the financial risks caused by M & A have become the most important factors for consideration in M & A. Based on the relevant theories and research results at home and abroad, this paper first introduces M & A and its financial risk types. Secondly, the paper analyzes the current situation of M & A in electrical industry, points out the financial risks and causes of H Electric Company M & A of K Company, and then constructs a multi-level fuzzy comprehensive evaluation model. Select the relevant indicators to calculate the scope of its financial risk, find the most important factors; finally, according to the causes of H Electric Company before the M & A pricing risk, M & A financing and payment risk, The integrated risk after merger and acquisition put forward the control countermeasures, including the integration of financial organization, clear financial management objectives, integrated management system, reasonable financing and payment methods, hoping to play a positive role in the development of H Electric Company. Finally, it is concluded that the main risk factors affecting H Electric Company's merger and acquisition of K Company are the financing risk of M & A and the integration risk after M & A, although the financial risk of the whole process is in a reasonable range. But H electric company still needs to attach importance to the late integration of K company. This paper provides relevant suggestions for enterprises to effectively control the financial risks in mergers and acquisitions, hoping to provide some reference and reference value for the M & A activities of other enterprises.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.6;F271

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