Z公司海外并购财务风险控制研究

发布时间：2019-06-11 04:29

【摘要】：随着世界经济一体化的发展,海外并购已经成为企业开拓国际市场的重要手段。自二十世纪九十年代中期以来,我国越来越多的企业为实现企业的持续扩展,加入到海外并购的浪场中。尤其是2008年金融危机以后,我国企业海外并购有了突飞猛进的发展,从传统的制造业、能源到新兴的信息、互联网、环保、服务业等行业领域,从以国有企业为主到新兴民营企业为主力军,从市场占有到技术、品牌占有,处处都有我国企业的身影。企业进行海外并购可以使企业资源在全球范围内得到有效配置,提高生产效率,从而进一步提高企业的抗风险能力和国际市场竞争力。然而由于海外并购的复杂性,我国企业海外并购面临着很多考验,许多企业海外并购后业绩下降,利润降低,有的甚至面临着索赔风险,这说明海外并购给我国企业带来巨大利益的同时也伴随着较高的风险。企业海外并购风险包括政治风险、经营风险、文化风险、法律风险,财务风险等一系列风险,在这其中财务风险是企业海外并购所有风险在价值量上的综合体现。因此,有效控制我国海外并购的财务风险,对于实现我国企业海外并购具有重大而深远的意义。本文以我国Z公司海外并购M公司为例,在对国内外文献理论梳理的基础上,将海外并购按照时间顺序分为准备阶段、实施阶段和整合阶段,分别对各个阶段出现的财务风险进行控制分析,有针对性的提出我国企业海外并购财务风险的控制措施。具体包括科学选择目标企业、实行全面尽职调查、选择合适的评估方法、拓宽融资渠道、选择合理支付方式、利用金融工具降低外汇风险、采取有效的财务整合、完善现金流转内部融资等。希望通过本论文的研究,能够对我国企业在海外并购中如何控制财务风险提供一定的借鉴作用。
[Abstract]:With the development of world economic integration, overseas mergers and acquisitions have become an important means for enterprises to open up international markets. Since the mid-1990s, more and more enterprises in China have joined the wave of overseas mergers and acquisitions in order to realize the continuous expansion of enterprises. Especially after the financial crisis in 2008, overseas mergers and acquisitions of Chinese enterprises have developed by leaps and bounds, from traditional manufacturing industry, energy to emerging information, Internet, environmental protection, service industry and other industries. From state-owned enterprises to emerging private enterprises as the main force, from market possession to technology, brand possession, everywhere there are Chinese enterprises. Overseas mergers and acquisitions can effectively allocate enterprise resources around the world and improve production efficiency, thus further improving the anti-risk ability of enterprises and the competitiveness of the international market. However, due to the complexity of overseas mergers and acquisitions, overseas mergers and acquisitions in China are facing many tests. After overseas mergers and acquisitions, many enterprises have lower performance, lower profits, and some even face claim risks. This shows that overseas mergers and acquisitions bring great benefits to Chinese enterprises, but also accompanied by higher risks. The risk of overseas M & A includes a series of risks, such as political risk, operating risk, cultural risk, legal risk, financial risk and so on. Among them, the financial risk is the comprehensive embodiment of all the risks of overseas M & A in terms of value. Therefore, effectively controlling the financial risk of overseas mergers and acquisitions in China is of great and far-reaching significance for the realization of overseas mergers and acquisitions of Chinese enterprises. Taking M Company of Z Company as an example, on the basis of combing the literature theory at home and abroad, this paper divides overseas M & A into preparation stage, implementation stage and integration stage according to the chronological order. This paper analyzes the financial risk of each stage, and puts forward the control measures of the financial risk of overseas mergers and acquisitions of Chinese enterprises. Specifically, it includes the scientific selection of target enterprises, the implementation of comprehensive due diligence, the selection of appropriate evaluation methods, the widening of financing channels, the choice of reasonable payment methods, the use of financial instruments to reduce foreign exchange risks, and the adoption of effective financial integration. Improve cash flow internal financing and so on. It is hoped that through the research of this paper, it can provide a certain reference for Chinese enterprises to control the financial risk in overseas mergers and acquisitions.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271

【参考文献】