企业并购财务风险控制研究——基于海信并购科龙的案例分析夹淑慧要点.doc

企业并购财务风险控制研究——基于海信并购科龙的案例分析 在企业的并购过程中，财务活动几乎贯穿于始末，财务活动会引起财务风险， 因此财务风险是企业并购活动中必须进行充分考虑的，对企业并购能否取得成功具 有重要影响。由于我国的经济体制及社会性质的原因，我国对企业并购财务风险重 视度不高，再加上企业并购在我国发展不成熟，在对并购目标企业的估价、融资、 支付及财务整合等方面都存在许多的问题，因此在我国对企业并购财务风险进行研 究是十分重要的。 本文首先在系统回顾和评析国内外相关理论及研究成果的基础上，定位了本文 的研究角度，然后对企业并购的概念进行了界定，在前人研究的基础之上对并购财 务风险定义提出新的观点，在揭示了并购财务风险的来源的基础上分别从内涵、种 类以及成因几方面对目标企业价值评估风险、融资风险、支付风险以及整合风险分 别进行了论述，并对并购财务风险的控制进行了深入的探讨。根据这些理论基础， 本文制定了一个新的并购财务风险识别和控制框架，应用于海信并购科龙案件的分 析中。通过对海信并购科龙的并购动机、财务战略、目标企业价值评估、融资支付、 并购后整合的全过程分析，总结了并购中比较成功的经验，并对有待提升的方面提 出了改进建议。本文对企业并购财务风险的控制研究为企业在并购中有效的防范财 务风险提供指导，具有借鉴意义，期望为提高企业并购成功率做出一点贡献。 关键词：企业并购财务风险控制案例研究ii Abstract In the process of MA(mergers and acquisitions),the financial operation cuts across almost the whole process.Since the financial operation can lead to financial risk and the financial risk has an important impact on the success of MA,the financial risk must be taken full account in the activity of MA.Because of the economic system and social nature of our country,the emphasis on the enterprise financial risk is not enough and the enterprise MA is immature in China now.There are many questions in the valuation of MA target companies,financing,payment and financial integration. Therefore it is very important to study the financial risk of mergers and acquisitions in China. Firstly,the research angle of this paper was determined based on a systematic review and assessment of relevant theories.Then concept of the merger was defined,and some new perspectives on MA financial risk definition were proposed based on the previous research.Besides,the sources of MA financial risk was revealed,and MA financial assessment risk,financing risk,payment risk,and financial integration risk were discussed from the aspects of the content,methods and influencing factors.The control methods of MA financial risk were also discussed in depth.According to the above theoretical foundation,a new framework of MA risk identification and control was established,and the framework was applied