企业并购的财务风险及其防范研究-以美的和库卡并购案为例

企业并购的财务风险及其防范研究

——以美的和库卡并购案为例

Financial risk assessement in merger and

acquisition - based on merger between

Meidi and Kuca

摘要

现在全球经济一体化进程持续深入，不同国家公司为了完成全球化目标，逐渐注意到参加国际竞争的关键意义。与发达国家的企业相比，中国公司参加国际竞争比较迟，但是近些年伴随经济国际化进程的持续深入，中国公司顺应公司境外并购的浪潮，迈入参加全球竞争、业务国际化的战略轨道。伴随中国经济不断增长与中国国内公司在国际领域的影响力持续提升，跨国并购已变成国内公司迈出国门，进入全球市场的关键途径。利用并购外资公司，国内公司能够掌握外国最新的技术，拓展在国际市场上的占比，强化国际竞争实力。社会主义市场经济给国内公司创造了优良的境外并购环境。本文选取美的和库卡并购案作为实力，针对其并购所面临的财务风险展开深度剖析，并提出了企业并购财务风险的防范对策。

关键词：中国公司；跨国并购；财务风险；防范对策

At present, the trend of economic globalization is unstoppable. In order to achieve the goal of spreading business worldwide, enterprises of various countries have become more and more aware of the importance and necessity of participating in global competition. Compared with enterprises in other developed countries, the time of Chinese enterprises spent participating in the global competition is short. However, in recent years, with the deepening of economic integration, Chinese enterprises have joined the strategic development path of international competition and globalization in the tide of merger and acquisition of businesses abroad. With the continuous development of China's economy and the increasing international influence of Chinese enterprises, transnational mergers and acquisitions have become an important tool for Chinese enterprises to spread their influences worldwide. By acquiring foreign enterprises, Chinese enterprises can absorb advanced technology from abroad, expand global market share and enhance international competitiveness. The socialist market economy in China provides Chinese enterprises with ample opportunities for overseas mergers and acquisitions. Taking the Meidi and KUKA merger as an example, this paper analyzes the financial risk of mergers and acquisitions,s and suggests countermeasures to prevent it.

Key words: Chinese company; Enterprise acquisition and merger; Financial risk; Countermeasures

摘要 (1)

Abstract (1)

一、引言 (1)

二、文献综述 (1)

（一）国外研究现状 (1)

（二）国内研究现状 (2)

三、相关理论概述 (4)

（一）企业并购财务风险的界定 (4)

（二）企业并购财务风险的界分类 (4)

1.定价风险 (4)

2.融资风险 (4)

3.支付风险 (4)

（三）并购财务风险的特点 (4)

1.不确定性 (4)

2.信息不对称性 (5)

3.流动性 (5)

四、美的和库卡并购案例分析 (5)

（一）案例简介 (5)

（二）美的并购库卡财务风险分析 (6)

1.并购前对目标企业的价值评估风险分析 (6)

2.并购中的融资支付风险分析 (8)

3.并购后的整合风险分析 (11)

五、企业并购财务风险的防范对策 (13)

（一）实施自我评估，拓宽融资渠道 (13)

（二）购买跨国保险，控制偿债风险 (13)

（三）实施全面的资金预算管理 (14)

（四）制定经营计划实现盈利风险管理 (14)

五、结论 (15)