企业并购的风险管理

企业并购的风险管理

摘要

并购是资本营运活动的重要组成部分，也是实现资源优化配置的有效方式。近年来，我国的企业尤其是上市公司的并购活动发展迅速。但是在众多的并购案例中，成功的案例并不多见。究其原因，并购是高风险经营活动，风险贯穿于整个并购活动的始终，其中财务风险是企业并购成功与否的重要影响因素。因此，如何对并购中的财务风险进行识别测评具有重要意义。本文在现如今的市场经济下,企业并购在日火如荼的展开,但并购具有两面性,有收益也有风险。企业并购风险是指收购方无法掌握并购以后的效益，理想收益与实际收益的差值带来企业价值下跌的风险；简单来说我们通常所说的并购风险，就是指企业在并购前，并购时，并购后由于各种不确定因素遭受的关于财产，资源，人力等各方面的损失。在国内外学术界,关于企业并购与并购风险的研究对现阶段的并购具有积极的指导作用。

文章指出了并购风险的具体内容，分析了系统风险中的市场风险、法律风险以及非系统风险中的财务风险的形成原因，提出了建立市场风险预警系统、完善并购法律法规、提高企业绩效等的一系列措施。

关键词：并购，风险，管理，资本营运，案例

The risk management of enterprise m&a

ABSTRACT

Mergers and acquisitions is an important part of capital operation activity, is also an effective way to achieve optimal allocation of resources. In recent years, our country enterprise especially listed company merger and acquisition activity is developing rapidly. But in many cases of mergers and acquisitions, successful cases are rare. Investigate its reason, m&a is a risky business activities, risk always throughout the merger and acquisition activity, including financial risk is one of the important factors affecting enterprise merger is successful or not. Therefore, how to identify the financial risk of m&a evaluation is of great significance. This article in today's market economy, mergers and acquisitions in the fire, such as tea, m&a has two sides, but have income also have risk. Merger and acquisition risk refers to the acquirer can't grasp after m&a efficiency, ideal income and actual income difference to bring down the risk of enterprise value; In simple terms we say normally m&a risk, is refers to the enterprises before m&a, mergers and acquisitions, mergers and acquisitions after due to various uncertain factors on property, resources, manpower and so on various aspects of the loss. In academic circles, both at home and abroad about the research of the risk of mergers and acquisitions and mergers and acquisitions at this stage of mergers and acquisitions have positive guidance.

The paper points out the specific content of m&a risk, analyzes the market risk, legal risk in the system risk and non-system risk of financial risk formation reasons, put forward to establish the market risk early warning system, perfecting the m&a laws and regulations, improve business performance and so on a series of measures.

KEYWORDS：mergers and acquisitions, risk management, capital operation, case

目录

1 绪论 (1)

1.1 企业并购的背景与意义 (1)

1.1.1 研究背景 (1)

1.1.2 研究意义 (1)

1.2 国内外文献综述 (1)

1.2.1 国内文献综述 (1)

1.2.2 国外文献综述 (2)

2 企业并购产生原因及分析 (3)

2.1 企业并购的定义 (3)

2.2 企业并购产生原因 (3)

2.2.1 企业并购发生的宏观原因 (3)

2.2.2 并购发生的微观原因 (4)

3 并购过程中风险的形成及原因分析 (5)

3.1 市场体系风险及原因分析 (5)

3.2 法律风险原因分析 (5)

3.3 财务风险原因分析 (6)

3.3.1 并购定价风险 (6)

3.3.2 并购财务整合风险 (6)

3.3.3 中国平安并购富通案例分析 (7)

4 解决并购过程中风险的对策与措施 (10)

4.1 市场风险的应对策略 (10)

4.2 政策法律风险的应对措施 (10)

4.3 财务风险的控制与应对措施 (11)

4.3.1 并购定价风险 (11)

4.3.2 并购融资风险 (11)

4.3.3 并购支付风险 (12)

4.3.4 并购财务整合风险 (12)