企业并购财务风险

摘要

企业并购对其财务产生直接影响，相应带来了较大的财务风险，尤其是最佳资本结构的偏离，造成企业价值下降，财务风险高涨。财务风险的产生和增大影响了企业正常的发展和运营，在企业并购的过程中，如何了解、掌控企业并购中的财务风险，认真分析并有效防范和控制财务风险，关系到并购的成功与否。

作为企业间的一项产权交易的并购行为在资本市场上日益增多。20世纪90年代初，全球企业并购金额约4 000亿美元，而到21世纪初，就上升到3.5万亿美元左右，企业并购迅速发展。国内企业间的并购发展也比较快，并购作为资本运营方式日益增多，其中出现了许多让人关注的问题，尤其是其中存在的财务风险显得尤为突出。因此，分析企业并购过程中可能存在的风险，研究相应的措施以防患于未然，对于国有企业并购将起到积极的指导作用。

关键词：企业并购财务风险防范措施

Abstract

Mergers and acquisitions of enterprises have a direct impact on their finance, and correspondingly bring greater financial risks, especially the deviation of the optimal capital structure, resulting in a decline in enterprise value and a rise in financial risks. The emergence and increase of financial risks affect the normal development and operation of enterprises. In the process of mergers and acquisitions, how to understand and control the financial risks in mergers and acquisitions, carefully analyze and effectively prevent and control financial risks are related to the success of mergers and acquisitions.

Mergers and acquisitions as a property right transaction between enterprises are increasing in the capital market. In the early 1990s, the amount of global mergers and acquisitions was about 400 billion US dollars, but by the beginning of the 21st century, it had risen to about 3.5 trillion US dollars. Mergers and acquisitions have developed rapidly. Mergers and acquisitions among domestic enterprises are also developing relatively fast. Mergers and acquisitions, as a way of capital operation, are increasing day by day. There are many problems that people pay attention to, especially the financial risks that exist among them are particularly prominent. Therefore, analyzing the possible risks in the process of merger and acquisition of enterprises and studying the corresponding measures to prevent them from happening will play a positive guiding role in the merger and acquisition of state-owned enterprises.

Key words: Mergers and acquisitions Financial risk Measures to prevent

目录

一前言 (1)

（一）研究背景 (1)

（二）研究目的及意义 (1)

1.研究目的 (1)

2.研究意义 (1)

（三）研究内容 (3)

（四）研究现状 (3)

二企业并购财务风险的表现形式及成因 (3)

（一）企业并购财务风险的表现形式 (3)

1.估值风险 (3)

2.融资风险 (3)

3.支付风险 (5)

4.流动风险 (5)

5.整合风险 (6)

（二）企业并购的财务风险产生的成因 (6)

1.并购双方企业信息不对称 (6)

2.收购企业管理者目标不明确 (7)

3.目标企业估值失当 (7)

4.选择错误的支付手段 (7)

三控制并购财务风险的建议 (7)

（一）确定目标企业并采取有效的估值手段 (7)

（二）优化融资结构降低财务 (8)

1.规划融资行为 (8)

2.优化融资结构 (8)

（三）慎重选取支付手段 (9)

（四）组合流动资产控制财务风险 (9)

（五）科学整合企业文化与财务工作 (10)

四研究结论 (10)

五致谢 (12)

六参考文献 (13)