本文選題：企業(yè)并購(gòu) + 財(cái)務(wù)風(fēng)險(xiǎn)�。� 參考：《吉林財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：隨著經(jīng)濟(jì)全球化以及信息革命的快速發(fā)展,生產(chǎn)要素的配置正在由僵化單一轉(zhuǎn)向動(dòng)態(tài)開放。并購(gòu)作為企業(yè)間的一項(xiàng)產(chǎn)權(quán)交易行為越來越多的出現(xiàn)在資本市場(chǎng)上。20世紀(jì)90年代初,全世界企業(yè)并購(gòu)的金額約為4000億美元,而到了21世紀(jì)初,企業(yè)間并購(gòu)金額上升至3.5萬億美元�，F(xiàn)代企業(yè)進(jìn)行規(guī)模擴(kuò)張的一種手段就是與企業(yè)的競(jìng)爭(zhēng)者進(jìn)行重組。但是企業(yè)的并購(gòu)活動(dòng)伴隨著較大的風(fēng)險(xiǎn),其中面臨的最大風(fēng)險(xiǎn)就是財(cái)務(wù)風(fēng)險(xiǎn),若是能夠解決企業(yè)并購(gòu)中的財(cái)務(wù)風(fēng)險(xiǎn),其成功并購(gòu)的概率會(huì)更高。在我國(guó),國(guó)有企業(yè)并購(gòu)還肩負(fù)著推進(jìn)國(guó)有企業(yè)體制改革的重要使命。近幾年,全球的軌道交通市場(chǎng)發(fā)展較快,國(guó)際中很多的經(jīng)濟(jì)體以及發(fā)展國(guó)家都開始規(guī)劃鐵路方面的發(fā)展和建設(shè)。中國(guó)國(guó)家領(lǐng)導(dǎo)人也提出了有關(guān)軌道交通方面的發(fā)展思路,比如“一帶一路”戰(zhàn)略思想的構(gòu)建,并且國(guó)家計(jì)劃在未來投資1.2萬億美元用于對(duì)外投資的相關(guān)項(xiàng)目。目前全球的軌道交通行業(yè)的發(fā)展空間較大。在此環(huán)境之下,S公司與N公司作為大型軌道交通方面的國(guó)有企業(yè),其合并有著特殊意義,因此研究此次并購(gòu)中的財(cái)務(wù)風(fēng)險(xiǎn)及其控制問題對(duì)今后的國(guó)有企業(yè)并購(gòu)具有重要的指導(dǎo)意義。本文通過對(duì)S公司并購(gòu)N公司的前期準(zhǔn)備、并購(gòu)過程中和完成并購(gòu)之后的財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行深入的探討、分析,總結(jié)相關(guān)經(jīng)驗(yàn),幫助企業(yè)深刻理解解決財(cái)務(wù)風(fēng)險(xiǎn)在企業(yè)并購(gòu)活動(dòng)中的重要性,促使企業(yè)采取有效的措施,最大程度控制財(cái)務(wù)風(fēng)險(xiǎn),實(shí)現(xiàn)協(xié)同效應(yīng),達(dá)到預(yù)期并購(gòu)目標(biāo),改善并購(gòu)績(jī)效,從而提高并購(gòu)成功率。本文首先從財(cái)務(wù)風(fēng)險(xiǎn)的概念以及并購(gòu)活動(dòng)中財(cái)務(wù)風(fēng)險(xiǎn)出現(xiàn)的原因入手,通過研究現(xiàn)在已經(jīng)有的資料深入了解我國(guó)國(guó)有企業(yè)在并購(gòu)活動(dòng)中有關(guān)財(cái)務(wù)風(fēng)險(xiǎn)管理方面的內(nèi)容。根據(jù)我國(guó)國(guó)有企業(yè)目前的具體情況以及企業(yè)進(jìn)行并購(gòu)活動(dòng)需要完成的程序,結(jié)合S公司并購(gòu)N公司這個(gè)典型案例,分析財(cái)務(wù)風(fēng)險(xiǎn)對(duì)國(guó)有企業(yè)并購(gòu)的影響,最后總結(jié)并購(gòu)過程中的各階段財(cái)務(wù)風(fēng)險(xiǎn)的特征并提出相應(yīng)的控制措施。
[Abstract]:With the rapid development of economic globalization and information revolution, the allocation of production factors is changing from rigid and single to dynamic opening.M & A, as a property right transaction among enterprises, appears more and more in the capital market in the early 1990s. The amount of M & A in the world is about 400 billion US dollars, but at the beginning of the 21st century,M & A between enterprises rose to $3.5 trillion.A means of scale expansion of modern enterprises is to restructure with their competitors.However, M & A activities of enterprises are accompanied by greater risks, among which the biggest risk is financial risk. If the financial risks in M & A can be solved, the probability of successful M & A will be higher.In our country, state-owned enterprise M & A also shoulders the important mission of promoting the reform of state-owned enterprise system.In recent years, the global rail transit market has developed rapidly, and many international economies and developing countries have begun to plan the development and construction of railways.Chinese leaders have also suggested ways to develop rail transit, such as the construction of Belt and Road's strategic thinking, and plans to invest $1.2 trillion in foreign investment projects in the future.At present, the global rail transit industry has a large space for development.Under this circumstance, as a large state-owned enterprise in rail transit, the merger of S Company and N Company is of special significance.Therefore, the study of the financial risk and its control in the M & A is of great significance to the future M & A of state-owned enterprises.This article through the S company M & A N company in the early preparation, M & A process and after the completion of the financial risk in-depth discussion, analysis, summary of relevant experience,To help enterprises to understand the importance of solving financial risks in M & A activities, to urge enterprises to take effective measures to control financial risks to the greatest extent, to achieve synergy, to achieve the desired goal of M & A, and to improve M & A performance.To improve the success rate of mergers and acquisitions.This paper begins with the concept of financial risk and the reasons for the emergence of financial risk in M & A activities, and through the study of the existing data, deeply understand the contents of financial risk management in M & A activities of state-owned enterprises in China.According to the current situation of state-owned enterprises in our country and the procedures that enterprises need to complete in M & A activities, combined with the typical case of S Company M & A, this paper analyzes the impact of financial risks on M & A of state-owned enterprises.Finally, the characteristics of financial risk in each stage of M & A are summarized and the corresponding control measures are put forward.
【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.4;F406.7;F271

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