本文選題：并購(gòu) + 整合��； 參考：《重慶理工大學(xué)》2017年碩士論文

【摘要】：近幾年來,隨著金融市場(chǎng)的發(fā)展,證券行業(yè)面臨的競(jìng)爭(zhēng)愈來愈激烈。那么,為了讓自己在金融市場(chǎng)上站穩(wěn)腳步,越來越多的證券公司選擇了并購(gòu)擴(kuò)張之路。然而并購(gòu)這條路并不是那么容易,證券行業(yè)作為資金密集型和高風(fēng)險(xiǎn)行業(yè),不做好并購(gòu)后的整合工作,并購(gòu)效應(yīng)將不能很好發(fā)揮,造成并購(gòu)失敗。從內(nèi)部控制各個(gè)環(huán)節(jié)入手,做好并購(gòu)后的各項(xiàng)整合工作,將之貫穿于證券公司各環(huán)節(jié),可達(dá)到公司價(jià)值增值目的,實(shí)現(xiàn)良好并購(gòu)效果。理論上,目前國(guó)內(nèi)外學(xué)者從內(nèi)部控制角度對(duì)證券公司并購(gòu)后整合的研究很少,大多單純談風(fēng)險(xiǎn)管理,實(shí)際中,也未引起足夠重視�；谏鲜霰尘�,本文從并購(gòu)后產(chǎn)生正效應(yīng)的視角,引入內(nèi)部控制的五要素框架,對(duì)Z證券公司并購(gòu)后的整合階段進(jìn)行內(nèi)部控制優(yōu)化,改善其內(nèi)部控制體系,實(shí)現(xiàn)公司并購(gòu)整合目標(biāo),產(chǎn)生正效應(yīng),達(dá)到期望的整合效果。本文基于國(guó)內(nèi)外學(xué)者的研究思路和方法的指導(dǎo),選用文獻(xiàn)研究和案例分析的方法對(duì)選題進(jìn)行研究。首先,對(duì)并購(gòu)相關(guān)理論、內(nèi)部控制理論、并購(gòu)內(nèi)部控制理論進(jìn)行了闡述。接著,引入了Z證券并購(gòu)M證券的案例,分析Z證券公司并購(gòu)案例過程以及并購(gòu)效應(yīng)的影響因素,剖析其內(nèi)部控制的現(xiàn)狀及存在的問題。然后基于不足有針對(duì)性地對(duì)Z證券公司內(nèi)部控制提出了優(yōu)化對(duì)策:(1)構(gòu)建并購(gòu)后整合的內(nèi)部控制框架;(2)夯實(shí)內(nèi)部環(huán)境及營(yíng)造并購(gòu)后的文化氛圍;(3)優(yōu)化風(fēng)險(xiǎn)識(shí)別與評(píng)估機(jī)制;(4)將價(jià)并購(gòu)正效應(yīng)目標(biāo)理念貫穿于并購(gòu)后整合的控制活動(dòng)中;(5)優(yōu)化信息與溝通平臺(tái);(6)優(yōu)化監(jiān)督與控制體系。在設(shè)計(jì)中覆蓋了并購(gòu)后整合活動(dòng)的多方面,使研究賦予實(shí)際操作性,在確保Z證券公司并購(gòu)目標(biāo)實(shí)現(xiàn)的同時(shí)來規(guī)避各種并購(gòu)風(fēng)險(xiǎn),實(shí)現(xiàn)收購(gòu)后公司得到資源的有效配置,提升公司的經(jīng)營(yíng)效率,實(shí)現(xiàn)公司并購(gòu)價(jià)值增值。
[Abstract]:In recent years, with the development of financial market, securities industry is facing more and more fierce competition. So, in order to let oneself stand firm in the financial market, more and more securities companies have chosen the road of M & A expansion. However, the road of M & A is not so easy. As a capital-intensive and high-risk industry, the securities industry will not do a good job of integration after M & A, and the effect of M & A will not be able to play a good role, resulting in the failure of M & A. Starting with each link of internal control, the integration work after M & A can be done well and run through every link of the securities company, which can achieve the purpose of increasing the value of the company and realize the good effect of merger and acquisition. In theory, scholars at home and abroad from the perspective of internal control of the merger and acquisition of securities companies after the integration of few research, mostly simply talk about risk management, in practice, did not cause enough attention. Based on the above background, this paper, from the perspective of positive effect after M & A, introduces the framework of five elements of internal control, and optimizes the internal control of the integration stage after M & A of Z Securities Company, and improves its internal control system. Achieve the goal of merger and acquisition integration, produce positive effect, achieve the desired integration effect. Based on the research ideas and methods of scholars at home and abroad, this paper chooses the methods of literature research and case analysis to study the topic. First of all, the M & A related theory, internal control theory, M & A internal control theory are expounded. Then, the paper introduces the case of M securities merger and acquisition of Z Securities, analyzes the M & A case process of Z Securities Company and the influencing factors of M & A effect, and analyzes the present situation and existing problems of its internal control. Then, based on the lack of pertinence to the internal control of Z securities company, the paper puts forward the optimization countermeasures: 1: 1) constructing the integrated internal control framework after the merger and building the internal environment and creating the cultural atmosphere after the merger and acquisition. 3) optimizing the risk identification and evaluation. (5) optimizing the information and communication platform and optimizing the supervision and control system. In the design, it covers many aspects of the post-merger integration activities, which makes the research practical, and ensures the realization of M & A goal of Z Securities Company to avoid all kinds of M & A risks, and realizes the effective allocation of resources after acquisition. Improve the company's operational efficiency and realize the value added of M & A.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.39;F271;F830.42

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