本文選題：并購 + 整合　； 參考：《重慶理工大學》2017年碩士論文

【摘要】：近幾年來,隨著金融市場的發(fā)展,證券行業(yè)面臨的競爭愈來愈激烈。那么,為了讓自己在金融市場上站穩(wěn)腳步,越來越多的證券公司選擇了并購擴張之路。然而并購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險行業(yè),不做好并購后的整合工作,并購效應(yīng)將不能很好發(fā)揮,造成并購失敗。從內(nèi)部控制各個環(huán)節(jié)入手,做好并購后的各項整合工作,將之貫穿于證券公司各環(huán)節(jié),可達到公司價值增值目的,實現(xiàn)良好并購效果。理論上,目前國內(nèi)外學者從內(nèi)部控制角度對證券公司并購后整合的研究很少,大多單純談風險管理,實際中,也未引起足夠重視�；谏鲜霰尘�,本文從并購后產(chǎn)生正效應(yīng)的視角,引入內(nèi)部控制的五要素框架,對Z證券公司并購后的整合階段進行內(nèi)部控制優(yōu)化,改善其內(nèi)部控制體系,實現(xiàn)公司并購整合目標,產(chǎn)生正效應(yīng),達到期望的整合效果。本文基于國內(nèi)外學者的研究思路和方法的指導,選用文獻研究和案例分析的方法對選題進行研究。首先,對并購相關(guān)理論、內(nèi)部控制理論、并購內(nèi)部控制理論進行了闡述。接著,引入了Z證券并購M證券的案例,分析Z證券公司并購案例過程以及并購效應(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性地對Z證券公司內(nèi)部控制提出了優(yōu)化對策:(1)構(gòu)建并購后整合的內(nèi)部控制框架;(2)夯實內(nèi)部環(huán)境及營造并購后的文化氛圍;(3)優(yōu)化風險識別與評估機制;(4)將價并購正效應(yīng)目標理念貫穿于并購后整合的控制活動中;(5)優(yōu)化信息與溝通平臺;(6)優(yōu)化監(jiān)督與控制體系。在設(shè)計中覆蓋了并購后整合活動的多方面,使研究賦予實際操作性,在確保Z證券公司并購目標實現(xiàn)的同時來規(guī)避各種并購風險,實現(xiàn)收購后公司得到資源的有效配置,提升公司的經(jīng)營效率,實現(xiàn)公司并購價值增值。
[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.
【學位授予單位】：重慶理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.39;F271;F830.42

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本文編號：1833924