本文關(guān)鍵詞：我國(guó)玻璃行業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)控制研究　出處：《對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來(lái)，隨著國(guó)內(nèi)房地產(chǎn)行業(yè)的快速發(fā)展，帶動(dòng)玻璃行業(yè)產(chǎn)能過(guò)度增長(zhǎng)。由于玻璃生產(chǎn)企業(yè)進(jìn)入門(mén)檻較低，在利益的驅(qū)使下，大量資本投入興建生產(chǎn)線，導(dǎo)致重復(fù)建設(shè)嚴(yán)重。玻璃生產(chǎn)行業(yè)又容易受到原材料、燃料價(jià)格及市場(chǎng)環(huán)境影響，受市場(chǎng)影響波動(dòng)幅度大。由于平板玻璃行業(yè)70%以上的需求來(lái)自于房地產(chǎn)項(xiàng)目，而房地產(chǎn)行業(yè)發(fā)展前景的不確定性又必然影響對(duì)玻璃產(chǎn)品的需求。介于玻璃行業(yè)的特殊性，玻璃爐窯生產(chǎn)線無(wú)法對(duì)其產(chǎn)能進(jìn)行有效調(diào)控，加上停產(chǎn)成本過(guò)高，企業(yè)為了維持其市場(chǎng)份額，必然導(dǎo)致行業(yè)內(nèi)競(jìng)相壓價(jià)，進(jìn)行惡性競(jìng)爭(zhēng)。結(jié)果是供需矛盾進(jìn)一步加劇，玻璃的重箱售價(jià)甚至低于生產(chǎn)成本，整個(gè)行業(yè)的盈利狀況持續(xù)惡化，成為典型的產(chǎn)能過(guò)剩行業(yè)。 在這種背景下，玻璃企業(yè)間的并購(gòu)重組就不失為一種有效的選擇，在惡性競(jìng)爭(zhēng)中出現(xiàn)的企業(yè)發(fā)展不平衡也為并購(gòu)創(chuàng)造了條件。只有對(duì)行業(yè)內(nèi)資源進(jìn)行重新整合，才能從根本上解決資金、燃料、原料及惡性競(jìng)爭(zhēng)的問(wèn)題，提升整個(gè)行業(yè)的利潤(rùn)率及市場(chǎng)競(jìng)爭(zhēng)能力。工信部于2013年出臺(tái)了一系列政策，明確指示要求加快推進(jìn)玻璃行業(yè)的并購(gòu)重組與產(chǎn)業(yè)整合，計(jì)劃于2015年以前，，淘汰平板玻璃落后產(chǎn)能2000萬(wàn)重量箱。 對(duì)玻璃行業(yè)而言，并購(gòu)是在不涉及增量，不影響各地區(qū)產(chǎn)能及的分布格局和均衡的情況下進(jìn)行。與投資新建生產(chǎn)線相比，有利于維護(hù)其原有地區(qū)市場(chǎng)的穩(wěn)定性，降低了惡性競(jìng)爭(zhēng)的可能。并購(gòu)后，被收購(gòu)的目標(biāo)企業(yè)通過(guò)引入新的管理機(jī)制，也可以達(dá)到債務(wù)負(fù)擔(dān)的目的，從根本上解決企業(yè)發(fā)展的資金問(wèn)題，實(shí)現(xiàn)輕裝上陣。另外通過(guò)并購(gòu)，使得企業(yè)發(fā)展規(guī)模與產(chǎn)品質(zhì)量得到同步提升，促進(jìn)玻璃行業(yè)的產(chǎn)業(yè)結(jié)構(gòu)調(diào)整和升級(jí)。業(yè)內(nèi)優(yōu)勢(shì)企業(yè)已經(jīng)開(kāi)始著手通過(guò)收購(gòu)行為以實(shí)現(xiàn)其戰(zhàn)略目標(biāo)。就并購(gòu)主體來(lái)講，優(yōu)勢(shì)企業(yè)在積極謀求低成本的擴(kuò)張戰(zhàn)略，而弱小企業(yè)迫于競(jìng)爭(zhēng)壓力和維持其發(fā)展也愿意被兼并重組，由此可見(jiàn)我國(guó)玻璃行業(yè)重組整合順應(yīng)時(shí)代的發(fā)展。 然而，企業(yè)并購(gòu)是一個(gè)復(fù)雜的資本運(yùn)作過(guò)程，其中蘊(yùn)藏著大量的財(cái)務(wù)風(fēng)險(xiǎn)。據(jù)有關(guān)資料統(tǒng)計(jì)，世界范圍內(nèi)大公司的并購(gòu)交易活動(dòng)，70%都以失敗告終。并購(gòu)過(guò)程當(dāng)中的風(fēng)險(xiǎn)涉及一系列的風(fēng)險(xiǎn)，比如財(cái)務(wù)風(fēng)險(xiǎn)、法律風(fēng)險(xiǎn)、道德風(fēng)險(xiǎn)、市場(chǎng)風(fēng)險(xiǎn)等等。由于財(cái)務(wù)風(fēng)險(xiǎn)貫穿并購(gòu)活動(dòng)的始終，能否合理控制財(cái)務(wù)風(fēng)險(xiǎn)成為決定并購(gòu)成敗的關(guān)鍵因素。因此本文著重對(duì)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的評(píng)價(jià)及控制進(jìn)行研究，并結(jié)合玻璃行業(yè)的數(shù)據(jù)及特征進(jìn)行分析，希望本文的研究能夠?yàn)樵撔袠I(yè)重組并購(gòu)提供一定有益借鑒。
[Abstract]:In recent years , with the rapid development of the domestic real estate industry , the productivity of the glass industry has been increased excessively . Due to the low entry threshold of the glass production enterprises , a large amount of capital is put into the construction production line under the driving of the benefit . The uncertainty of the development prospect of the real estate industry will inevitably affect the demand of the glass product . The result is that the contradiction of supply and demand is further aggravated , and the price of the glass is even lower than the production cost , and the profitability of the whole industry continues to deteriorate , and becomes a typical excess capacity industry . In this context , the merger and reorganization between the glass enterprises is an effective option , and the imbalance of the enterprise development in the vicious competition creates conditions for the M & A . Only by reintegrating the resources in the industry can we fundamentally solve the problems of funds , fuels , raw materials and vicious competition , and improve the profit margin and the market competitiveness of the whole industry . In the case of the glass industry , the acquisition is carried out under the condition that the increment is not involved , the distribution pattern and the equilibrium of each region are not affected . Compared with the investment new production line , it is beneficial to maintain the stability of the original regional market and reduce the possibility of a vicious competition . However , the acquisition of M & A is a complicated capital operation process , which contains a great deal of financial risk . According to the data statistics , 70 % of the activities of M & A transactions in the world range with failure . The risk involved in the process of M & A involves a series of risks , such as financial risk , legal risk , moral hazard , market risk , etc . As a result , this paper focuses on the evaluation and control of M & A financial risk , and analyzes the data and features of the glass industry . It is hoped that the research in this paper will provide some useful reference for the restructuring of the M & A .

【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F406.7;F426.721

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本文編號(hào)：1428577