本文關(guān)鍵詞： 跨境并購 財(cái)務(wù)風(fēng)險(xiǎn) 防范措施　出處：《廣東財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國經(jīng)濟(jì)的發(fā)展,企業(yè)并購作為現(xiàn)代企業(yè)擴(kuò)大公司業(yè)務(wù)的戰(zhàn)略性投資方式,因其可以優(yōu)化資源配置、擴(kuò)大企業(yè)規(guī)模、開拓市場等作用,越來越多的企業(yè)采取這一路徑。自從加入“WTO”后,許多知名企業(yè)的業(yè)務(wù)范圍已經(jīng)擴(kuò)展到了國外。隨著“走出去”的潮流的進(jìn)一步推廣,企業(yè)間的跨國、跨境并購已經(jīng)成為我國企業(yè)想要迅速搶占國際市場的一項(xiàng)重要手段。西方國家通過五次的并購發(fā)展,企業(yè)并購日益成熟。相比較于西方國家的五次并購浪潮,我國企業(yè)并購發(fā)展歷程相比較短,缺乏經(jīng)驗(yàn)。在并購風(fēng)險(xiǎn)的認(rèn)識和防范,尤其是財(cái)務(wù)風(fēng)險(xiǎn)防范仍然存在不足。財(cái)務(wù)風(fēng)險(xiǎn)作為并購風(fēng)險(xiǎn)中最重要的因素,值得重視和更為深入的研究。FH公司跨境并購臺資企業(yè)GJ公司是一個真實(shí)的案例,是大陸企業(yè)要約收購臺灣企業(yè)的第一案。文章通過分析此次跨境并購案中財(cái)務(wù)風(fēng)險(xiǎn)的表現(xiàn)形式及影響因素:包括對目標(biāo)企業(yè)價值分析的不確定性、融資渠道單一、溢價并購等方面的原因。根據(jù)這些原因,針對大陸企業(yè)和臺資企業(yè)自身的特點(diǎn),對FH公司跨境并購所存在的財(cái)務(wù)風(fēng)險(xiǎn)提出相應(yīng)的建議:具體包括并購前全面了解目標(biāo)企業(yè),并購渠道多元化、并購中合理評估目標(biāo)企業(yè)價值、并購后對財(cái)務(wù)監(jiān)管和人員進(jìn)行整合等。以期通過此案例,對其他企業(yè)并購有參考價值。
[Abstract]:With the development of China's economy, M & A is a strategic investment method for modern enterprises to expand their business, because it can optimize the allocation of resources, expand the scale of enterprises, open up markets, etc. More and more enterprises take this path. Since joining WTO, many well-known enterprises have expanded their business scope to foreign countries. Cross-border mergers and acquisitions have become an important means for Chinese enterprises to quickly seize the international market. Western countries have grown increasingly mature through the development of five mergers and acquisitions. Compared with the five waves of mergers and acquisitions in western countries, The development of M & A in our country is relatively short and lack of experience. There are still some shortcomings in the cognition and prevention of M & A risk, especially in the prevention of financial risk. As the most important factor of M & A risk, financial risk is the most important factor in M & A risk. It is worth paying attention to and studying more deeply. The cross-border merger and acquisition of Taiwan-funded GJ Company by FH Company is a real case. It is the first case in which mainland enterprises offer to buy Taiwan enterprises. This article analyzes the manifestation of financial risk in this cross-border merger and its influencing factors, including the uncertainty of the value analysis of the target enterprises, and the single financing channel. According to these reasons, according to the characteristics of mainland enterprises and Taiwan-funded enterprises, the corresponding suggestions on the financial risks of cross-border mergers and acquisitions of FH companies are put forward: the specific recommendations include comprehensive understanding of target enterprises before M & A. Diversification of M & A channels, reasonable evaluation of target enterprise value in M & A, and integration of financial supervision and personnel after M & A are expected to be of reference value to other enterprises in M & A through this case.
【學(xué)位授予單位】：廣東財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F426.6;F406.7

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本文編號：1501330