本文選題：企業(yè)并購 + 財(cái)務(wù)風(fēng)險(xiǎn)　； 參考：《西安理工大學(xué)》2017年碩士論文

【摘要】：電器行業(yè)是我國近30年來發(fā)展最快、競爭最激烈、與國際接軌最多的傳統(tǒng)產(chǎn)業(yè)。從上個(gè)世紀(jì)80年代到現(xiàn)在,電器企業(yè)的競爭,走過了從質(zhì)量到成本、到規(guī)模再到市場的歷程。企業(yè)選擇走獨(dú)立自主的發(fā)展道路需要大量的人力、財(cái)力和物力資源。若是依然按照這種方式,企業(yè)將處于被動(dòng)地位,在市場的競爭中喪失原有的優(yōu)勢。基于這一點(diǎn),并購開始成為企業(yè)獲取資源、技術(shù)、提升其核心競爭力的重要手段。企業(yè)在進(jìn)行并購時(shí),會(huì)產(chǎn)生財(cái)務(wù)風(fēng)險(xiǎn)且貫穿于整個(gè)活動(dòng)之中,財(cái)務(wù)風(fēng)險(xiǎn)也成為決定并購能否成敗的重要因素。如何識(shí)別這一過程中財(cái)務(wù)風(fēng)險(xiǎn)的種類,以及規(guī)避企業(yè)并購所產(chǎn)生的財(cái)務(wù)風(fēng)險(xiǎn)就成了各大企業(yè)進(jìn)行并購時(shí)首要的考慮因素。本文在國內(nèi)外相關(guān)理論和研究成果的基礎(chǔ)上,首先介紹了并購及其帶來的的財(cái)務(wù)風(fēng)險(xiǎn)類型。其次對(duì)電器行業(yè)的并購現(xiàn)狀進(jìn)行分析,指出H電器公司并購K公司各階段存在的財(cái)務(wù)風(fēng)險(xiǎn)及成因;然后構(gòu)建了多層次模糊綜合評(píng)價(jià)模型,選取相關(guān)指標(biāo)計(jì)算其財(cái)務(wù)風(fēng)險(xiǎn)所處的范圍,找到最重要的影響因素;最后依據(jù)成因分別從H電器公司并購前的定價(jià)風(fēng)險(xiǎn)、并購時(shí)的融資和支付風(fēng)險(xiǎn)、并購后的整合風(fēng)險(xiǎn)提出控制對(duì)策,主要包括整合財(cái)務(wù)組織機(jī)構(gòu)、明確財(cái)務(wù)管理目標(biāo)、整合管理制度、合理的融資和支付方式等方面,希望能對(duì)H電器公司的發(fā)展起到積極作用。最終得出的結(jié)論是,影響H電器公司并購K公司的主要風(fēng)險(xiǎn)因素是并購時(shí)的融資風(fēng)險(xiǎn)和并購后的整合風(fēng)險(xiǎn),雖然整個(gè)過程的財(cái)務(wù)風(fēng)險(xiǎn)處于合理范圍,但H電器公司還需重視對(duì)K公司的后期整合。本文對(duì)企業(yè)在有效控制并購重組中存在的財(cái)務(wù)風(fēng)險(xiǎn)提供了相關(guān)建議,希望能為其他企業(yè)的并購活動(dòng)有一定的借鑒意義和參考價(jià)值。
[Abstract]:Electrical industry is the traditional industry with the fastest development, the fiercest competition and the most international integration in the past 30 years. From 1980's to now, the competition of electric appliance enterprises has gone from quality to cost, to scale to market. A large number of human, financial and material resources are required for enterprises to choose an independent development path. If still according to this way, the enterprise will be in a passive position, losing the original advantage in the market competition. Based on this, M & A has become an important means for enterprises to acquire resources, technology and enhance their core competitiveness. In the process of M & A, enterprises will have financial risk and run through the whole activity. Financial risk also becomes an important factor to determine the success or failure of M & A. How to identify the types of financial risks in this process and how to avoid the financial risks caused by M & A have become the most important factors for consideration in M & A. Based on the relevant theories and research results at home and abroad, this paper first introduces M & A and its financial risk types. Secondly, the paper analyzes the current situation of M & A in electrical industry, points out the financial risks and causes of H Electric Company M & A of K Company, and then constructs a multi-level fuzzy comprehensive evaluation model. Select the relevant indicators to calculate the scope of its financial risk, find the most important factors; finally, according to the causes of H Electric Company before the M & A pricing risk, M & A financing and payment risk, The integrated risk after merger and acquisition put forward the control countermeasures, including the integration of financial organization, clear financial management objectives, integrated management system, reasonable financing and payment methods, hoping to play a positive role in the development of H Electric Company. Finally, it is concluded that the main risk factors affecting H Electric Company's merger and acquisition of K Company are the financing risk of M & A and the integration risk after M & A, although the financial risk of the whole process is in a reasonable range. But H electric company still needs to attach importance to the late integration of K company. This paper provides relevant suggestions for enterprises to effectively control the financial risks in mergers and acquisitions, hoping to provide some reference and reference value for the M & A activities of other enterprises.
【學(xué)位授予單位】：西安理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F426.6;F271

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本文編號(hào)：1795667