【摘要】：隨著世界經(jīng)濟(jì)一體化的發(fā)展,海外并購已經(jīng)成為企業(yè)開拓國際市場的重要手段。自二十世紀(jì)九十年代中期以來,我國越來越多的企業(yè)為實現(xiàn)企業(yè)的持續(xù)擴(kuò)展,加入到海外并購的浪場中。尤其是2008年金融危機(jī)以后,我國企業(yè)海外并購有了突飛猛進(jìn)的發(fā)展,從傳統(tǒng)的制造業(yè)、能源到新興的信息、互聯(lián)網(wǎng)、環(huán)保、服務(wù)業(yè)等行業(yè)領(lǐng)域,從以國有企業(yè)為主到新興民營企業(yè)為主力軍,從市場占有到技術(shù)、品牌占有,處處都有我國企業(yè)的身影。企業(yè)進(jìn)行海外并購可以使企業(yè)資源在全球范圍內(nèi)得到有效配置,提高生產(chǎn)效率,從而進(jìn)一步提高企業(yè)的抗風(fēng)險能力和國際市場競爭力。然而由于海外并購的復(fù)雜性,我國企業(yè)海外并購面臨著很多考驗,許多企業(yè)海外并購后業(yè)績下降,利潤降低,有的甚至面臨著索賠風(fēng)險,這說明海外并購給我國企業(yè)帶來巨大利益的同時也伴隨著較高的風(fēng)險。企業(yè)海外并購風(fēng)險包括政治風(fēng)險、經(jīng)營風(fēng)險、文化風(fēng)險、法律風(fēng)險,財務(wù)風(fēng)險等一系列風(fēng)險,在這其中財務(wù)風(fēng)險是企業(yè)海外并購所有風(fēng)險在價值量上的綜合體現(xiàn)。因此,有效控制我國海外并購的財務(wù)風(fēng)險,對于實現(xiàn)我國企業(yè)海外并購具有重大而深遠(yuǎn)的意義。本文以我國Z公司海外并購M公司為例,在對國內(nèi)外文獻(xiàn)理論梳理的基礎(chǔ)上,將海外并購按照時間順序分為準(zhǔn)備階段、實施階段和整合階段,分別對各個階段出現(xiàn)的財務(wù)風(fēng)險進(jìn)行控制分析,有針對性的提出我國企業(yè)海外并購財務(wù)風(fēng)險的控制措施。具體包括科學(xué)選擇目標(biāo)企業(yè)、實行全面盡職調(diào)查、選擇合適的評估方法、拓寬融資渠道、選擇合理支付方式、利用金融工具降低外匯風(fēng)險、采取有效的財務(wù)整合、完善現(xiàn)金流轉(zhuǎn)內(nèi)部融資等。希望通過本論文的研究,能夠?qū)ξ覈髽I(yè)在海外并購中如何控制財務(wù)風(fēng)險提供一定的借鑒作用。
[Abstract]:With the development of world economic integration, overseas mergers and acquisitions have become an important means for enterprises to open up international markets. Since the mid-1990s, more and more enterprises in China have joined the wave of overseas mergers and acquisitions in order to realize the continuous expansion of enterprises. Especially after the financial crisis in 2008, overseas mergers and acquisitions of Chinese enterprises have developed by leaps and bounds, from traditional manufacturing industry, energy to emerging information, Internet, environmental protection, service industry and other industries. From state-owned enterprises to emerging private enterprises as the main force, from market possession to technology, brand possession, everywhere there are Chinese enterprises. Overseas mergers and acquisitions can effectively allocate enterprise resources around the world and improve production efficiency, thus further improving the anti-risk ability of enterprises and the competitiveness of the international market. However, due to the complexity of overseas mergers and acquisitions, overseas mergers and acquisitions in China are facing many tests. After overseas mergers and acquisitions, many enterprises have lower performance, lower profits, and some even face claim risks. This shows that overseas mergers and acquisitions bring great benefits to Chinese enterprises, but also accompanied by higher risks. The risk of overseas M & A includes a series of risks, such as political risk, operating risk, cultural risk, legal risk, financial risk and so on. Among them, the financial risk is the comprehensive embodiment of all the risks of overseas M & A in terms of value. Therefore, effectively controlling the financial risk of overseas mergers and acquisitions in China is of great and far-reaching significance for the realization of overseas mergers and acquisitions of Chinese enterprises. Taking M Company of Z Company as an example, on the basis of combing the literature theory at home and abroad, this paper divides overseas M & A into preparation stage, implementation stage and integration stage according to the chronological order. This paper analyzes the financial risk of each stage, and puts forward the control measures of the financial risk of overseas mergers and acquisitions of Chinese enterprises. Specifically, it includes the scientific selection of target enterprises, the implementation of comprehensive due diligence, the selection of appropriate evaluation methods, the widening of financing channels, the choice of reasonable payment methods, the use of financial instruments to reduce foreign exchange risks, and the adoption of effective financial integration. Improve cash flow internal financing and so on. It is hoped that through the research of this paper, it can provide a certain reference for Chinese enterprises to control the financial risk in overseas mergers and acquisitions.
【學(xué)位授予單位】：吉林財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F271

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