本文關(guān)鍵詞： 企業(yè)并購(gòu) 財(cái)務(wù)風(fēng)險(xiǎn) 風(fēng)險(xiǎn)控制　出處：《吉林財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,由于經(jīng)濟(jì)全球化速度的加快,企業(yè)間競(jìng)爭(zhēng)的壓力越來越大,為了在競(jìng)爭(zhēng)中不被淘汰,企業(yè)就要想辦法提高市場(chǎng)占有率,以此來搶占市場(chǎng),獲得競(jìng)爭(zhēng)優(yōu)勢(shì)。為了實(shí)現(xiàn)這一目的,就有越來越多的企業(yè)進(jìn)行并購(gòu)重組,因此,企業(yè)并購(gòu)可以說是到了井噴期。而隨著企業(yè)并購(gòu)的風(fēng)起云涌,越來越多的企業(yè)加入到企業(yè)并購(gòu)的浪潮中來,我國(guó)文化傳媒行業(yè)的資產(chǎn)并購(gòu)和整合也正處于一個(gè)快車道。國(guó)家為了貫徹落實(shí)中共中央關(guān)于文化改革發(fā)展戰(zhàn)略部署,加快推動(dòng)我國(guó)的文化傳媒產(chǎn)業(yè)成為我國(guó)的國(guó)民經(jīng)濟(jì)的支柱,也相繼投入了多次專項(xiàng)基金。同時(shí),國(guó)家為了推動(dòng)我國(guó)文化傳媒行業(yè)的發(fā)展,相繼出臺(tái)了一系列的新政策,近幾年,在國(guó)家政策的大力扶持下,我國(guó)的文化傳媒行業(yè)來得到了穩(wěn)步的發(fā)展。我國(guó)的文化傳媒行業(yè)的產(chǎn)值規(guī)模、增幅和組織結(jié)構(gòu)都發(fā)生了較大的變化�？梢哉f文化傳媒行業(yè)的發(fā)展勢(shì)頭越來越好。因此,本文選取了文化傳媒行業(yè)并購(gòu)作為主要研究對(duì)象。然而,大規(guī)模的企業(yè)并購(gòu)也存在著一定的風(fēng)險(xiǎn),企業(yè)并購(gòu)的財(cái)務(wù)風(fēng)險(xiǎn)貫穿著整個(gè)企業(yè)并購(gòu)的過程,包括前期的定價(jià)風(fēng)險(xiǎn),中期的融資風(fēng)險(xiǎn)和支付風(fēng)險(xiǎn)以及后期的財(cái)務(wù)整合風(fēng)險(xiǎn)等,這幾種財(cái)務(wù)風(fēng)險(xiǎn)中的任何一種都是不容我們忽視的。對(duì)企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的控制是決定企業(yè)并購(gòu)成敗的關(guān)鍵,稍有不慎,可能會(huì)導(dǎo)致全盤皆輸。所以,只有有效的做好相應(yīng)的財(cái)務(wù)風(fēng)險(xiǎn)的防控措施,才能保證企業(yè)并購(gòu)的成功。本文選取了HC公司并購(gòu)KD公司作為研究對(duì)象,從并購(gòu)前的定價(jià)風(fēng)險(xiǎn)、并購(gòu)中的融資和支付風(fēng)險(xiǎn)以及并購(gòu)后的財(cái)務(wù)整合風(fēng)險(xiǎn),四個(gè)角度分析了企業(yè)并購(gòu)存在的財(cái)務(wù)風(fēng)險(xiǎn)以及相應(yīng)的風(fēng)險(xiǎn)防控措施。首先介紹了本篇論文的研究背景、研究意義、以及國(guó)內(nèi)外的研究現(xiàn)狀。其次又介紹了企業(yè)并購(gòu)的概念、種類,企業(yè)并購(gòu)的動(dòng)因,企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的概念、風(fēng)險(xiǎn)類型以及企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)的成因等。再次,對(duì)HC公司并購(gòu)KD公司的案例進(jìn)行了介紹,分析了他們的并購(gòu)背景、并購(gòu)動(dòng)機(jī)、并購(gòu)過程以及并購(gòu)結(jié)果,并對(duì)他們并購(gòu)前中后的財(cái)務(wù)風(fēng)險(xiǎn)以及相應(yīng)的風(fēng)險(xiǎn)防控措施進(jìn)行了分析。最后,通過本篇論文的分析,得出了一個(gè)啟示,要做好相應(yīng)的財(cái)務(wù)風(fēng)險(xiǎn)的防控,確保并購(gòu)的順利進(jìn)行。本文通過對(duì)HC公司并購(gòu)KD公司財(cái)務(wù)風(fēng)險(xiǎn)的控制進(jìn)行了分析,為其他企業(yè)的并購(gòu)提供了一定的參考,也有助于提升企業(yè)并購(gòu)的成功率。
[Abstract]:In recent years, due to the acceleration of economic globalization, the pressure of competition among enterprises is increasing. In order not to be eliminated in the competition, enterprises must find ways to increase their market share in order to seize the market. Gain a competitive advantage. In order to achieve this goal, more and more enterprises carry out mergers and acquisitions. Therefore, enterprise mergers and acquisitions can be said to be in the blowout period. More and more enterprises are joining in the wave of enterprise mergers and acquisitions, and asset mergers and acquisitions and integration in the cultural media industry in China are also in a fast lane. In order to implement the Central Committee of the CPC Central Committee's strategy for cultural reform and development, To accelerate the promotion of the cultural media industry in our country to become the pillar of our national economy, we have also invested many special funds one after another. At the same time, in order to promote the development of the cultural media industry in our country, the state has successively introduced a series of new policies, in recent years, With the strong support of national policies, the cultural media industry in China has been steadily developing. The output value of the cultural media industry in China is on a scale. It can be said that the development momentum of the cultural media industry is getting better and better. Therefore, this paper chooses M & A in the cultural media industry as the main research object. There are some risks in large-scale M & A. The financial risk of M & A runs through the whole process of M & A, including pre-pricing risk, medium-term financing risk and payment risk, and later financial integration risk, etc. Any of these financial risks should not be ignored by us. The control of financial risk of M & A is the key to the success or failure of M & A. Only by making effective prevention and control measures of financial risk can we guarantee the success of M & A. this paper selects HC Company M & A KD Company as the research object, and from the pricing risk before M & A, The financing and payment risk in M & A and the financial integration risk after M & A are analyzed from four angles. Firstly, the research background and significance of this paper are introduced. And the current research situation at home and abroad. Secondly, it introduces the concept, category, motivation of M & A, the concept of financial risk of M & A, the type of risk and the cause of formation of financial risk of M & A. This paper introduces the case of HC company merger and acquisition of KD Company, analyzes their background, motive, process and result of M & A. Finally, through the analysis of this paper, a revelation is drawn, that is, the prevention and control of the corresponding financial risks should be done well. This paper analyzes the financial risk control of HC Company M & A KD Company, which provides some reference for other enterprises, and also helps to improve the success rate of M & A.
【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：G124;F271;F275

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