【摘要】：隨著資本市場和金融體系的不斷完善,我國并購市場也快速發(fā)展。并購活動規(guī)模和范圍的擴張直接推動提升了并購企業(yè)對融資的需求。在并購交易中,并購企業(yè)面臨的主要瓶頸就是融資問題。融資活動作為并購過程中重要的一環(huán),其中存在多種風(fēng)險因素。同時,并購企業(yè)對并購融資風(fēng)險管理的經(jīng)驗尚不充分,資本市場相關(guān)融資風(fēng)險的保障措施仍不完善,并購融資風(fēng)險對并購企業(yè)的融資過程及并購活動影響重大。因此,有效提高并購企業(yè)融資風(fēng)險管理能力就成為一個必要并且重要的課題。 本文以海南航空股份有限公司并購融資案例為研究載體,對并購融資風(fēng)險管理相關(guān)理論進行梳理和介紹,闡述并購融資的概念及動因,按照并購融資過程對并購融資風(fēng)險進行界定,并介紹了并購融資風(fēng)險管理理論,旨在為本文后續(xù)分析海南航空并購融資案例奠定理論基礎(chǔ)；在并購融資風(fēng)險管理相關(guān)理論的基礎(chǔ)上,對海南航空并購融資情況進行分析,采用定性和定量相結(jié)合的風(fēng)險識別方法對海南航空并購融資前的決策階段風(fēng)險、并購融資過程的持續(xù)性風(fēng)險以及并購融資后的運作階段風(fēng)險進行識別,并使用F值分數(shù)模型對海南航空并購融資整體風(fēng)險水平進行評估；基于以上對海南航空并購融資風(fēng)險的識別評估,根據(jù)風(fēng)險管理過程理論,從并購融資各個階段提出有針對性的控制措施和管理建議。 本文對海南航空并購融資風(fēng)險根據(jù)風(fēng)險管理過程進行識別、評估,并從不同階段提出風(fēng)險控制措施,對海南航空并購融資風(fēng)險管理具有一定的借鑒意義,同時也有助于我國并購企業(yè)提升對融資風(fēng)險管理的認識,提供實踐參考。
[Abstract]:With the continuous improvement of capital market and financial system, M & A market of our country also develops rapidly. The expansion of the scale and scope of M & A activities directly promotes the demand for financing of M & A enterprises. In M & A transactions, the main bottleneck faced by M & A enterprises is financing. Financing as an important link in the process of M & A, there are many risk factors. At the same time, the experience of M & A enterprises on the risk management of M & A financing is not enough, the guarantee measures of capital market-related financing risks are still not perfect, and M & A financing risks have a great impact on the financing process and M & A activities of M & A enterprises. Therefore, it is necessary and important to effectively improve the ability of financing risk management of M & A enterprises. Taking the M & A financing case of Hainan Airlines Co., Ltd as the research carrier, this paper combs and introduces the related theories of M & A financing risk management, and expounds the concept and motivation of M & A financing. According to the M & A financing process, this paper defines the M & A financing risk, and introduces the M & A financing risk management theory, in order to lay a theoretical foundation for the follow-up analysis of Hainan Airlines M & A financing cases. Based on the risk management theory of M & A financing, this paper analyzes the financing situation of Hainan Airlines M & A, and adopts the method of qualitative and quantitative risk identification to analyze the decision-making stage risk of Hainan Airlines M & A before financing. The persistent risk of M & A financing process and the risk of operation stage after M & A financing are identified, and the overall risk level of Hainan Airlines M & A financing is evaluated by using the F-value score model. Based on the above-mentioned identification and evaluation of Hainan Airlines M & A financing risk, according to the risk management process theory, this paper puts forward targeted control measures and management suggestions from each stage of M & A financing. This paper identifies and evaluates the financing risk of Hainan Airlines M & A according to the risk management process, and puts forward the risk control measures from different stages, which has certain reference significance for the risk management of Hainan Airlines M & A financing. At the same time, it is helpful for M & A enterprises to improve their understanding of financing risk management and provide practical reference.
【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F562;F275;F271

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