本文選題：企業(yè)并購 + 財務(wù)風(fēng)險�。� 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)選擇走獨立自主的發(fā)展道路需要大量的人力、財力和物力資源。若是依然按照這種方式,企業(yè)將處于被動地位,在市場的競爭中喪失原有的優(yōu)勢�；谶@一點,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)在進行并購時,會產(chǎn)生財務(wù)風(fēng)險且貫穿于整個活動之中,財務(wù)風(fēng)險也成為決定并購能否成敗的重要因素。如何識別這一過程中財務(wù)風(fēng)險的種類,以及規(guī)避企業(yè)并購所產(chǎn)生的財務(wù)風(fēng)險就成了各大企業(yè)進行并購時首要的考慮因素。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務(wù)風(fēng)險類型。其次對電器行業(yè)的并購現(xiàn)狀進行分析,指出H電器公司并購K公司各階段存在的財務(wù)風(fēng)險及成因;然后構(gòu)建了多層次模糊綜合評價模型,選取相關(guān)指標(biāo)計算其財務(wù)風(fēng)險所處的范圍,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風(fēng)險、并購時的融資和支付風(fēng)險、并購后的整合風(fēng)險提出控制對策,主要包括整合財務(wù)組織機構(gòu)、明確財務(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)險因素是并購時的融資風(fēng)險和并購后的整合風(fēng)險,雖然整個過程的財務(wù)風(fēng)險處于合理范圍,但H電器公司還需重視對K公司的后期整合。本文對企業(yè)在有效控制并購重組中存在的財務(wù)風(fēng)險提供了相關(guān)建議,希望能為其他企業(yè)的并購活動有一定的借鑒意義和參考價值。
[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)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F426.6;F271

【參考文獻】

相關(guān)期刊論文 前10條

1 李金田;李紅琨;;企業(yè)并購財務(wù)風(fēng)險分析與防范[J];經(jīng)濟研究導(dǎo)刊;2012年03期

2 鄭和平;;企業(yè)并購的財務(wù)風(fēng)險及其防控[J];財會研究;2011年10期

3 趙保國;李衛(wèi)衛(wèi);;中國企業(yè)海外并購財務(wù)風(fēng)險分析與對策研究[J];中央財經(jīng)大學(xué)學(xué)報;2008年01期

4 王漢民;桑麗霞;吳順清;;公司內(nèi)部控制失敗的成因與對策[J];山東經(jīng)濟;2006年06期

5 惠金禮;;并購中財務(wù)整合的內(nèi)容及風(fēng)險分析[J];會計之友;2006年08期

6 連慧瑜;當(dāng)前我國企業(yè)跨國并購風(fēng)險的分析[J];中國科技信息;2005年07期

7 楊鳳鳴,劉文華;企業(yè)并購風(fēng)險及其控制[J];商業(yè)時代;2005年03期

8 張子剛 ,程志勇;跨國并購的風(fēng)險防范[J];企業(yè)改革與管理;2004年06期

9 張新;并購重組是否創(chuàng)造價值?——中國證券市場的理論與實證研究[J];經(jīng)濟研究;2003年06期

10 張衡;并購、資源整合與企業(yè)成長[J];經(jīng)濟學(xué)家;2003年02期

相關(guān)碩士學(xué)位論文 前4條

1 彭迪;國有企業(yè)并購過程中的財務(wù)風(fēng)險及其防范[D];蘭州理工大學(xué);2009年

2 黃紹鑫;企業(yè)并購財務(wù)風(fēng)險研究[D];廈門大學(xué);2008年

3 單群英;上市公司并購的財務(wù)風(fēng)險與控制措施[D];天津大學(xué);2007年

4 李德平;企業(yè)并購中的財務(wù)風(fēng)險分析及防范[D];武漢大學(xué);2005年

，

本文編號：1795667