企业并购财务风险及防范研究——以海尔并购通用为例

中文摘要

自改革开放以来，我国市场经济迅速腾飞，企业也不断发展壮大，成为社会经济的中流砥柱，而企业为了自身更好的发展，常常利用并购手段来扩充企业规模，强化企业实力，提高企业的市场占有率和行业地位。根据中国企业并购现状，企业并购数量不断增加，然而成功率却不容乐观，其中约束性最强的因素即为企业并购中的财务风险。在企业的整个并购过程中，不管企业是处在在并购前、并购中，还是并购后阶段，财务风险都是无处不在的，在并购活动的任何一个环节都可能会出现不同程度的财务风险。在数量巨多的企业并购案例中并购失败的案例远远多于成功的案例，而这大部分都是因为财务风险导致的。由此可知，财务风险在企业并购中是需要被十分重视的。本文通过对海尔并购通用家电案例进行剖析，包括定价风险、融资风险、支付风险等，并研究其应对措施，最后根据这一案例总结出对其他企业也适用的财务风险防范对策。

关键词：企业并购； 财务风险； 风险防范； 海尔； 通用家电

Abstract

Since the reform and opening up, China's market economy has taken off rapidly, and enterprises have been growing, becoming the mainstay of social economy. For their better development, enterprises often use M & A to expand their scale, strengthen their strength, and improve their market share and industry status. According to the current situation of M & A in China, the number of M & A is increasing, but the success rate is not optimistic. The most restrictive factor is the financial risk in M & A. In the whole process of M & A, no matter whether the enterprise is in the stage before, during or after M & A, financial risks are everywhere, and there may be different degrees of financial risks in any link of M & A activities. In a large number of M & A cases, the failure of M & A is far more than the success of the cases, and most of them are caused by financial risks. Therefore, financial risk should be paid more attention to in the process of M & A. This paper analyzes the case of Haier's merger and acquisition of general household appliances, including pricing risk, financing risk, payment risk, etc., and studies its countermeasures. Finally, based on this case, it summarizes the financial risk prevention countermeasures applicable to other enterprises.

Key words: enterprise merger and acquisition; financial risk; risk prevention; Haier; general household appliances

目录

1 绪论1

1.1 研究背景及意义1

1.3 研究内容3

1.4 研究方法3

2 企业并购财务风险理论概述3

2.1 概念界定3

2.2 企业并购财务风险相关理论4

3 海尔并购通用家电案例分析6

3.1 企业概述6

3.2 并购动机6

3.3 并购过程7

4 海尔并购通用家电财务风险及防范对策8

4.1 定价风险及防范8

4.2 融资风险及防范9

4.3 支付风险及防范9

4.4 整合风险及防范10

5 海尔企业并购财务风险防范的建议10

5.1 海尔并购定价风险防范措施10

5.2 海尔并购融资风险防控措施11

5.3 海尔并购支付风险防范措施11

5.4 海尔并购整合风险的防范措施12

结束语13

参考文献14