企业并购财务风险及其防范

摘要

随着我国社会主义市场经济的不断发展，企业与企业之间的竞争越来越激烈。在这种大环境下，很多企业都会选择并购作为一种企业扩张模式。但并购作为一种难度较高的资本运作，所以很多企业在进行并购时会出现很多问题，风险也比较大，自然成果也并不理想。根据相关统计，有65%的并购无法达成企业自身的预期。在整个并购过程中，风险无处不在。正因为如此，所以一旦风险无法获得正确的认知，评估以及有效的控制，那么就很有可能造成企业出现财务困难。本篇范文就针对企业并购中有可能出现的财务风险进行有效界定并对其形成原因进行分析，并结合案例对企业财务风险防控进行实证分析，使相关措施能够更加有效。本文从并购财务风险的成因上将起分为内生性财务风险和外生性财务风险，同时从四个方面探讨该怎样对企业并购中的财务风险进行有效的防控。希望能够为以后的研究打下良好基础。

关键词  并购；财务风险；防范措施

Abstract

Mergers and acquisitions as a complicated capital operation,it has become a way of expansion of enterprises rush.But because there are many risks during mergers and acquisitions, the mergers between enterprises is difficult to obtain satisfactory results. According to statistics, about 65% of all mergers and acquisitions can be said that the company itself is not up to the expected results.Financial risk throughout the whole process of mergers and acquisitions,if not properly identified, accurate assessment and effective control,may cause the enterprise's financial distress and suffer huge losses.This article will be mergers and acquisitions in the financial risk to define and analyze the causes,focus on the financial risk prevention and control measures,Make these measures more effective with case for interpretation.Different from the general theory of the classification of financial risk in mergers and acquisitions, This article will divided into internal financial risk and external financial risk from the perspective of mergers and acquisitions classified.From acquisition environmental risk,acquisition decision-making risk,acquisition transaction risk and acquisition integration risk four aspects to talk how to effectively prevent and control the financial risks in mergers and acquisitions.

Key words  merger and acquisition; financial risk; preventive mesasures

目录

摘要 I

Abstract II

目录 III

一、绪论 1

二、我国企业并购财务风险的现状 2

三、企业并购的财务风险分析 3

（一）并购环境财务风险 3

1.市场限制和法律禁止 3

2.体制的不确定性 3

（二）并购决策财务风险 4

1.企业对自身发展认识不充分 4

2.目标企业选择不当 4

（三）并购交易财务风险 5

1.对目标企业价值评估过高 5

2.目标企业采取反并购措施 5

（四）并购整合财务风险 5

1.流动性风险 5

2.整合不力使得经营业绩下滑 5

四、企业并购财务风险的防范措施 7

（一）并购环境风险的防范 7

1.产业环境因素 7

2.中介行业因素 7

3.政府环境因素 8

（二）并购决策风险的防范 8

（三）并购交易风险的防范 8

1.定价风险 8

2.融资风险 9

3.支付风险 9

（四）并购整合风险的防范 10

1.财务整合风险 10

2.文化整合风险 11

五、TCL并购托姆逊案例分析 12

六、结束语 13

参考文献 14