• <table id="zigek"></table>
  • <acronym id="zigek"></acronym>
    <big id="zigek"></big>
    <tr id="zigek"><s id="zigek"></s></tr>

    學術堂首頁 | 文獻求助論文范文 | 論文題目 | 參考文獻 | 開題報告 | 論文格式 | 摘要提綱 | 論文致謝 | 論文查重 | 論文答辯 | 論文發表 | 期刊雜志 | 論文寫作 | 論文PPT

    財務會計論文

    您當前的位置:學術堂 > 會計論文 > 財務會計論文

    平安收購案中的風險控制探究

    時間:2017-03-29 來源:山東財經大學 作者:王喬祎 本文字數:3304字
      摘要
      
      縱觀全球企業的成長史,并購活動作為企業的一種成長方式,在給企業帶來豐厚利益和良好機遇的同時,也隱藏了巨大的風險。自上世紀 90 年代以來,受全球范圍內的經濟一體化和產業升級的雙重影響,企業并購數量和規模一直呈上升趨勢。
      
      然而,在復雜多變的經濟環境中,并購并不是企業間簡單的合并、重組或拆分,企業在減少競爭對手、面對經濟全球化、擴大市場占有份額的時候,并購活動往往是企業在短時期內完成資本累積,形成規模經濟和構建大型銷售網絡或快速進入新行業并迅速取得一定規模效益的最好途徑。然而我們發現并購它也有自己的缺陷,會存在大量的風險。
      
      本文一開始先對前人的理論觀點做了梳理總結,并在這個基礎上對產生并購風險的原因,影響并購風險的因素以及并購風險的類型進行了總結分析,清晰風險形成的原理,對癥下藥提出改進意見。文章結合目前經濟大背景下的中國企業的并購活動,總結出企業并購風險的控制對象包含被合并企業估值風險、并購融資支付風險等,并對被合并企業的估值風險、并購融資支付風險等的控制進行了詳盡的探討。
      
      其中,對被合并企業的估值風險主要是由并購雙方企業在并購活動中信息不對稱等因素引起的,而并購企業的融資風險則主要是指因融資方式不當導致企業資本結構不合理,增加企業并購失敗的可能性。針對不同的分險控制對象,本文列舉了其具體的應對措施,例如:了解被并購企業價值評估的流程及內容,拓寬信息獲取渠道扭轉信息不對稱的情形,完善改進價值評估方法以應對并購風險。
      
      本文的與眾不同之處在于,本文在對理論進行闡述的過程中,加以了案例的描述,用實踐驗證理論從而對理論的實際意義進行充分的展示,借此達到對我國企業的并購實踐產生一定的借鑒意義的目的。通過對平安收購上海家化案的綜合分析,基于我國基本國情,進行的案例分析更具有實踐意義,對我國企業并購更具有參考價值。
      
      關鍵詞:企業并購 并購動因 并購風險 風險控制
      
      Abstract
      
      Throughout the world enterprise development, enterprise mergers and acquisitionsas a growth way of enterprise, at the same time of to bring opportunities and benefits tothe enterprise, also there is a huge risk. Since the 1990 s, the global industrial upgradingand the impact of economic integration, mergers and acquisitions size and the number hasbeen on the rise, global mergers and acquisitions activity in unprecedented growth.
      
      Synchronization with the world wave of mergers and acquisitions, our country enterprisemerger and acquisition activity is increasingly frequent, many large enterprises m&abehavior become a remarkable economic phenomena. In the complex economicenvironment, however, m&a is not a simple enterprise merger, joint, or break up. Mergersand acquisitions as companies sought to take one of the main way of externaldevelopment process, with the continuous adjustment of the national economic structure,the gradual transformation of the mode of economic growth in the overall strategy ofaccelerating, the occurrence of m&a is becoming more and more frequent. Becausemergers and acquisitions, as a kind of enterprise equity or asset ownership transactionsand lead to a corporate merger or takeover business practices, in the face of economicglobalization, reducing competition, expand market share, is often in multinationalcompany or group in a short period of time to complete the assets and capitalaccumulation, forming scale economy and large-scale sales network and move quicklyinto new industries and businesses and quickly obtain the best way to get to a certainscale. By observing the analysis some famous cases of mergers and acquisitions, however,we find that m&a is not everything, it also has its own defects, and the presence of largeamounts of risk, failure of mergers and acquisitions will often bring huge losses to theenterprise. The management of the famous American scholar Michael porter said in a2003 study, the newly established enterprise failure rate of 44%, 50.3% failure rate of thejoint venture, the merger of enterprise failure rate is 53.4% - 74%. Why merger andacquisition risk is so high, we should be how to reduce the enterprise m&a risk is themain issue in this paper.
      
      At first, this paper made a comb the predecessors' theory of literature summary, andon this basis of m&a risk causes, the influence factors of m&a risk and merger andacquisition risk types were studied. Combined with Chinese enterprises mergers andacquisitions under the background of the current economic development, points out thatthe enterprise merger and acquisition risk control object is: the target enterpriseevaluation risk, financing risk and payment risk, etc., and value to the target enterpriseevaluation risk, financing risk and payment risk control has carried on the detaileddiscussion. Among them, the target enterprise value appraisal risk is mainly due to themerger with the target enterprise in the merger and acquisition activity caused by suchfactors as information asymmetry, and financing risk, main show is undeserved causeunreasonable financing structure, financing ways, the possibility of cause the failure ofmergers and acquisitions, different payment payment risk, etc. According to different riskcontrol object, the article lists the specific measures, for example: clear the content of thetarget enterprise value assessment, improve information asymmetry, perfect valueassessment method in response to a target value to assess risk in enterprise m&a.
      
      In this paper, the difference is that this article on the theory in this paper, the process,to the description of the case, thus to full display of the realistic significance of the theory,to achieve the practice of mergers and acquisitions of companies in our country has acertain reference significance. Through the analysis of the case comprehensive, comparedwith the traditional case as the issue in terms of validation of the analysis, this paperUSES a case study approach, namely the comprehensive analysis of the single case. Itthrough the case validation issues, while this paper is through case theory andenlightenment.
      
      Key words: Enterprise Merger and Acquisition; Enterprise Merger Motivation;Enterprise Merger and Acquisition Risk; Enterprise M & A Risk Control


      目錄
      
      第 1 章 導論
      
      1.1 選題背景及其意義
      
      1.2 研究思路和方法
      
      1.3 研究內容和論文結構
      
      第 2 章 文獻綜述
      
      2.1 企業并購動因的研究
      
      2.2 企業并購風險
      
      2.3 本章小結
      
      第 3 章 企業并購模式與風險
      
      3.1 企業并購模式
      
      3.1.1 按并購雙方的關系劃分
      
      3.1.2 按照并購目的的不同劃分
      
      3.1.3 按并購過程中被并購方的管理層是否滿意劃分
      
      3.1.4 按照收購方式不同劃分
      
      3.1.5 按并購中出資方式的不同劃分
      
      3.2 企業并購中的整合風險
      
      3.3 財務風險
      
      3.4 法律風險
      
      3.5 本章小結
      
      第 4 章 風險控制與識別
      
      4.1 并購風險識別
      
      4.2 并購風險識別的意義
      
      4.3 并購風險識別的對象
      
      4.3.1 目標企業披露的財務報表
      
      4.3.2 目標企業的對外關系
      
      4.3.3 目標企業的內部管理
      
      4.4 并購風險控制
      
      4.5 本章小結
      
      第 5 章 案例分析與啟示
      
      5.1 案例介紹
      
      5.2 案例分析
      
      5.2.1 動因分析
      
      5.2.2 風險分析
      
      5.3 案例啟示與建議
      
      5.4 本章小結
      
      第 6 章 總結與展望
      
      參考文獻
      
      致謝
      王喬祎. 企業并購中的風險控制研究[D].山東財經大學,2016.
      相近分類:
      • 成都網絡警察報警平臺
      • 公共信息安全網絡監察
      • 經營性網站備案信息
      • 不良信息舉報中心
      • 中國文明網傳播文明
      • 學術堂_誠信網站
      159彩票{{转码主词}官网{{转码主词}网址