企业并购中的财务风险问题研究- 毕设论文.doc

毕业论文 （20_ _届） 企业并购中的财务风险问题研究 摘 要 并购是企业迅速实现扩张的有效途径之一，19世纪末起源于西方，至今，西方国家已经经历了四次并购浪潮，第五次并购浪潮方兴未艾。随着我国社会主义市场经济建设步伐的加快及全球经济一体化的影响，越来越多的中国企业开始采用这一资本运营手段来加快企业发展。并购作为一项特殊的投资活动，其风险不容忽视，尤其是财务风险，由于财务风险而使并购活动失败甚至使企业最终陷入危机的案例比比皆是，因此，如何在并购活动中防范财务风险也就成为了学术界和企业界越来越关注的问题。 论文以并购理论为基础，首先，对并购及并购的财务风险的概念及相关理论进行阐述。紧接着进入论文的主体部分，按照并购活动的一般过程，将并购活动划分为目标企业价值评估、融资、并购后期整合三个阶段，对各阶段存在的财务风险进行分析，并提出防范措施。最后为结论部分，总结了论文取得的成果与不足。 关键词：企业并购；财务风险；研究； Abstract The rapid expansion of corporate M A is an effective way to achieve one of the late 19th century originated in the West, since Western countries have experienced four M A wave, fifth merger wave in the ascendant. As Chinas socialist market economy and the accelerated pace of global economic integration, more and more Chinese enterprises began to use the equity method to accelerate the development of enterprises. M A as a special investment activity, the risk can not be ignored, especially financial risk, financial risk leaving the failed merger and acquisition activity and even the business case of the final crisis abound, so how in the M A activity in the prevention of financial risks academia and business to become a growing concern. Thesis M theory, first, the financial risk of M Aconcepts and theories expounded.Then enter the main part of the paper, according to the general process of mergers and acquisitions, M A activities will be divided into objective business valuation, financing and payment, post-merger integration of the three stages, each stage of the existence of financial risk analysis, and proposed preventive measures and the introduction of actual cases at each stage, the use of theoretical knowledge in front of them. Finally the conclusion summarizes the results achieved with less paper. Keywords: mergers and acquisitions; financial risk; research; 目　　录 1 企业并购及其财务风险的概述 5 1.1 企业并购的概念 5 1.2 企业并购的动因分析 5 1.3 企业并购财务风险的概念 6 1.4 企业并购财务风险的特征 7 1.5 企业并购财务风险的类型 8 2 企业并购中的价值评估风险 10 2.1 目标企业价