浅析我国企业并购中的财务风险及其防范

浅析我国企业并购中的财务风险及其防范(论文10000字)
摘要
    企业并购是企业本身生存和发展的重要手段之一，它的成败与否关系到一个企业的现在和将来，但并购也存在着很大的财务风险。信息的不对称性和不确定性是影响企业并购的财务风险的主要因素。信息不对称性主要是由于并购方对并购企业信息不能充分掌握造成的。不确定性却是由于并购过程中各种外部、内部因素的不确定性，影响并购的成败。企业并购的财务风险主要有：对目标企业价值的评估风险、流动性风险、融资风险和杠杆收购的偿债风险。防范这些风险所采取的措施主要有：改善信息不对称状况，运用恰当的估值模型来确定目标企业的价值；调整资产和负债的配比关系，对流动性风险进行管理；从时间和数量上保证并购资金的取得；大力发展中介机构；增强目标企业未来现金流量来降低杠杆收购风险；发挥政府职能，确保并购法律制度，规范化。
关键词: 企业并购  财务风险  防范措施

ABSTRACT
M & A is their own means of survival and development of one of the important, and its success or failure is related to a business now and in the future, but the acquisition has its huge financial risk .Financial risk of M & A main factor is the information asymmetry and uncertainty. Information asymmetry is mainly due to the acquisition the acquiring company can not fully grasp the result of the information. But the uncertainty is due to merger and acquisition process of various external and internal factors of uncertainty, affect the success or failure of mergers and acquisitions. There are financial risks acquisition target enterprise value on the assessment of risk, funding risk, liquidity risk and the risk of leveraged buyout debt. To guard against these risks the measures taken are: to improve information asymmetry, the use of appropriate valuation model to determine the value of the target company; from the time and the number of mergers and acquisitions to ensure the acquisition of funds; adjust the ratio between assets and liabilities, on the flowrisk management; enhance future cash flows of the target company to reduce risk of leveraged buyouts; to develop intermediary bodies; role of the government functions, to ensure that the legal M & A activity and standardized.

   Keywords:  M & A   financial risk   prevention measures

目  录
绪论………………………………………………………………………………1
一、企业并购财务风险产生的因素    1
（一）信息的不对称性    1
（二）信息的不确定性    2
二、并购过程中的财务风险    2
（一）企业价值评估的风险    3
（二）融资风险    4
（三）流动性风险    4
（四）杠杆收购的偿债风险    6
（五）资本结构偏离风险    7
三、企业并购财务风险的防范措施    7
（一）改善信息不对称的状况，采用恰当的收购估价模型确定目标企业的价值    7
（二）从时间上和数量上保证并购资金的取得    8
（三）根据资产负债的期限结构调整资产负债匹配关系，通过建立流动性资产组合进行流动性风险管理    9
（四）增强杠杆收购中目标企业未来现金流量的稳定性    9
（五）大力发展中介机构    10
（六）发挥政府职能，确保并购行为的法制化、规范化    11
（七）做出正确的成本效益分析来实现低成本扩张    11
1、企业并购的成本分析    12
2、企业并购的效益分析    13
四、恶意并购及对恶意并购引起的财务风险分析    14
五、对并购中财务风险防范的思考建议    15
结论    15
参考文献    17