并购融资财务风险防范研究.doc

摘要:21世纪以来，随着中国宏观经济的发展和企业核心竞争力的提高，越来越多的中国企业已经无法满足传统的内涵增长模式，开始实施以并购为主的外延增长模式。

　　　企业并购是企业以现金、证券或其他形式购买取得其他企业的部分或全部资产或股权，以取得对该企业的控制权的一种经济行为。企业并购也是一项充满风险的活动，伴随着大量的不确定性因素，这些不确定性因素，会给企业并购带来巨大的财务风险。

　　　本文通过分析当今企业并购融资财务风险，通过并购以现有社会资源进行重新配置，改变社会生产要素及生产物质手段各个组成部分的存量结构以便扩大生产，比通过积累扩大再生产更有意义。世界并购史上，许多企业由于忽视了并购的财务风险管理而导致失败，企业并购后的财务风险问题成为普遍关注的焦点。

关键词: 企业并购，风险防范，案例分析

Abstract:With development of macro economy of China and improvement of core competency in 21st century, traditional connotation growth   pattern became less important for Chinese businesses, and they are searching for new pattern which are characterized by merger and acquisition.Merger and acquisition are economic activities that businesses buy some or all property or stock rights of other businesses with cash, negotiable securities or some other things to control the businesses. Theses activities are full of risks and uncertainty which may bring about huge financial risks.

　　　This article analyses risks of financing in present time to prove a fact that merger and acquisition are more significant than reproduction through capital accumulation. Through acquisitions to existing social resources for new configuration, merger and acquisition can change structure of stocking of factors of production and means of production to expand scale of production. In the history of merger and acquisition of the world, a large number of businesses ignored risks of it and became losers. Financial risks of merger and acquisition have drawn great attention.

Key words: Financial risks Stocking Economy Case analysis

世界商业史上，并购是许多企业成长的重要方式，然而更多的企业因为忽视了并购带来的财务风险而导致失败。本文详细地阐述了并购财务风险的定义、企业并购财务风险研究，提出了一些新颖的观点。并购财务风险按照财务决策的类型可以分为目标企业价值评估风险、融资风险和支付风险，但并购交易前并购投资战略的制定以及并购后的运营整合风险也对财务风险有深刻影响。联想并购IBM PCD是中国企业发展史上一件具有里程碑意义的事件，虽然由于缺乏经验，在并购过程中仍然显得不够成熟。在中国经济结构转型、美国次贷危机的经济环境下，越来越多的国内企业将在发展的压力下选择并购寻求突破。但并购绝非坦途，需要企业家们保持不断进取的创业精神，吸收先进的财务风险管理理念，才能在并购的道路上走得更远。希望本文的结论与框架能够对未来的企业并购有一定的启发作用。