上市公司并购财务风险问题探讨---毕业论文.doc

上市公司并购财务风险问题探讨 摘 要 上市公司并购是当今我国乃至世界经济发展中的一个引入注目的经济现象，也是政府、经济理论界、企业界实践与理论的热点问题。作为一种公司战略行为，上市公司并购因其能够为公司带来诸如规模经济、优化配置资源、组合协同等效应而为当今世界各国企业所追逐。然而，大量的历史数据表明，上市公司并购的成功率并不高。在众多国内上市公司并购活动失败的案例当中，忽视并购中财务风险的存在，不能对其实施有效控制是导致并购失败的主要原因。本文以并购流程中的定价、融资和支付、整合等实际操作程序为依据，并结合具体案例，深入分析了不同流程中财务风险的来源和影响因素，并在此基础上提出了建议和措施，以求能对我国上市公司并购活动具有实践上的指导意义。 关键词：上市公司；并购；财务风险 RESEARCH ON FINANCAIL RISKS OF MA OF LISTED COMPANIES ABSTRACT Nowadays mergers and acquisitions of listed companies become a remarkable economic phenomena in the course of the economic development in China and in the world, are also the hot topic of the economic theorists and the business community. As one kind of company strategic behavior, MA of listed company is pursued by various of enterprises because of it can insult much positive effect such as the scale economies, the optimizing resources disposition, the combination cooperative effectect.However, a large number of historical data showed that the success rate of mergers and acquisitions of listed companies is not high. Among all factors which result breakdown in MA, ignoring financial risk and without effective management is a main reason. This paper analyzes the origin of financial risk in various processes and the factors that influence the origin with price-fixing, financing and payment, financial integration as the clues, and gives certain cases of MA in order to help analyze financial risk. In the end, this paper states that the ways and measures of financial risk control are of practical significance to MA of our country’s listed companies. Key words: Listed Companies; Merger and Acquisition; Financial Risks 目 录 1 绪论 1 1.1 课题背景及目的 1 1.2 国内外研究状况 2 1.3 课题研究方法 3 1.4 论文构成及研究内容 3 2 上市公司并购财务风险的概述 4 2.1 上市公司并购财务风险的定义 4 2.2 上市公司并购财务风险的特点 4 2.2.1 综合性 4 2.2.2 前后关联性 5 2.2.3 可控性 5 2.2.4 动态性 5 2.3 上市公司并购财务风险类型 5 2.3.1 定价风险 5 2.3.2 融资风险 5 2.3.3 支付风险 5 2.3.4 财务整合风险 6 3 上市公司并购定价风险分析及防范措施 7 3.1 上市公司并购定价风险的来源分析 7 3.1.1 信息获取与利用的失误 7 3.1.2 缺乏有效的价值评估方法 7 3.1.3 中介机构的不规范 8 3.2 上市公司