企业并购财务风险的分析与规避.docVIP

企业并购财务风险的分析与规避 摘要：伴随着社会主义市场经济的发展和经济体制的改革，优胜劣汰成为市场经济的一个基本的法则，企业的并购热潮也随着经济的发展开始蓬发，构成了当今中国经济社会的一道ldquo;时尚rdquo;风景线。并购是一项高风险的投资活动，能否将其做好会直接影响企业今后的发展。目前企业间并购日渐频繁，并购的领域和规模在不断扩大，并购的环境也变得越来越复杂，因此风险也随之加剧。但是风险往往与收益并存，要想获得高收益就得接受高风险的挑战。在企业并购活动中风险将贯穿于整个并购活动的始终，其中财务风险是并购是否能成功的重要影响因素。对此企业应该用科学的分析方法对企业并购过程中的风险进行评估，运用恰当的财务风险管理机制对风险进行防范和控制，趋利避害，实现最大收益。10742 关键字：企业并购　财务风险　风险规避 Analysis and evasion of the financial risk of enterprises M amp; A Abstract：Accompanied by the development of the socialist market economy and the reform of the economic system, survival of the fittest became a basic rule of the market economy. The M amp; A boom beginning with the economic development constitute today one of China#39;s economic and social landscape of quot;fashionquot;. M amp; A is a high-risk investment activity, it success whether or not will directly affect the future development of enterprises. Between enterprises M amp; A increasingly frequent, and the areas and scale of mergers and acquisitions expanding, the M amp; A environment has become increasingly complex, also will exacerbate risk. But the risks often co-exist with the income, in order to obtain high-yield the enterprises have to accept the challenges of high-risk. Risk run through on the whole takeover and the financial risk is the important influence factor of enterprises merges succeeding or not. So we should use the scientific methods of analysis of the process of mergers and acquisitions in the risk assessment, use of appropriate financial risk management mechanism of risk prevention and control, to reduce losses to the minimum, while avoiding disadvantages, to achieve maximum benefit. 根据2011年第三季度China Venture的研究报告显示，2011年第三季度中国并购市场无论是交易完成规模还是案例数量都大幅增加。已完成交易案例数量为575起，其中披露金额的案例487起，环比下降2%；披露金额1888.9亿元，环比上升了33%。然而并购是一种高风险与高收益的投资活动，特别是跨国并购，风险尤为重大。普华永道2013年1月30日公布的研究显示，去年中国企业并购活动呈两极分化：一方面，海外并购总金额创下纪录，为652亿美元，同比飙升54%；另一方面，国内外并购交易宗数却是5年来的新低，预期今年会明显改善。众多的调查研究表明企业跨国并购失败比例很高。总结以往的一些失败的案例从中可以发现，财务风险是一项重要的因素。 财务是企业经营状况的集中表现，财务操作