并购中的财务风险分析与管控：基于联想的并购案例研究-会计专业论文.docx

万方数据 万方数据 ANALYSIS AND MANAGEMENT OF MA FINANCIAL RISKS： LENOVO’S MA CASES STUDY ABSTRACT As an important investment and operation activity, Merger and acquisition has gained people’s attention in both theoretical group and practical group. There are several types of risks involved in MA, including market risk, law risk, politics risk and financial risk, which are different but also mutual affected. The essay mainly explores the financial risk of MA based on Lenovo’s three cases, with quantitative and qualitative analysis. With the theoretical base of DCF model, financial risk in MA will be discussed in different MA phases, as well as how these financial risks affects the value of company and how Lenovo controls these financial risks in MA phases. Detail analysis will also be given on 2004 Lenovo’s acquisition of personal computer business, 2014 Lenovo’s acquisition of server machine business and 2014 Lenovo’s acquisition of mobile business. Finally, a framework on MA financial risk will be structured. KEY WORDS: Merger and acquisition, financial risk, Lenovo, DCF model 目录 HYPERLINK \l _bookmark0 第 1 章 绪论.................................................................. 1 HYPERLINK \l _bookmark1 1.1 研究背景 ............................................................... 1 HYPERLINK \l _bookmark2 1.2 研究思路 ............................................................... 1 HYPERLINK \l _bookmark3 1.3 研究意义 ............................................................... 2 HYPERLINK \l _bookmark4 第 2 章 并购相关的理论概述.................................................... 3 HYPERLINK \l _bookmark5 2.1 并购的概念 ............................................................. 3 HYPERLINK \l _bookmark7 2.2 并购文献回顾 ........................................................... 3 HYPERLINK \l _bookmark8 2.2.1 并购的动因......................................................... 3 HYPERLINK \l _bookmark9 2.2.2 并购的绩效......................................................... 5 HYPERLINK \l _bookmark1