并购风险控制研究-工商管理专业论文.docx

华 华 中 科 技 大 学 硕 士 学 位 论 文 II II Abstract Corporate emergeracquisition is an important means for an enterprise to enlarge its operation scale. Mergeracquisition brings forth a series of influences on the company and the national economy as well.The merging activities are now in the fashion, but the truth proves a high rate of failure, one of the most important factors is that the management level of the enterprise fails to truly understand the risks in the corporate mergeracquisition and did not take any effective protective actions.This academic paper analyzes the root cause of the risks in the corporate merger and from the motivation;at the mean while, it also educes some means of avoiding the risks in the corporate and acquisition. Based on the domestic and overseas research results , this paper introduces some successful experience on how to avoid the risks of merger and acquisition.thus educes some effective measures for the reference of all corporate for later suggestions. This paper also intends to provide a consultation on how to identify and avoid the risks of merger and acquisition so as to promote the success of the corporate merger and acquisition and to help to develop the whole merger activities in China. Through the research on this contents,some meaningful aspects and conclusion are put forward. Keywords: mergeracquisition; risk; control PAGE IV PAGE IV 目 录 摘 要 I Abstract II 1 绪 论 1.1 问题提出与研究意义 (1) 1.2 国内外文献综述 (3) 1.3 研究思路与研究方法 (6) 2 并购的几个基本理论问题 2.1 并购的涵义 (8) 2.2 并购的类型及方式 (8) 2.3 并购的动因 (10) 3 并购风险及其影响因素 3.1 并购前风险 (13) 3.2 并购中风险 (14) 3.3 并购后风险 (15) 4 并购风险的识别技术 4.1 德尔菲识别法 (18) 4.2 风险树识别法 (20) 4.3 幕景分析法 (21) 4.4 筛选——监测——诊断技术 (21) 4.5 并购风险定量识别技术 (21) 5 并购风险评价 5.1 并购风险评价的作用 (26) 5.2 并购风险的定性评价方法 (26) 5.3 并购风险的定量评价方法 (29) 6 并购风险的防范 6.1 并购风险的规避 (32) 6.2 并购风险的转移 (34) 6.3 并购风险的控制 (36) 6.4 目标企业现状分析 (39) 6.5 目标企业的整体价值评估 (42) 6.6 正确评估目标企业资产 (46) 6.7 选择正确的支付方式 (47) 6.8 进行妥善有效的并购整合 (52) 6.9 与专业人士或中介机构合作 (57) 6.10 建立科学的风险管理机制 (58) 7 并购的案例研究 7.1