万达集团负债内置资产外置风险管理研究.pdfVIP

摘 要 近年来，我国企业对外投资规模快速增长，也出现了负债内置资产外置的对外投 资新模式。该模式是指国内企业向我国金融机构借债进行大额海外投资，若这类企业 在海外投资亏损项目，会促进国外的GDP发展，将金融风险转嫁给国内。这种风险还 可能会向上下游行业和金融业传递，大幅度增加境内国有金融机构的坏账，甚至出现 国有资产流失的后果。因此，以万达集团负债内置资产外置为研究对象，对造成的风 险进行深度剖析，提出防控对策，从而有效降低公司财务风险和国内银行金融风险， 保护中国经济命脉的安全。 在负债融资和海外并购的研究基础上，通过相关文献及公开资料，介绍了万达集 团概况、负债内置情况、资产外置情况以及负债内置资产外置的匹配性分析，并以匹 配性分析为切入点，从风险识别—成因—评价—防控进行研究。对万达集团负债内置 资产外置造成的企业项目投资、银行贷款管理和监管立法缺失进行风险识别和成因分 析，针对风险成因建立风险评价指标体系，运用层次分析法和模糊综合评价法对风险 进行了评价。提出了万达集团审慎决策海外投资项目，银行加强海外贷款管理，监管 部门补充海外并购贷款和对外投资法律空白点有关的防控对策。 关键字：万达集团 负债内置 资产外置 风险 I ABSTACT In recent years, the scale of outbound investment of Chinese enterprises has been increasing rapidly, and a new mode of outbound investment of liabilities and assets has emerged. This mode refers to that domestic enterprises borrow money from Chinese financial institutions to make a large amount of overseas investment. If such enterprises invest in overseas loss-making proj ects, it will promote the development of foreign GDP and transfer financial risks to China. This risk may also be transferred to the upstream and downstream industries and the financial sector, greatly increasing the bad debts of state-owned financial institutions in China, or even the loss of state-owned assets. Therefore, taking wanda groups internal liabilities and external assets as the research obj ect, the risks caused by in-depth analysis, put forward prevention and control countermeasures, so as to effectively reduce the companys financial risks and domestic Banks financial risks, and protect the safety of Chinas economic lifeline. Based on the study of debt financing and overseas mergers and acquisitions, this paper introduces the general situation of