浅议伊利乳业跨国并购中财务风险与控制.docxVIP

浅议伊利乳业跨国并购中财务风险与控制 摘 要 企业跨国并购的过程并不是简单顺利的，通常都伴有多种因素导致的财务风险，稍有不慎可能就会导致企业的经营活动无法顺利开展。且由于财务风险连通并购环节的始末，是决定并购能否顺利的主导条件，所以对企业开展跨国并购前的财务风险分析，合理规避并购风险就显得尤为重要。为了降低企业跨国并购前的风险，使企业可以更加顺利的完成并购，本文以伊利乳业2016-2018年三年的财务数据为基础，采用了事件研究法和财务指标法，对伊利乳业跨国并购Westland公司中所涉及的估值风险、融资风险、支付风险和整合风险进行分析，对伊利进行跨国并购的风险成因进行研究，探索降低跨国并购财务风险的措施，以期能够对企业的跨国并购提供建设性意见，帮助企业更加长远健康的发展。 关键词：伊利乳业；跨国并购；财务风险 Abstract Due to the rapid development of market economy, many enterprises begin to explore the development path of cross-border mergers and acquisitions in order to seize market share and form competitive advantages. However, the process of cross-border merger and acquisition of enterprises is not simple and smooth, which is usually accompanied by financial risks caused by a variety of factors, which may lead to the failure of smooth operation of enterprises. Moreover, since financial risk links the beginning and end of the ma link, which is the dominant condition to determine whether the ma can go smoothly, it is particularly important to analyze the financial risk of enterprises before cross-border ma and reasonably avoid the ma risk. In order to reduce the risk of the enterprise transnational merger and acquisition before, can make the enterprise more smoothly completed mergers and acquisitions, in this paper, yili dairy, 2016-2018, three years of financial data as the foundation, using the event study method and the method of financial indicators, the yili dairy Westland companies involved in cross-border ma valuation risk, financing risk and payment risk and integration of risk analysis, to cause the risk of cross-border ma yili research, explore the measures of reducing the risk of cross-border ma financial, in order to provide constructive Suggestions to enterprises cross-border ma, help enterprises to more long-term healthy development. Key words: yili dairy; Cross-border mergers and acquisitions; Financial risk 目录 TOC \o 1-3 \h \z \u 一、引言 5 二、跨国并购的相关概念 5 三、伊利跨国并购业务的财务风险分析 6 （一）估值风险 7 （二）融