企业并购财务风险研究-沃森生物并购上海泽润的财务风险控制研究.docVIP

PAGE 31 摘 要 随着资本市场的迅速发展以及经济体制的改革，企业规模小，管理成本高，企业间的竞争愈发激烈，大鱼吃小鱼的模式屡见不鲜，并购已经成为企业进行战略性扩张，占领市场资源，提升核心竞争力的主要方式。然而在企业的并购案例中，失败率居高不下，主要原因是对财务风险没有充分的了解以及控制。 本文采用文献阅读法，对相关理论以及概念进行解读梳理，再选取沃森生物对上海泽润的两次并购为案例。首先是确定全文是以医药行业为研究背景，通过对国内外文献的阅读了解研究现状；并且对企业并购与并购财务风险等相关理论进行概述；接着进入案例部分，说明沃森生物、上海泽润基本情况，并购双方的并购背景、动因与并购过程；再根据沃森生物与上海泽润的一些财务指标数据来分析并购中的各种财务风险，同时分析此次并购采取的控制措施，结合上述控制措施识别沃森生物对并购财务风险控制存在的不足之处，在此基础上提出加强沃森生物并购财务风险控制的建议，最后进行全文总结。 希望本文可以为我国医药行业进行并购活动产生点滴借鉴作用，更加有利于进行并购财务风险的分析以及控制。 关键词：企业并购，财务风险，风险控制 Abstract With the rapid development of the capital market and the reform of the economic system, the scale of enterprises is small, the management costs are high, and the competition among enterprises is becoming more and more fierce. The pattern of big fish eating small fish is not uncommon. Mergers and acquisitions have become a strategic expansion of enterprises to occupy market resources.The main way to enhance core competitiveness. However, in the case of corporate mergers and acquisitions, the failure rate remains high, mainly due to insufficient understanding and control of financial risks. This paper uses the literature reading method to interpret related theories and concepts, and then selects the two mergers and acquisitions of Shanghai Zerun by Watson Bio as a case. The first is to determine the full text is based on the pharmaceutical industry as the research background, through the reading of domestic and foreign literature to understand the current research situation; and an overview of the related theory of corporate mergers and acquisitions and financial risks; then enter the case part, explain Watson Bio, Shanghai Zerun Basic situation, MA background, motivation and MA process of MA; then analyze various financial risks in MA according to some financial indicators data of Watson Bio and Shanghai Zerun, and analyze the control measures taken in this merger, combined with the above The control measures identify the inadequacies of Watsons financial risk control for merge