企业并购财务风险研究—以阿里巴巴并购优酷土豆为例.docVIP

- - 摘要 随着我国经济社会的快速发展和改革开放的不断推进，激烈的市场竞争导致企业的经营管理压力越来越大。并购已经成为了企业提升竞争力和企业发展的有效途径。企业为了避免被激烈的市场竞争淘汰，通过并购的方式扩大市场份额。然而，并购的结果并不都是成功的。在企业的并购过程中，主要存在着法律风险、商业风险和反并购风险等，而财务风险则伴随着并购活动的始终并给并购活动带来很大的影响。并购这种商业活动，主要分为三个阶段：并购前、并购中和并购后。估值的风险主要存在于并购活动之前，融资和支付的风险主要存在于并购活动之中，而整合的风险则主要存在于并购活动之后。这些风险彼此相互联系，对并购的成功与否起着非常重要的影响。因此，研究和防范并购活动中的财务风险，对于提高并购的成功率具有十分积极的影响。 本篇文章以阿里巴巴收购优酷土豆为例,对阿里巴巴在并购活动中出现的财务风险进行分阶段的剖析,并且依据并购活动中每个阶段的财务风险提出相对应的措施,对我国企业在并购活动中防范财务风险具有指导意见。 关键词：企业并购 财务风险 风险防范 Abstract With the rapid development of Chinas economy and society and the continuous progress of reform and opening up, fierce market competition has led to more and more pressure on the management of enterprises. Merger and acquisition can promote the healthy development of companies.For the sake of avert being sifted out by violent market competition, companies increase market share by means of mergers and acquisitions. However, not all mergers and acquisitions are successful. In the process of enterprise merger and acquisition, there are mainly legal risk, commercial risk and anti-merger risk, however, financial risk has always existed in the whole MA activities, which has brought many influences to the MA activities.The business activity of merger and acquisition is mainly divided into three stages:before the merger and acquisition, in the merger and acquisition, after the merger and acquisition. The risk of valuation mainly exists before MA activities, the risk of financing and payoff?defrayal mainly exists in MA activities, and the risk of concordancy mainly exists after MA activities. These risks are related to each other and have an very deep influence on the succeed of MA. Hence, study financial risks and against them in the Merger and acquisitions, for increase the success rate of Merger and acquisition with quite active affect. Taking Youku Tudou as an example, this article dissects the financial risks of Ali in MA activities in grading. Then, I propose the ?homologous measures ?in the light of the fi