企业并购财务风险控制研究,以联想并购IBMPC业务为例

第1页企业并购财务风险控制研究-----以联想并购IBMPC业务为例、摘要并购是企业扩大市场占有额、提高竞争能力和经济效益的有效途径，并购在给企业带来收益的同时也伴随很高的风险。并购风险是客观存在的，但又是可以识别的。如何控制这些风险，增加并购成功的概率，几乎成为每个参与并购的企业共同关注的问题。所以，研究并购财务风险的控制策略对企业的成功并购具有重大的现实意义。论文结合中国企业并购的状况，阐述了企业并购财务风险控制的基本理论，明确企业并购财务风险控制对象为：目标企业价值评估风险、融资风险及支付风险，在分析各种风险产生原因的基础上，就目标企业价值评估风险、融资风险和支付风险的控制进行了探讨。最后结合联想并购IBMPC的案例，分析联想并购IBMPC业务的过程中存在的并购财务风险及其实施的风险控制。关键词：企业并购风险财务风险财务风险控制Researchonfinancialriskcontrolofenterprise第2页mergerandacquisition-toLenovo'sacquisitionofIBM'sPCbusinessasanexampleMajor:AccountingStudent:ZhichengHuInstructor:JianruZhangAbstractEnterprisemergeristoexpandmarketshare,improvethecompetitiveabilityandtheefficientwayofeconomicbenefits,M&Ainwhiletheenterprisebringsprofitwithhighrisk.Mergerandacquisitionriskisobjectiveexistence,butcanbeidentified.Howtocontroltheserisks,increasetheprobabilityofsuccessfulmerger,becomealmosteachparticipatingenterpriseissuesofcommonconcern.Therefore,researchonfinancialriskcontrolstrategytothesuccessoftheenterprisemergerandacquisitionisofgreatrealisticsignificance.BasedontheChineseenterprisemergerandacquisitioncondition,elaboratedtheenterprisefinancialriskcontrolonthebasictheory,makeclearenterprisefinancialriskcontrolforthe:Thevaluationoftargetenterpriserisk,financingriskandtheriskofpayment,intheanalysisofthevariouscausesofrisksonthebasisofit,thevaluationoftargetenterpriserisk,financingriskandliquidityriskcontrolarediscussed.Finally,Lenovo'sacquisitionofIBMPCcase,analysisofLenovo'sacquisitionofIBMPCbusinessprocessinthepresenceoffinancialriskandtheriskcontrol.Keywords：EnterprisemergerandacquisitionRiskFinancialriskFinancialriskcontrol第3页目录1.绪论...........................................................................................................................61.1选题的背景....................................................................................................61.2研究的意义...................................................................................................7第4页1.3国内外研究文献综述....................................................................................71.4本文的框架与内容......................................................................................102.企业并购财务风险控制相关理论.........................................................................112.1企业并购......................................................................................................112.2企业并购财务风险......................................................................................122.3企业并购财务风险的界定..........................................................................132.3.1企业并购财务风险的特征...............................................................142.3.2企业并购财务风险控制系统...........................................................143企业并购财务风险的识别与计量.........................................................................153.1企业并购财务风险的识别..........................................................................153.1.1目标企业价值评估风险的识别.......................................................173.1.2并购融资风险的识别.......................................................................193.1.3各个阶段的企业并购财务风险识别...............................................203.2企业并购财务风险的计量..........................................................................223.2.1目标企业价值评估风险的计量方式...............................................223.2.2并购融资风险中的计量方式...........................................................244企业并购财务风险的控制.....................................................................................254.1审慎选择目标企业......................................................................................264.2并购中定价的控制策略.............................................................................274.3企业并购财务风险的事后控制..................................................................285联想并购IBMPC业务案例分析...................................................................295.1联想并购IBMPC业务案例简介.........................................................305.2联想并购IBMPC业务的财务风险识别与计量.................................305.2.1联想对IBMPC业务的信息不对称风险识别..........................305.2.2联想对IBMPC业务的价值评估风险识别与计量..................315.2.3联想的融资风险识别与计量...........................................................325.3联想并购IBMPC业务财务风险的控制.............................................36第5页5.3.1谨慎选择IBMＰＣ业务..............................................................365.3.2联想是怎么充分调查减少信息不称带来的风险...........................375.3.3选择合适的融资方式，确定合理的融资结构...............................385.4财务风险的控制效果..................................................................................406总结........................................................................................................................39参考文献....................................................................................................................40致谢.........................................................................................错误!未定义书签。1.绪论1.1选题的背景20世纪90年代以来，伴随信息技术革命和经济全球化的快速发展，掀起了以跨第6页国公司为主导、“强强联合”为特征的第五次并购浪潮。这次并购浪潮规模巨大、影响深远，超级巨型并购案层出不穷，全球产业结构发生了革命性的变化。2000年，全球并购总值不到5000亿美元，最大个案交易不到50亿美元，到2010年，全球并购总值达34700亿美元