关于企业并购论文

高级财务管理课程论文题目关于企业并购中的风险及其防范院系:经济管理学院专业:财务管理年级:2011级班级:11-2班姓名:学号:摘要并购是一种重要的投资实现方式，企业并购可以获得企业所需要的产权及资产，实行一体化经营，从而达到规模经济，因而并购活动本身就具有战略意义。并购是目前世界上最为活跃的企业交易和产权变动方式,也是一项复杂的经济行为,它可以使企业在短时间内实现资本扩张,从而增强自身的核心竞争力。近年来,随着我国国民经济的迅速发展,越来越多的企业选择并购的方式来进行企业的规模扩张和延伸，但由于我国的资本市场存在一定的缺陷,加之我国资本运营起步较晚,并购在理论、实践、市场环境等方面均不成熟,在并购过程中可能存在着一系列的风险问题，因此，对我国企业并购过程中可能存在的风险问题进行有效防范对策研究，对企业的发展和我国国民经济的发展起着非常重要的作用。关键词：并购投资风险资本Summary：M&Aisanimportantinvestmentimplementation,mergersandacquisitionsofpropertyrightsandassetsneededtogetbusiness,theimplementationofintegratedmanagement,soastoachieveeconomiesofscale,thusM&Aactivityitselfhasastrategicsignificance.M&Aistheworld'smostactivecorporatetransactionsandchangesinthewaypropertyisacomplexeconomicbehavior,itcanenableenterprisestoachievecapitalexpansioninashorttime,inordertoenhancetheircorecompetitiveness.Inrecentyears,withtherapiddevelopmentofChina'seconomy,moreandmorecompanieschooseM&Aapproachtocorporateexpansionandextension,butbecauseofChina'scapitalmarket,therearesomeflaws,coupledwithChina'scapitaloperationstartedlate,mergersandacquisitionsinthetheory,practice,andsoonarenotmaturemarketenvironment,theremaybeanumberofrisksintheM&Aprocess,therefore,theriskofpossibleproblemsintheprocessofmergersandacquisitionsforeffectivepreventivemeasuresresearchonenterprisedevelopmentanddevelopmentofthenationaleconomyplaysaveryimportantrole.Keywords:M&Aventurecapitalinvestment2目录摘要..................................................................................................................................................I一、企业并购...........................................................................................................................3（一）、企业并购的概念.........................................................................................................31、企业并购的理论基础.................................................................................................32、目标企业的选择及其价值评估.................................................................................3（二）、企业并购意义.............................................................................................................41、企业并购的动因.........................................................................................................42、企业并购对我国企业发展的重要性.........................................................................4二、企业并购的风险投资问题分析研究...............................................................................7（一）、财务风险.....................................................................................................................7（二）、流动性风险.................................................................................................................7（三）、融资风险.....................................................................................................................8（四）、信息不对称风险.........................................................................................................8（五）、营运风险.....................................................................................................................9（六）、资产风险.....................................................................................................................9（七）、市场风险...................................................................................................................10三、我国企业并购的主要问题与不足.................................................................................10（一）、并购主体出现“双元化”，政府进行不适当的行政干预.....................................10（二）、并购政策不完善，相关的法制不健全...................................................................10（三）、缺乏专业的并购中介组织.......................................................................................11（四）、并购资金来源匮乏...................................................................................................11（五）、产权交易市场不完善...............................................................................................11四、企业并购的对策建议及其措施.....................................................................................12（一）、主观对策...................................................................................................................121、海外并购，拓宽海外市场.....................................................................................122、发展企业并购的中介机构.....................................................................................123、获取目标企业财务信息，降低并购财务风险.....................................................124、明确企业并购动机，合理制定并购战略.............................................................135、选择安全合适的并购支付方式，实现并购支付方式多样化.............................14（二）、客观环境...................................................................................................................141、拓展融资渠道，建立合理的融资结构.................................................................142、建立健全相关企业并购政策体系.........................................................................15结论................................................................................................................................................16参考文献..................................