摘要
纵观全球企业的成长史，并购活动作为企业的一种成长方式，在给企业带来丰厚利益和良好机遇的同时，也隐藏了巨大的风险。自上世纪 90 年代以来，受全球范围内的经济一体化和产业升级的双重影响，企业并购数量和规模一直呈上升趋势。
然而，在复杂多变的经济环境中，并购并不是企业间简单的合并、重组或拆分，企业在减少竞争对手、面对经济全球化、扩大市场占有份额的时候，并购活动往往是企业在短时期内完成资本累积，形成规模经济和构建大型销售网络或快速进入新行业并迅速取得一定规模效益的最好途径。然而我们发现并购它也有自己的缺陷，会存在大量的风险。
本文一开始先对前人的理论观点做了梳理总结，并在这个基础上对产生并购风险的原因，影响并购风险的因素以及并购风险的类型进行了总结分析，清晰风险形成的原理，对症下药提出改进意见。文章结合目前经济大背景下的中国企业的并购活动，总结出企业并购风险的控制对象包含被合并企业估值风险、并购融资支付风险等，并对被合并企业的估值风险、并购融资支付风险等的控制进行了详尽的探讨。
其中，对被合并企业的估值风险主要是由并购双方企业在并购活动中信息不对称等因素引起的，而并购企业的融资风险则主要是指因融资方式不当导致企业资本结构不合理，增加企业并购失败的可能性。针对不同的分险控制对象，本文列举了其具体的应对措施，例如：了解被并购企业价值评估的流程及内容，拓宽信息获取渠道扭转信息不对称的情形，完善改进价值评估方法以应对并购风险。
本文的与众不同之处在于，本文在对理论进行阐述的过程中，加以了案例的描述，用实践验证理论从而对理论的实际意义进行充分的展示，借此达到对我国企业的并购实践产生一定的借鉴意义的目的。通过对平安收购上海家化案的综合分析，基于我国基本国情，进行的案例分析更具有实践意义，对我国企业并购更具有参考价值。
关键词：企业并购 并购动因 并购风险 风险控制
Abstract
Throughout the world enterprise development, enterprise mergers and acquisitionsas a growth way of enterprise, at the same time of to bring opportunities and benefits tothe enterprise, also there is a huge risk. Since the 1990 s, the global industrial upgradingand the impact of economic integration, mergers and acquisitions size and the number hasbeen on the rise, global mergers and acquisitions activity in unprecedented growth.
Synchronization with the world wave of mergers and acquisitions, our country enterprisemerger and acquisition activity is increasingly frequent, many large enterprises m&abehavior become a remarkable economic phenomena. In the complex economicenvironment, however, m&a is not a simple enterprise merger, joint, or break up. Mergersand acquisitions as companies sought to take one of the main way of externaldevelopment process, with the continuous adjustment of the national economic structure,the gradual transformation of the mode of economic growth in the overall strategy ofaccelerating, the occurrence of m&a is becoming more and more frequent. Becausemergers and acquisitions, as a kind of enterprise equity or asset ownership transactionsand lead to a corporate merger or takeover business practices, in the face of economicglobalization, reducing competition, expand market share, is often in multinationalcompany or group in a short period of time to complete the assets and capitalaccumulation, forming scale economy and large-scale sales network and move quicklyinto new industries and businesses and quickly obtain the best way to get to a certainscale. By observing the analysis some famous cases of mergers and acquisitions, however,we find that m&a is not everything, it also has its own defects, and the presence of largeamounts of risk, failure of mergers and acquisitions will often bring huge losses to theenterprise. The management of the famous American scholar Michael porter said in a2003 study, the newly established enterprise failure rate of 44%, 50.3% failure rate of thejoint venture, the merger of enterprise failure rate is 53.4% - 74%. Why merger andacquisition risk is so high, we should be how to reduce the enterprise m&a risk is themain issue in this paper.
At first, this paper made a comb the predecessors' theory of literature summary, andon this basis of m&a risk causes, the influence factors of m&a risk and merger andacquisition risk types were studied. Combined with Chinese enterprises mergers andacquisitions under the background of the current economic development, points out thatthe enterprise merger and acquisition risk control object is: the target enterpriseevaluation risk, financing risk and payment risk, etc., and value to the target enterpriseevaluation risk, financing risk and payment risk control has carried on the detaileddiscussion. Among them, the target enterprise value appraisal risk is mainly due to themerger with the target enterprise in the merger and acquisition activity caused by suchfactors as information asymmetry, and financing risk, main show is undeserved causeunreasonable financing structure, financing ways, the possibility of cause the failure ofmergers and acquisitions, different payment payment risk, etc. According to different riskcontrol object, the article lists the specific measures, for example: clear the content of thetarget enterprise value assessment, improve information asymmetry, perfect valueassessment method in response to a target value to assess risk in enterprise m&a.
In this paper, the difference is that this article on the theory in this paper, the process,to the description of the case, thus to full display of the realistic significance of the theory,to achieve the practice of mergers and acquisitions of companies in our country has acertain reference significance. Through the analysis of the case comprehensive, comparedwith the traditional case as the issue in terms of validation of the analysis, this paperUSES a case study approach, namely the comprehensive analysis of the single case. Itthrough the case validation issues, while this paper is through case theory andenlightenment.
Key words: Enterprise Merger and Acquisition; Enterprise Merger Motivation;Enterprise Merger and Acquisition Risk; Enterprise M & A Risk Control
目录
第 1 章 导论
1.1 选题背景及其意义
1.2 研究思路和方法
1.3 研究内容和论文结构
第 2 章 文献综述
2.1 企业并购动因的研究
2.2 企业并购风险
2.3 本章小结
第 3 章 企业并购模式与风险
3.1 企业并购模式
3.1.1 按并购双方的关系划分
3.1.2 按照并购目的的不同划分
3.1.3 按并购过程中被并购方的管理层是否满意划分
3.1.4 按照收购方式不同划分
3.1.5 按并购中出资方式的不同划分
3.2 企业并购中的整合风险
3.3 财务风险
3.4 法律风险
3.5 本章小结
第 4 章 风险控制与识别
4.1 并购风险识别
4.2 并购风险识别的意义
4.3 并购风险识别的对象
4.3.1 目标企业披露的财务报表
4.3.2 目标企业的对外关系
4.3.3 目标企业的内部管理
4.4 并购风险控制
4.5 本章小结
第 5 章 案例分析与启示
5.1 案例介绍
5.2 案例分析
5.2.1 动因分析
5.2.2 风险分析
5.3 案例启示与建议
5.4 本章小结
第 6 章 总结与展望
参考文献
致谢
