企业并购财务风险研究
摘 要
随着20世纪90年代中期以来中国企业并购实践的发展，我国股权分置改革的基本完成，全流通时代的到来，并购活动日益增加。但是其中也不乏一些失败的经验教训需要及时予以概括总结，许多新的理论问题也需要探讨。企业并购动辄涉及上百亿、上千亿元的资金，本身面临着巨大的财务风险，要提高并购的成功率，在很大程度上都依赖十对并购财务风险的控制。
本文通过对企业并购的背景进行详细分析，指出并购的各种风险中财务风险是企业并购成败的关键风险因素之一；从企业并购中的目标定价、支付、融资和整合活动入手，在深入分析研究各种财务风险的具体表现形式和产生原因的基础上，提出目标企业定价风险、支付和融资活动风险以及财务整合风险的具体管理措施;最后通过一个具体的案例——斯文瑞特公司并购麦克利钢铁公司案例分析并购过程中存在的财务风险，验证了财务风险管理措施在企业并购中的运用。本文针对企业并购过程中存在的主要财务风险进行分析研究，对于丰富企业并购财务风险问题相关理论具有较强的意义。本文探索企业并购财务风险管理的有效措施，对于规避、预防和控制财务风险，降低企业并购的财务风险，提高企业并购的成功率具有较强的现实意义。
关键词：企业并购；财务风险；定价风险；支付和融资风险；财务整合风险；
Research on the Finance Risk of Merger and Acquisition in Enterprise
Abstract
With since the mid 1990s Chinese enterprise merger practice development, our country reform of non-tradable shares, the basic completion, the arrival of the era of full circulation of merger activity is increasing. But which also have some experience of failure lesson need promptly be summarization, many new theory problems also need to discuss. Enterprise merger frequently involve billions of billions, funding, itself is facing a huge financial risk, and to improve the success rate of M&A, largely depend on the financial risk of the acquisition of ten control.
This article through to enterprise merger makes a detailed analysis of the background, points out that the merger in various risks merger of financial risk is crucial to the success of the risk factor; The target from enterprise merger, payment, financing and pricing of integration activities in the deep research and analysis of financial risk concrete forms and the causes of the proposed, based on the target enterprise pricing risk, payment and financing activities risk and financial integration; the specific management measures risk Finally, through a specific example - Sven Rhett M&A Anthony steel companies existing in the process of case analysis merger of financial risk, and verifies the financial risk management measures the application in enterprise merger. Aiming at the existing in the merger process the main financial risk analysis for rich enterprise merger, financial risk related theory has strong meaning. This paper explores enterprises merging financial risk management of effective measures, to evade, prevent and control financial risks, and reduce the financial risk of the enterprise merger, improve the success rate of merger with strong practical significance.
Keywords: Merger and Acquisition; Financial risk; Pricing risk; Payment and financing risk; Financial integration risk;
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