企业并购中财务风险分析及防范

摘    要
企业并购是在20世纪90年代后随着我国上市公司股权收购现象的出现而逐步流行起来，成功的企业并购可产生扩大经济规模、优化资源配置、提高市场占有率以及向新经济领域渗透等协同效应，有利于促进经济增长方式的改变，然而并购收益是和高风险共存的，企业并购对其财务状况会发生重大影响，相应带来财务风险，表现为资本结构的恶化、企业价值下降、财务风险高涨；杠杆效应使负债的财务杠杆效益和财务风险都相应放大；股利和债息政策也随负债的变化而变化融资风险增加。在并购的过程中，目标企业价值评估风险、融资风险和流动性风险贯穿企业并购的始终企业并购对其财务框架会发生重大影响且相应带来财务风险，最佳资本结构的偏离。因此，在并购的过程中，应认真分析并有效防范和控制财务风险。

关键词：企业并购；财务风险；财务风险防范
Mergers and Acquisitions In The Financial Risk Analysis and Prevention
Abstract
   Mergers and acquisitions in the 20th century after 90 years with the acquisition of Listed Companies in China phenomenon gradually became popular. Successful enterprises can produce economies of scale,optimize resource allocation, increase market share and penetration to new economic synergy and help to promote change in the way of economic growth. However, earnings and the acquisition of high-risk co-exist. Mergers and acquisitions on its financial position would have a major impact, corresponding to financial risk. The deterioration of the performance of the capital structure, corporate value decline, rising financial risk: leverage the benefits of financial leverage debt and financial risks are appropriate amplification: dividends and bond interest policy changes with the debt financing increased risk. In the merger process, the goal of business valuation risk, funding risk and liquidity risk through mergers and acquisitions M & A has always been its financial framework will have a major impact, corresponding to financial risk: deviations from optimal capital structure, therefore, M & A process, should be carefully analyzed and effectively prevent and control financial risks.

Key words: Enterprise merger and acquisition；Financial risk；Measures for preventing the financial risk

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