汽车行业并购问题研究

摘    要
企业并购是一个企业通过产权交易取得对其他企业控制权的经济行为。通过并购，企业可以有效实现资源合理配置，扩大生产经营规模，实现整合效应与协同效应，降低交易成本，公司并购所带来的更高的效率、更好的效果、业绩增长潜力和利润的增加等都是并购时所期望的。企业并购是一项非常复杂的系统工程，并购过程中的每一个环节都不能疏忽，否则会直接或间接带来财务风险，并影响到整个并购的成败。西方国家多年来形成了较为成熟的企业并购理论与实践。然而，我国对企业并购的理论研究却显得相对滞后，因此对企业并购过程中存在的财务风险问题进行研究，对我国企业并购具有及其重要的理论意义和实用价值。（需要说明的是，本文所讨论的并购中的财务问题均是站在并购企业的角度进行的，对目标企业相应的财务问题有所忽略）。
本文以企业并购的财务问题为研究对象，首先从企业并购、财务风险的基本理论出发，阐述了企业并购的财务风险以及融资的涵义、类型、等内容。然后针对我国企业并购的各种财务风险问题及融资问题进行剖析，并提出相应的解决对策。最后结合实际案例加以说明，希望这些措施能够有助于推动我国的企业并购活动更加健康、有序的发展。

关键词：并购； 财务风险；并购风险
Research on automotive industry mergers and acquisitions
Abstract
   M & A transactions of property rights is made by a business enterprise control over other economic activities. Through mergers and acquisitions,companies can achieve rational allocation of resources to expand production scale, to achieve integration and synergy effects, reduce transaction costs, the company brought about by the acquisition of higher efficiency, better results, performance, growth potential and increase profits are all M & A expected. M & A is a very complex system engineering, mergers and acquisitions every step of the process can not be negligent, or will directly or indirectly to financial risk and affect the success or failure of the merger. Western countries over the years developed a more mature theory and practice of mergers and acquisitions. However,my theory on M & A has become relatively stagnant,therefore, M & A risk exists during the study,with mergers and acquisitions in China and its important theoretical and practical value. (It should be noted that this article discussed the financial aspects of M & M companies are standing on the point of view,and on the target company's financial problems have been correspondingly neglected).
   In this paper,the financial aspects of mergers and acquisitions as the research object, the first from the mergers and acquisitions,the basic theory of financial risks,described the financial risk of M & A and financing of the meaning,types,and so on. And then for our M & A and financing a variety of financial risks to analyze the problem and propose corresponding solutions. Finally,actual case to illustrate the hope that these measures can help to promote China's M & A activities are more healthy and orderly development.

Key words: mergers and acquisitions； financial risk； merger and acquisition risk

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