摘 要
当前，我国市场经济高速发展，加上国有企业的深化改革，使企业间的并购活动越来越频繁。但是，企业在并购活动的前后将面临复杂多样的财务风险，并购前对目标企业的价值评估、并购中的融资与支付方式以及并购后的财务整合，这都会对并购企业的自身经营产生影响。因此，为有效降低财务风险给并购企业带来的损失，结合国内外研究成果，对财务风险的类型和成因进行了相关探讨。
本文首先介绍了并购背景以及国内外研究状况，对企业并购、财务风险等概念进行界定，分析并购财务风险中的定价风险、融资风险、支付风险和财务整合风险的成因。其次结合案例，分析百度并购的动因、并购所面临的风险。最后对我国并购提出几点建议。
关键词：企业并购；财务风险；启示
ABSTRACT
At present, the rapid development of China’s market economy, coupled with the deepening reform of state-owned enterprises, so that mergers and acquisition activity between enterprises more and more frequently. However, enterprises before and after the M&A activity will face a complex and diverse financial risks, before the merger of the value of the target company’s assessment, M&A financing and payment and financial post-merger integration, which will have an impact on the M&A company’s own operations. Therefore, in order to reduce the risk of financial loss to the enterprise merger, combining research results, types and causes of financial risk for the relevant discussion.
This paper introduces the background and research status acquisitions, corporate mergers and acquisitions, financial risks, etc. define the concept, analysis of financial risk in M&A pricing risk, financing risk, pay the causes of risk and financial integration risk. Secondly, combined with the case, analysis of the causes of the Baidu M&A, the risks faced by M&A. Finally, some suggestions are put forward for China’s merger and acquisition.
Keywords: mergers and acquisitions; financial risk; enlightenment
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