企业并购财务风险管理
摘 要
21世纪以来，以企业为核心的市场体系进入了结构性调整的新阶段。企业能否提升自身的核心竞争力，有效实现资源整合，变成企业生死攸关的转折点。并购作为企业扩大市场占有额，实现行业整合的重要手段，已成为中国经济最热门的话题。但如何管理并购风险也成为企业并购成败的重要因素，尤其是如何识别与管理财务风险。
本文对并购过程中财务风险类型、成因等进行了全面分析。首先，对企业并购动因与过程进行说明；其次，对企业财务风险进行概述，并阐述其形成的原因；再次，结合企业财务风险的类型，提出对财务风险的针对性管理。最后以蒙牛并购雅士利为例，运用定性与定量方法相结合对并购财务风险分析，并对并购风险进行总结及提出建议。
关键词： 企业并购，财务风险，风险管理
Mergers and acquisitions of financial risk management
ABSTRACT
Since the 21st century, enterprises as the core of the market system has entered a new stage of structural adjustment. Enterprises can improve their own core competitiveness, effectively realize the resource integration, become the turning point of enterprise life and death. Mergers and acquisitions as an enterprise to expand market share, to realize the important means of industry consolidation, has become the hottest topic in Chinese economy. But how to manage m&a risk also become the important factor of enterprise merger and acquisition success or failure, especially how to identify and manage financial risk.
The types of financial risk in the process of mergers and acquisitions, as well as has carried on the thorough analysis. First of all, the instructions for mergers and acquisitions motivation and process; Secondly, carry on the overview to the enterprise financial risk, and explains its cause of formation; Again, the combination of enterprise financial risk type, put forward the pertinence of the financial risk management. Finally yashili mengniu mergers and acquisitions, for example, using the combination of qualitative and quantitative methods to m&a financial risk analysis, and to summarize m&a risk and puts forward Suggestions.
KEYWORDS：Mergers and acquisitions, financial risk, and risk management
目 录
1 企业并购及其财务风险的基本理论…………………………… 1
2 企业并购财务风险管理相关理论…………………………….. 6
2.2 目标企业价值评估风险管理………………………….. 6
3 蒙牛并购雅士利财务风险管理案例研究………………………. 10
3.1.1 蒙牛乳业有限公司概况……………………….. 10
3.2.1 目标企业价值评估风险分析……………………. 11
3.3 蒙牛并购财务风险总结…………………………….. 15
3.3.1 改善信息不对称状况，准确进行价值评估…………. 15
3.3.2 拓展融资渠道，正确选择支付方式………………. 15
3.3.3 加强各方面整合，控制财务整合风险…………….. 15
