企业并购的财务风险控制研究以东方航空兼并上海航空为例
研究从并购方角度出发，主要将并购财务风险分为目标企业估值风险、融资风险、支付风险、整合风险四个方面分析识别控制。从东方航空并购上海航空这一实例分析我国企业的并购财务风险，通过具体事例对风险控制提出建议，以期为之后国内企业并购提供依据。27011
关键词 并购 财务风险 东方航空
毕业论文外文摘要
Title Mergers and acquisitions of financial risk control research, in eastern airlines merger and Shanghai airlines, for example
Abstract
Over the past hundred years, the world's total of five mergers and acquisitions of large scale enterprises. Although China's enterprise merger and acquisition activities started late, but follow the fifth global wave of mergers and acquisitions, enterprises of our country since the nineties of the last century emerged a large number of domestic and foreign mergers and acquisitions expanding enterprise. However, the results of the survey show that the success rate is very low in many M & A cases. Because of the variety of risk through financial risk, so the research and control of financial risk directly affect the success or failure of M & A.
From the angle of merger and acquisition, the main financial risk is pided into four aspects: target enterprise valuation risk, financing risk, payment risk, integration risk analysis and identification control.. From Eastern Airlines merger Shanghai Airlines as an example analysis of the financial risks of enterprise merger and acquisition (M & A) in China, through concrete examples of risk control are proposed, in order to domestic enterprises mergers and acquisitions provide a basis.
Keywords Mergers and acquisitions Financial risk China Eastern Airlines
目 次
1 绪论 1
1.1 研究背景及意义 1
1.2 国内外研究现状 2
1.3 研究方法与内容 3
2 相关理论概述 5
2.1 相关定义 5
2.2 并购财务风险的分类 6
2.3 相关理论基础 6
3 我国企业并购财务风险现状及成因分析 9
3.1 我国企业并购财务风险现状 9
3.2 我国企业并购财务风险成因分析 10
4 加强我国企业并购财务风险控制的策略 14
4.1 加强对目标企业估值风险的控制 14
4.2 加强对融资风险的控制 14
4.3 加强对支付风险的控制 15
4.4 加强对整合风险的控制 16
5 东航并购上航财务风险控制的案例分析 17
5.1 背景介绍 17
5.2 并购动机与战略分析 18
5.3 并购财务风险分析 18
5.4 案例启示与评价 21
结论 22
致谢 23
参考文献 24
图1.1 论文研究框架图 5
图5.1 并购后股权框架图 20
表5.1 东航、上航资产相关数据 19
表5.2 东航、上航盈利相关数据 19
表5.3 东航并购完成后财务指标 21
1 绪论
1．1 研究背景和研究意义
1.1.1 研究背景
第五次全球企业并购浪潮从20世纪90年代中期开始，在2000年和2007年达到两次顶峰，各国企业也把企业并购作为规模扩张的重要手段。西方并购已有百年历史，纵观其发展趋势，表现为并购数量急剧上升规模日益扩大。