论文总字数：25264字

摘 要

随着经济全球化的发展，我国并购市场也逐渐活跃，而企业并购作为复杂的专业投资经济业务，往往伴随着颇高的风险与收益。即企业并购在提高企业市场竞争力的同时，也给企业带来了多种财务风险。本文的研究结果对于预期通过并购活动来提升市场竞争力、促进自身发展的企业具有一定的借鉴意义，有效帮助在企业并购时对于与并购策略思考的更加多样化、全方位，从而在并购的每一个时期做好防范并购财务风险的措施，继而使得并购能顺利进行。

本文将以阿里巴巴网络科技有限公司收购饿了么的整个全过程为主要研究课题,并借助文献分析法与系统的案例分析法相结合。本文首先提出了我们研究企业并购财务风险的主要目的、研究的国内外时代背景并对国内外有关于企业并购的相关研究方向进行求同存异,从多方面了解并购的基础内容及状况、并购的财务风险及其产生的根源,继而提出了适用于我国防范企业并购财务风险的有效措施。结合阿里巴巴网络科技有限公司在上市公司饿了么前、中、后三个阶段,研究此次饿了么并购行为可能发生的主要背景、动因、面临的各种财务风险,并对其进行了具体分析,通过对饿了么在并购前、中、后三个阶段可能带来的投资价值风险、融资风险、支付费用风险及资源整合风险等各种财务风险问题进行了研究,结合其财务风险可能产生的原因与其他控制措施相结合,从而提出防范并购公司财务风险的有效对策。

通过对本课题的分析与研究，得到了如下结论：（1）在并购前，对被并购企业的深入了解，如财务基本信息、主要经营管理制度、未来盈利能力、舞弊瞒报等多方面都一定程度影响着估值定价风险；在并购时，对支付方式、融资风险着重关注，避免偿债能力的下滑与现金流状况危机，导致财务风险急剧增加；在并购后，对于业务、财务、管理制度、人员等多方面，都进行合理整合，避免不必要的财务风险产生。（2）阿里巴巴成功并购饿了么，并实现了“1 1gt;2”的协同效应，这与阿里巴巴稳定的资产结构和在并购前制定的合理整合策略密切相关。

关键词：并购；财务风险；防范措施；成因；控制

Research on Financial Risks and Preventive Measures of Corporate Mergers and Acquisitions: The Case of Alibaba Network Technology Company Limited

Abstract

With the development of economic globalization, China"s Mamp;A market is gradually becoming active, and corporate Mamp;A, as a complex professional investment economic business, is often accompanied by extremely high risks and benefits. That is, while corporate Mamp;A improves the market competitiveness of enterprises, it also brings a variety of financial risks to them. The results of this paper are useful for companies that expect to enhance their market competitiveness and promote their own development through Mamp;A activities, and effectively help them to think more diversified and comprehensive about their Mamp;A strategies, so that they can take measures to prevent Mamp;A financial risks in each period of Mamp;A, and then make the Mamp;A go smoothly.

This paper will take the whole process of Alibaba Network Technology Limited"s acquisition of hungry for the whole process as the main research topic, and with the help of literature analysis method and systematic case study method combined. This paper firstly presents the main purpose of our research on the financial risk of Mamp;A, the background of the research at home and abroad and the relevant research directions on Mamp;A at home and abroad to seek commonalities and differences, and then the basic situation of Mamp;A and the basic concept of financial risk of Mamp;A and other aspects of a comprehensive explanation, and then put forward the effective measures applicable to China to prevent the financial risk of Mamp;A. Combined with Alibaba Network Technology Limited in the listed company hungry before, during and after the three stages, the study of this hungry Mamp;A behavior may occur in the main background, motivation, facing a variety of financial risks, and its specific analysis, through the hungry in the Mamp;A before, during and after the three stages may bring the investment value risk, financing risk, payment risk and resource integration risk and other kinds of financial Risk issues are studied, combined with the possible causes of its financial risk and other control measures combined, so as to put forward effective countermeasures to prevent the financial risk of the merged company.

Through the analysis and research of this topic, the following conclusions were obtained: (1) before Mamp;A, in-depth understanding of the acquired company, such as financial status, business model, future profitability, fraud concealment and other aspects all affect the valuation and pricing risk to a certain extent; during Mamp;A, focus on payment methods and financing risks to avoid the decline of solvency and cash flow situation crisis, which leads to a sharp increase in financial risk After the merger, the business, finance, management system, personnel and other aspects are reasonably integrated to avoid unnecessary financial risks. (2) Alibaba"s successful merger and acquisition of hungry, and to achieve the "1 1 gt; 2" synergy effect, which is closely related to Alibaba"s stable asset structure and reasonable integration strategy developed before the merger.

Keywords: Mergers and Acquisitions(Mamp;A); Financial Risk; Precautionary measures; Causes; Control

目 录

摘 要 I

Abstract II

第一章 绪 论 5

1.1 研究背景及意义 5

1.2 研究目的及内容 5

1.3 研究方法与思路 5

1.4 论文框架 5

第二章 企业并购财务风险防范研究的文献综述 7

2.1 并购财务风险的产生 7

2.2 并购财务风险的种类及其成因 7

2.3 并购财务风险的防范措施 8

2.4 文献评述 8

第三章 企业并购面临的财务风险 .9

3.1 企业并购财务风险基本问题 9

3.1.1 企业并购特点 9

3.1.2 企业并购的财务风险种类 10

3.2 企业并购财务风险成因 10

3.3企业并购存在的财务风险 11

3.3.1 并购前财务风险 11

3.3.2 并购中财务风险 12

3.3.3 并购后财务风险 13

第四章 企业并购财务风险的防范措施 13

4.1 企业并购财务风险防范的目标 13

4.2 企业并购财务风险防范的原则 13

4.3 企业并购财务风险防范的程序 13

4.4 企业并购财务风险的有效防范措施 14

4.4.1 准确把控被并购企业信息 14

4.4.2 合理使用评估方法 14

4.4.3 完善融资结构 14

4.4.4 支付方式合理选择 14

4.4.5 提高风险防范意识 14

第五章 阿里巴巴并购饿了么案例分析 15

5.1 并购案例简介 15

5.2 并购动因 15

5.3 阿里巴巴并购饿了么前后财务风险分析 16

5.4 阿里巴巴并购财务风险防范措施与效果 20

5.5 启示与建议 21

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