论文总字数：20775字

摘 要

自1990年以来，世界经济活动逐步跨越国界，出现了经济全球化的现象，随之而来的是并购活动的兴起。但是直到1978年改革开放以后，国内企业才开始真正重视企业跨国并购活动。通过对我国已经发生的并购案例进行调查，发现仅四分之一的企业跨国并购活动最终能够顺利完成。其中大部分并购失败的原因是因为忽视了财务风险的重要性。通过分析在跨国并购活动过程中各个时间段不同的财务风险，找出风险成因，提出控制相关财务风险的有效措施，帮助企业在进行跨国并购时更好的掌控财务风险，进一步提高企业跨国并购的成功率。

本文围绕着企业跨国的财务风险的主题进行了文献综述，结合国内外学者的研究成果然后进行阐述和总结，为下文的案例分析提供理论依据。再采用案例分析的方法通过光明集团并购英国维多麦的案例，详细探究了我国企业发生跨国并购时的财务风险。首先识别出光明集团在并购中的财务风险由定价风险、支付风险、融资风险、财务整合风险组成；其次详细介绍了光明集团并购维多麦的全过程，接着论述了在此过程中对待这四种风险应该选用的风险防范措施。

本文将理论概述和案例分析相结合得出值得其他企业借鉴和学习的启示，包括在科学调查的基础上公允定价、要选择适当的支付方式、对融资结构进行进一步优化、后续整合要学会因地制宜、突出财务整合的重要性、强化财务人员方面的整改。

关键词：海外并购；财务风险；风险控制

A Study of Financial Risk in M amp; A:Take Bright Group Acquisition of Vidomey Group As an Example

Abstract

Since 1990, the world's economic activities have gradually crossed national boundaries, resulting in the phenomenon of economic globalization, followed by the rise of M amp; A activities. However, only after the reform and opening up in 1978, domestic enterprises began to attach great importance to cross-border M amp; A activities. Through the investigation of the M amp; A cases in China, it is found that only a quarter of the cross-border M amp; A activities can be successfully completed. Most of them fail because they neglect the importance of financial risk. Through the analysis of different financial risks in different periods of time in the process of cross-border M amp; A activities, this paper finds out the causes of the risks, and puts forward effective measures to control the related financial risks, so as to help enterprises better control the financial risks and further improve the power of cross-border M amp; A.

This paper makes a literature review around the topic of transnational financial risk of enterprises, and then elaborates and summarizes the research results of domestic and foreign scholars, providing theoretical basis for the following case analysis. Then, through the case study of bright group's acquisition of British Vidocq, this paper explores the financial risks of Chinese enterprises in cross-border M amp; A in detail. Firstly, it identifies that the financial risk of Guangming group in M amp; A consists of pricing risk, payment risk, financing risk and financial integration risk; secondly, it introduces the whole process of M amp; A of Vidocq in detail, and then discusses the risk prevention measures that should be selected to deal with these four risks in this process.

This paper combines theoretical overview and case analysis to draw lessons from other enterprises, including fair pricing on the basis of scientific investigation, choosing appropriate payment methods, further optimizing the financing structure, learning to adapt to local conditions for subsequent integration, highlighting the importance of financial integration, and strengthening the rectification of financial personnel.

Keywords: Overseas M amp; A; Financial risk; Risk control

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究意义 1

1.3 研究内容 1

1.4 研究方法 2

第二章 文献综述 4

2.1 海外并购发生原因的相关文献 4

2.2 海外并购财务风险成因的相关文献 4

2.3 海外并购财务风险防范与控制的相关文献 5

2.4 文献评述 5

第三章 企业跨国并购财务风险控制理论概述 7

3.1 企业跨国并购及并购财务风险的涵义 7

3.1.1 跨国并购 7

3.1.2 财务风险 7

3.1.3 跨国并购财务风险 7

3.2 企业跨国并购过程中的财务风险类型 7

3.2.1 定价风险 7

3.2.2 融资风险 7

3.2.3 支付风险 8

3.2.4 整合风险 8

3.3 企业跨国并购财务风险的控制方法 8

第四章 案例分析—以光明并购维多麦为例 10

4.1 公司背景介绍 10

4.1.1 并购方公司简介 10

4.1.2 被并购方公司简介 10

4.1.3 并购背景 10

4.2 并购过程及结果 11

4.3 财务风险的识别与分析 12

4.3.1 定价风险 12

4.3.2 支付方式风险 12

4.3.3 整合风险 12

4.4 财务风险的控制措施 13

4.4.1 并购准备阶段的财务防范措施 13

4.4.2 并购实施阶段的财务防范措施 14

4.4.3 并购整合阶段的财务防范措施 15

4.5 并购结果分析 15

第五章 案例研究启示与结论 17

5.1 案例研究启示 17

5.1.1 制定科学合理的并购战略 17

5.1.2 优化并购融资方案 17

5.1.3 加强财务机构和制度的整合 17

5.2 研究结论 18

参考文献 19

致谢 21

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