思维列控和蓝信科技并购财务风险分析及防范.docxVIP

PAGE I 摘 要 在全球经济之中，中国经济已经成为不可或缺的一份子。然而，在如今激烈的全球化竞争中，中国企业的实力不及于跨国公司，于是这几年来中国为了提高行业竞争力、增强企业实力，掀起了一场行业整合运动。在此期间，企业之间的并购交易越来越多，成为企业扩大规模、谋求更大收益的手段和经营策略。但是，企业并购是一项高风险活动，稍有不慎就会导致并购交易失败。在企业并购过程中，财务风险最不容忽视。 本论文首先阐明企业并购的动因、目的和并购风险的定义、种类及特征等理论依据，再围绕思维列控并购蓝信科技的案例，根据双方企业的相关财务数据等，重点研究此并购案例过程中的并购财务风险。在本论文的分析过程中，主要是根据并购过程中的不同阶段，把并购中的财务风险划分为三大模块来分析：并购前的估值风险、并购中的融资和支付风险、并购后的财务整合风险。在详细分析这三个阶段的并购财务风险后，针对不同阶段的并购财务风险提出相关的防范建议。 关键词：并购；财务风险；蓝信科技；思维列控 Abstract China’s economy has become an indispensable part of the world economy. However, the competitive power of Chinese enterprises lags far behind that of multinational corporations in the global competition, so in recent years, in order to improve the competitiveness of the industry and strengthen the strength of enterprises, China has launched an industry integration movement. During this period, M & A transactions among enterprises occurred one after another, which became a means and strategy for enterprises to expand their scale and seek greater profits. However, M & A is a multi-risk activity, a little carelessness will lead to the failure of M & A transactions, among which, financial risk can not be ignored. This paper is based on the theoretical basis of explaining the motivation, purpose and the definition, type and characteristics of merger and acquisition risk of enterprises, And surrounding the case of Lanxin Technology merger with Siwei automation co.Ltd., this paper focuses on the financial risk in the process of merger and acquisition according to the relevant financial data of the two companies. According to the different stages of the acquisition process in the analysis of this paper, the analysis of financial risk of M&A is divided into three modules: valuation risk analysis before M&A, financing and payment risk analysis in M&A, and financial integration risk analysis after M&A. After detailed analysis of the financial risks of these three phases, the paper puts forward some suggestions to prevent the financial risks