企业并购论文

摘 要

在全球经济一体化的浪潮中，现代企业正面临着日趋复杂的经济形势和日益激烈的市场竞争，该种情况下对我国经济造成巨大的冲击和影响。企业并购已成为我国企业融资和寻求发展壮大的重要途径之一。我国的一些顶尖企业冒着金融危机的巨大风险知难而上选择企业并购，而结果却不容乐观。

本文通过对雀巢集团并购徐福记集团的现状问题的分析，主要针对企业并购所出现的企业价值评估风险、支付风险、整合风险等情况，为将要企业并购的公司提供一些参考及合理化得建议。

关键词: 企业并购；并购动因；财务风险

I

Abstract

In the economic globalization, in the tide of modern enterprises are faced with the growing complexity of the economic situation and the increasingly fierce competition in the market, this is caused with our country economy by the huge impact and influence. Enterprise merger have become our country enterprise financing and seek development and expansion of the important one way. in our country some of the top enterprises at the financial crisis of the great risk ZhiNanErShang choose enterprise mergers and acquisitions, and the result is not optimistic. This article through to nestle group merged with the present situation of the Hsufuchi International Ltd group the analysis of the problems, mainly for the enterprise mergers and acquisitions in the assessment of enterprise value risk, payment risk, and integrate the risk in the company merger will provide some references to the rationalization and Suggestions.

Keywords：Enterprise merger，Mergers and acquisitions cause， Financial risk

II

目录

摘 要 ............................................................................................................................ Ⅰ Abstract ......................................................................................................................... Ⅱ 第1章 绪论 .................................................................................. 错误！未定义书签。

1.1选题的目的及意义 ............................................................................................ 1

1.1.1研究目的 ................................................................................................... 1 1.1.2研究意义 ................................................................................................... 1 1.2 国内外研究现状 ............................................................................................... 1

1.2.1国内现状 ................................................................................................... 1 1.2.2国外现状 ................................................................................................... 1 1.3 研究的内容 ....................................................................................................... 2 第2章企业并购的基本理论 .......................................................................................... 3

2.1 企业并购的概述 ............................................................................................... 3

2.1.1企业并购的概念 ....................................................................................... 3 2.1.2企业并购的动因 ....................................................................................... 3 2.2 企业并购财务风险的主要形式 ....................................................................... 4

2.2.1 定价风险 .................................................................................................. 4 2.2.2 融资风险 .................................................................................................. 5 2.2.3 偿债风险 .................................................................................................. 5 2.2.4 整合风险 .................................................................................................. 5 2.3本章小结 ............................................................................................................ 5 第3章 雀巢集团企业并购概况 .................................................................................... 6

3.1公司简介 ............................................................................................................ 6

3.1.1 雀巢企业经营状况 .................................................................................. 6 3.1.2 雀巢集团2011年财务状况 .................................................................... 6 3.2雀巢集团目标企业的选择 ................................................................................ 7

3.2.1 目标企业的选择条件 .............................................................................. 7 3.2.2 目标企业的优势 ...................................................................................... 8 3.2.3 雀巢集团企业并购洽谈过程 .................................................................. 9 3.3本章小结 ............................................................................................................ 9 第4章 雀巢集团并购中存在的财务风险问题 .......................... 错误！未定义书签。

4.1目标企业价值评估风险 .................................................................................. 10

4.2 目标企业价值支付风险 ............................................................................... 10

4.2.1现金支付影响企业短期资金的流动性 ............................................... 10 4.2.2股权支付易受外界影响企业整体股价 ................................................ 11 4.3 融资风险 ........................................................................................................ 11

4.3.1权益融资不利于企业长远发展 ............................................................ 11 4.3.2债务融资增加企业经营风险 ................................................................ 11 4.4 整合风险 ........................................................................................................ 11

4.4.1未来发展目标模糊 ............................................................................... 12 4.4.2组织结构不统一 ................................................................................... 12 4.5本章小结 ........................................................................................................ 12 第5章 企业并购的财务风险防范 .............................................. 错误！未定义书签。

5.1加强对目标企业财务资料合理利用 ............................................................ 13 5.2选择恰当的支付方式 .................................................................................... 13

5.2.1合理运用现金支付保证资金流动性 ................................................... 13 5.2.2 混合支付减小企业整体股价的影响 ................................................ 14 5.3 合理确定融资结构 ....................................................................................... 14

5.3.1适当扩张融资渠道 ............................................................................... 15 5.3.2减少融资数额减轻企业偿债能力 ....................................................... 15 5.4 建立统一组织结构使之企业有序发展 ....................................................... 15 5.5本章小结 ........................................................................................................ 16 结论 ................................................................................................................................ 17 参考文献 ........................................................................................ 错误！未定义书签。 致谢 ................................................................................................ 错误！未定义书签。 附录1 .............................................. 错误！未定义书签。 附录2 .............................................................. 23