文档介绍：企业并购中的财务风险与防范
摘要
并购是企业自身生存和发展的重要手段之一,它的成败与否关系到一个企业的现在和未来,但并购也有其巨大的财务风险。因此,加强企业并购的财务风险管理,对于提高企业并购活动的成功率,对实现企业资产的优化配置,促进企业经济效益的提高,具有十分重要的现实意义。
企业并购财务风险是企业由于并购而涉及的各项财务活动引起的企业的财务状况恶化或财务成果损失的不确定性。并购的财务风险主要有对目标企业价值的评估风险、融资风险、流动性风险和杠杆收购的偿债风险。要防范这些风险所采取的措施主要有:改善获取信息的质量,合理选择企业价值评估方法,确定目标企业价值;从时间上和数量上保证并购资金的取得以降低融资风险;根据资产负债的期限结构调整资产负债匹配关系,通过建立流动性资产组合进行流动性风险管理;增强杠杆收购中目标企业未来现金流量的稳定性,降低杠杆收购的偿债风险。
关键词企业并购;财务风险;防范措施
Abstract
M & A is their own survival and development of one of the important means that it is related to the ess or failure of an enterprise's present and future, but the M & A has its huge financial risks. Therefore, the strengthening of M & A financial risk management, mergers and acquisitions activities for improving the ess rate for achieving the optimal allocation of corporate assets, and promote the improvement of the economic efficiency of enterprises, is of great practical significance.
Mergers and acquisitions of financial risk is involved as a result of mergers and acquisitions and the financial activities of the enterprise's financial position or financial results of the deterioration of the uncertainty of loss. Mergers and acquisitions of financial risks are mainly on the target enterprise value assessment of risk, financing risk, liquidity risk and the risk of leveraged buyout debt. To guard against these risks by the measures taken are: to improve the quality of access to information, a reasonable value to choose assessment method, the target value; In terms of timing and quantity of funds to ensure that mergers and acquisitions made in order to reduce the financing risks; the duration of assets and liabilities in accordance with restructuring the relationship between assets and liabilities matching, through the establishment of mobility to the mobility of portfolio risk management; enhance corporate leveraged buyout target the stability of future cash flows and reduce the risk of leveraged buyout debt.
Key words Mergers and acquisitions; Financ