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Paper代写:How to control the financial risk of enterprise mergers and acquisitions

2017-12-06 | 来源:51due教员组 | 类别:Paper代写范文

下面为大家整理一篇优秀的paper代写范文- How to control the financial risk of enterprise mergers and acquisitions,供大家参考学习,这篇论文讨论了如何控制企业并购的财务风险。最终支付价格的多少和企业并购成功与否都会受支付方式的影响,目前企业并购中使用的主要有现金、股票和混合证券三种支付方式。而采用混合证券的支付方式,那么在并购定价谈判中,并购方就能处于主动地位抓住有利于自己的机会,从而降低目标企业的最终成交价格,降低成本,减小风险损失。

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With the rapid globalization of economy and the development of market economy, enterprise mergers and acquisitions become the most important way for enterprises to realize their scale rapidly. This paper introduces in detail the various aspects of the financial risks arising in the process of enterprise mergers and acquisitions, and gives the countermeasures and suggestions for the financial risks, in order to provide the scientific methods and theories to reduce the risk of mergers and acquisitions, reduce losses and successful mergers and acquisitions activities.

Many scholars at home and abroad on the meaning of mergers and acquisitions, there is no very unified concept, but in essence it seems that the various interpretations are consistent, the difference lies in the interpretation of the angle and the standpoint of different. Generally speaking, corporate mergers and acquisitions refer to the ultimate control of some or all of the other enterprises by paying a certain cost to achieve their own breakthrough development or to make up for the predicament of current development. According to different angles, the concept of mergers and acquisitions is divided into narrow and broad sense, generally speaking, the narrow sense of mergers and acquisitions refers to the merger and acquisition of enterprises, and the broad-ranging acquisition in addition to mergers and acquisitions, but also other forms of asset reorganization.

Foreign mergers usually refer to mergers and acquisitions, usually by one of the dominant companies to absorb other companies to expand their size, in accordance with this type of merger, only one company can retain its legal status after the merger. In addition, there is a new merger, which is a merger of two or several companies into a new company. In the discussion of enterprise annexation, China usually refers to "an enterprise to obtain the property right of the target enterprise by transforming the main body of the corporation".

Acquisition means that an enterprise has some or all control over a particular enterprise through certain means. The acquisition of cash and stock is the two kinds of acquisitions, and the actual control of the acquired enterprises can be obtained through these two methods. The acquisition is now widely divided into two forms of asset acquisition and equity acquisition. Asset acquisition means that a buyer's enterprise acquires some or all of the assets of the seller after the acquisition is completed; the acquisition of the stock is the ultimate control of the buyer's enterprise after the completion of the acquisition. The difference between the two forms of acquisition is: Asset acquisition involves only the assets of both sides, while the acquisition of equity involves not only the assets, the buyer should bear the corresponding rights and obligations according to the shareholding ratio.

Financial risk refers to the risk that the company can reduce and even lose the solvency of the enterprise after the merger, which causes the investor's expected return to be inconsistent with the actual income. In the process of enterprise management, financial risk is an important and objective existence, the Enterprise Manager can not completely eliminate the financial risks brought by mergers and acquisitions activities, but may take positive measures to reduce the probability of occurrence of risk, thus reducing the loss caused by risk. The essence of mergers and acquisitions is a property rights trading activities, in the volatile wave of mergers and acquisitions behind, the failure of the case abound. Enterprises in the process of the risk is inevitable, the risk is always accompanied by the entire merger and acquisition activities, financial risk is in the merger activities in a slightly careless will be induced, in the merger and acquisition activities have a very important position, is the success of the enterprise mergers and acquisitions important factors.

Financial risk refers to the risk that the company can reduce and even lose the solvency of the enterprise after the merger, which causes the investor's expected return to be inconsistent with the actual income.

In the process of enterprise management, financial risk is an important and objective existence, the Enterprise Manager can not completely eliminate the financial risks brought by mergers and acquisitions activities, but may take positive measures to reduce the probability of occurrence of risk, thus reducing the loss caused by risk. Different angles, different positioning and different concerns make the financial risk have broad meaning and narrow meaning, and the narrow financial risk generally refers only to the uncertainty of the risk occurrence. The broad sense of financial risk is that the risk not only refers to the uncertainty of risk, but also includes the uncertainty of profit. The investment choice of the target enterprise, the value evaluation of the target enterprise, the structure of the financing, the determination of the payment method and the re integration after merging are the important links of the successful merger and acquisition activities.

In the risk of corporate mergers and acquisitions, financial risk is one of the most important performance, refers to the debt due to too much debt due to not be able to repay in time, the specific performance of the enterprise cash repayment of the high interest debt uncertainty, dynamic, controllability, decision-making and the results of the double characteristics.

The most essential characteristic of financial risk is the uncertainty of risk and loss, and whether the risk occurs depends on the size of uncertainty. Generally speaking, the "uncertainty" in financial management refers to the instability of the future earnings of the enterprise due to excessive debt and excessive interest.

In the process of mergers and acquisitions, every stage, every link may appear at any time to induce financial risk factors, these factors always exist in the process of mergers and acquisitions, once the emergence will cause huge financial risks.

Uncertainty and dynamic characteristics determine the financial risk in the enterprise mergers and acquisitions is difficult to control, but this does not mean that we can only let it happen and ignore. We can improve the quality of the information processing by adopting scientific means, so as to ensure the smooth realization of the enterprise merger.

There are a variety of ways in which companies invest, and the expected return is not realized by all investment methods, and if the expected return is not achieved within the planned time, it will result in a decline in solvency and a decline in corporate earnings. Enterprises must make some investment when they re involved in one field, and do well in the investigation of mergers and acquisitions in the early stage of investment, only in this way can the maximum profits be obtained when venture capital is carried out. In addition, in the enterprise to make relevant investment decision-making to overcome the risk of thought, optimism and speculative thinking, so as to avoid risk and reduce the impact of risk loss.

Corporate mergers and acquisitions are a trading activity on assets and equities, the key of the smooth transaction is the reasonable pricing of the transaction assets and rights in the process of the transaction, so the value evaluation is the key and the central link of the whole process of the merger and acquisition, and the value of the assets is evaluated scientifically and rationally. And finally choose the pricing model suitable for both companies.

In the enterprise merger and acquisition activities, financing is the beginning, if the enterprise management system is not perfect will lead to the use of funds to reduce the efficiency, and then cause financing risks. Financing channels are mainly borrowed funds and owners of the two major types of investment. The enterprise obtains the financial leverage interest, also causes the income to have the uncertainty, the very person loses the enterprise's repayment ability. Therefore, it is necessary to control the scale of debt management and make rational use of leveraged financing.

The final payment price and the success or failure of mergers and acquisitions will be affected by the mode of payment, the current enterprise mergers and acquisitions are mainly used in cash, stocks and mixed securities three kinds of payment methods. The target owner, that is, the acquirer is willing to accept cash payment if its future confidence is not high; and if the acquirer is optimistic about the company's future after the merger, hoping to share the dividend in the long-term development of the company, it may be more willing to accept the way of stock exchange; Comprehensive cash, stock and other payment methods, select a target enterprise and meet the actual situation of the acquirer's payment decision, then in the merger pricing negotiations, the acquirer can be in the active position to seize the opportunity to benefit themselves, so as to reduce the final transaction price of the target enterprise, reduce costs, reduce risk loss.

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