【作者】 陈健；

【导师】 吴育辉；

【作者基本信息】 厦门大学 ， 工商管理（MBA）（专业学位）， 2018， 硕士

【摘要】 中国经济水平在不断的发展,又面临着产业大整合,跨行业并购时有发生。跨行业并购是企业多元化发展的重要手段,一方面能够帮助企业打开进入新行业的壁垒,完成多元化布局;另一方面也能增加企业的综合品牌影响力。作为一种投资活动,企业并购本身固有的风险较高,而跨行业并购需要进入一个新的行业,面临的风险也更大。并购实施企业与目标企业之间所了解的信息并不对等,而并购实施企业对目标行业也了解不多,两个原因共同导致了并购实施企业在进行跨行业并购时会面临许多风险,例如经营风险、财务风险、法律风险等。其中,财务风险对于跨行业并购意义重大,甚至可能成为并购案件能否成功的关键。然而,许多并购失败都是由于并购实施企业并没有防范好财务风险。本文首先介绍研究跨行业并购财务风险的背景和意义;其次将分析企业并购及其财务风险的相关理论,并对相关文献进行归纳和梳理,为案例分析奠定理论基础;再次,本文将对融创中国收购乐视的案例进行重点分析,识别并评估其收购过程中遇到的各种财务风险,分析并评价其所采取的主要风险防范措施;最后,本文将在理论分析和案例分析相结合的基础上,给出结论和启示。本文结合郭漫和金荣卫两位学者的观点认为,跨行业并购财务风险除了需要考虑一般企业并购所面临的定价风险、融资与支付风险以及并购后整合风险以外,也需要对战略制定与目标选择的财务风险引起足够的重视。更多还原

【Abstract】 With the development of China’s economic and in the environment of accelerated industrial integration,cross-industry mergers and acquisitions("M&A")have occurred from time to time.Cross-industry M&A for the diversified development of enterprises is of great significance.On the one hand,it can help enterprises to open barriers to enter new industries to archive the diversified layout;On the other hand,it can also increase the comprehensive brand influence of enterprises.However,M&A is a high-risk investment activity and there’s even more risk for cross-industry M&As entering strange industries.Due to the information asymmetry between the enterprises implementing the M&A and the target enterprises,limited understanding of the target industry,and the complexity of operation,it has led to many risks in cross-industry M&As,such as operational risk,financial risk,legal risk,etc.Among them,financial risk has a significant impact on the success of cross-industry M&As,and in many cases it even becomes a decisive factor.However,many failure cases are due to the implementing enterprises do not prevent the financial risk.Firstly,this thesis introduces the background and significance of the researches on cross-industry M&A financial risks;secondly,it will analyze the related theories of M&As and the financial risks,and summarize and sort out the relevant literature in order to lay a theoretical foundation for case analysis;thirdly,this thesis will focus on the case of Sunac China’s acquisition of Letv,identify and assess the various financial risks encountered in the process of the acquisition,and analyze and evaluate the main risk prevention measures taken;Finally,based on the combination of theoretical analysis and case analysis,this thesis summarizes the enlightenment.Based on the viewpoints of two scholars,Guo Man and Jin Rongwei,this thesis argues that the financial risk of cross-industry M&A needs to be focused on the financial risks of strategic formulation and target selection in addition to the pricing risk,financing and payment risk and post-acquisition integration risk.更多还原