【作者】 韩静；

【导师】 吴承尧； 陈志宁；

【作者基本信息】 南京农业大学 ， 会计专硕（专业学位）， 2023， 硕士

【摘要】 社会主义市场经济体制的提出给企业带来了发展机遇,但同时也带来了诸多挑战,市场竞争的不断加剧导致企业业绩增长乏力,很多企业开始通过跨行业并购寻找新的利润点,实现多元化经营,以提高自身的竞争力。但是,部分企业在并购中由于漠视财务风险导致预期目标未达成,甚至因此陷入财务困境,因此,对跨行业并购中财务风险的研究十分关键。本文将以台基股份并购彼岸春天为例来探究跨行业并购中存在的财务风险,此案例中并购方在并购后的第五年转让其所拥有被并购方88%的股权,不再享有控制权,此次跨行业并购也正式宣告失败。本文将采用熵值赋权的灰色关联分析法对财务风险进行综合评估,然后根据评估结果对台基股份并购过程中的财务风险进行具体分析,并针对分析结果提出相应的防范建议,为实施跨行业并购活动的企业提供借鉴和参考。通过研究,本文得到以下结论:跨行业并购已经成为企业实现多元化发展的重要经济手段,但我国企业在跨行业并购过程中存在诸多问题,如忽略自身战略目标盲目并购、高溢价并购及并购后未重视整合等。目前我国跨行业并购风险的主要表现形式为大额商誉减值、业绩承诺不达标率高以及并购后企业的长期业绩难以为续。在研究台基股份的案例时,发现其跨行业并购过程中产生的财务风险主要有:第一,由于信息不对称和评估方法不合理导致的估值风险,信息不对称问题主要体现在对于行业和标的企业的了解不足,影视行业竞争激烈,而被并购方彼岸春天的竞争能力也不足,台基股份对其估值过高;另外,收益法容易导致高估值。第二,由于支付方式不合理导致的支付风险,台基股份并购支付方式单一,没有通过组合支付方式分担风险,导致现金流动性不足;第三,企业在并购整合阶段,没有对彼岸春天进行适当的资源整合,财务管理和文化未能发挥协同效应,导致最终并购的失败。根据以上结论,本文将从企业角度和监管角度提出财务风险防范建议,从并购过程目标企业的选择、合理评估企业价值、支付方式的选择、加强监管等方面采取措施在一定程度上降低并购失败的风险。更多还原

【Abstract】 The introduction of socialist market economy system has brought development opportunities to enterprises,but also brought more challenges to enterprises.The increasing market competition has led to the weak growth of enterprises’performance,and many enterprises have started to find new profit points through cross-industry mergers and acquisitions to achieve diversified operation and improve their competitiveness.However,some companies ignore the financial risk in M&A,which leads to the failure to achieve the expected goals and even fall into financial difficulties.Therefore,it is crucial to study the financial risk in cross-industry M&A.This paper will investigate the financial risks in cross-industry M&A by looking at the case of TGI’s merger and acquisition of Peasant Spring,which failed when TGI transferred its 88%stake in Peasant Spring in the fifth year after the merger.In this paper,the financial risks in the M&A process are evaluated from various aspects by reviewing the M&A process,and then the entropy-weighted gray correlation are used to comprehensively evaluate the financial risks,and the corresponding prevention suggestions are put forward to provide reference for companies implementing cross-industry M&A activities.Through this study,the following conclusions are obtained:cross-industry M&A has become an important economic tool for enterprises to achieve diversified development,and there are many problems in the process of cross-industry M&A in China,such as blind M&A that ignores its own strategic objectives,high premium M&A and M&A that pays attention to integration.The current cross-industry M&A risks in China are manifested in the form of large goodwill impairment,high rate of performance commitment failure and post-merger decline in corporate performance.In studying the case of Taiki,we found that the financial risks arising from its cross-industry M&A process mainly include:first,the valuation risk due to information asymmetry and unreasonable evaluation methods;the information asymmetry problem is mainly reflected in the lack of understanding of the industry and the subject company,the intense competition in the film and television industry,and the lack of competitive ability of the acquired party,Piscine Spring,which is over-valued;in addition,the income method In addition,the income approach tends to lead to high valuation.Secondly,the payment risk caused by unreasonable payment method,Taikoo’s M&A payment method is single and does not share the risk through a combination of payment methods,resulting in insufficient cash liquidity;thirdly,the company did not properly integrate the resources of Spring during the M&A integration stage,and the financial management and culture failed to play a synergistic effect,leading to the failure of the final M&A.Based on the above conclusions,this paper will put forward financial risk prevention suggestions from both corporate and regulatory perspectives,ranging from careful selection of M&A targets considering long-term corporate development strategies,to combining multiple methods to assess the value of M&A targets,to active adaptation of hybrid payment methods when paying consideration,and effective integration of finance and culture after M&A,which can reduce the risk of M&A failure to a certain extent.更多还原