【作者】 王亮；

【导师】 廖红伟； 张辉；

【作者基本信息】 吉林大学 ， 工业工程（专业学位）， 2016， 硕士

【副题名】以J投资集团并购D企业项目为例

【摘要】 21世纪,全球经济一体化逐渐加快,这为经济发展提供了前所未有的机遇,但同时也导致国际竞争日趋激烈,而企业并购成为扩大实力、对抗全球经济一体化的一种方式。企业并购在我国属于新生事物,企业并购立法及相关制度设计并没跟得上并购实践的发展,很多与企业并购相关的行为都处于无法可依或者多头管理的混乱状态。笔者认为企业并购领域出现的问题值得进行研究,因而选择了并购项目风险管理作为研究题目。本文阐述了推动企业并购产生的主要动因,对可能会对并购产生负面效益的代理人主义进行表述,然后根据不同分类标准,一一列举企业并购不同分类方式,以及每种并购方式可能存在的弊端。本文将企业并购纳入到项目管理范畴,试图通过项目管理领域里系统的理论来规避并购过程中易被忽略的问题,进而高效便捷的完成并购整合,实现并购目的,创造经济效益。通过项目风险管理在企业并购中的应用,揭示企业并购项目中可能会出现的风险,针对可能发生风险的共同点提出风险识别方法。通过运用上述风险识别方法,能够识别出并购及整合阶段的大部分风险,如果规避方法手段采取得当,大部分风险是能够被排除、转移的。本论文以J投资集团并购D企业项目为例阐述企业并购过程,包括明确并购自身发展战略、制定目标企业选择标准、搜索符合条件的目标企业、对候选目标企业进行初选、评估价值、谨慎性调查,最终确定唯一的并购目标,再从财务、政策法律、市场环境等方面对并购可能面临的风险进行分析,确定合理的并购方式。同时,转换视角,从D企业也就是被并购企业角度谈企业并购重组的启示。从并购企业、被并购企业及政府机关三个主体角度谈并购风险防范,着重说明并购企业在并购前、中、后不同阶段可能面临的代理人风险及各种市场风险,指出每种风险可能导致的不利后果及其应对策略。最后得出企业并购是一项系统工程,为了保证并购活动全面完成,需要采取项目管理的方式,将并购纳入到项目管理学范畴进行研究,采用科学方法对可能出现的各种风险进行识别和防范。同时对我国企业并购过程中存在的普遍问题进行把脉,提出应对我国企业并购通病的对策。最后,希望本文的研究结论能够对我国企业并购理论研究及并购实践发挥积极作用。更多还原

【Abstract】 In 21 st century the acceleration of global economic integration provides unprecedented opportunity for economic development, and brings about increasingly fiercer international competition. Enterprise merger and acquisition is an important approach to reinforce power and combat the global economic integration. In China,enterprise merger and acquisition is new experience, and relevant legislation and institutions lag far behind the demands; as a result, when a great number of issues emerged during enterprise mergers and acquisitions, we do not have legal norms to rely on, and some cases even resulted in chaos simple because of multiple management. The problems brought by enterprise merger and acquisition are worth thorough research, and this thesis will focus on a relevant issue, i.e. risk management.To start with, this thesis specifies several major driving forces for the emergence of enterprise mergers and acquisitions, narrates about the agent doctrine that may cause negative effects, and next to it is a list of categories classified in correspondence with different standards, as well as an introduction of the potential drawbacks of each mode. In the present study, enterprise mergers and acquisitions is included in the category of project management so as to make use of the systematical theories in this field to shy away from the most easily negligible problems created during the process of merger and acquisition, thereby completing integration efficiently and conveniently. When this aim is accomplished, naturally economic profits will follow. When we use risk management during the process of enterprise merger and acquisition, all the potential risks will be exposed. With regard to the commonest ones, risk identification methods are proposed, which are capable of identifying a majority of risks of merger and acquisition as well as integration. Withproper methods and techniques, the major part of all risks should be able to be ruled out or transferred.This thesis introduces the merger and acquisition process while taking example from the real merger of D Enterprise launched by J Investment Corporation. The detailed process includes: to clarify self-development strategy, to set up standards for targeted enterprises, to search for potential targets, to initiate the primary selection through value-assessment and thorough investigation among the target enterprises, to decide on a single target, to analyze potential financial, legal and market environment risks, and finally to design a most appropriate approach for this merger and acquisition. Meanwhile, viewed from a different angle, D Enterprise was highlighted and shed light on the experience of going through merger and acquisition. From three different standing points--- the merging party, the acquired party, and the government,this thesis discussed about how to avoid potential risks in details, laying special emphasis on the risks generated from the hazardous agent doctrine and various marketing risks that the merging party may be confronted with before, during and after the merger and acquisition process. Correspondingly, it pointed out every unfavorable consequence caused by the risks alongside with the measures to tackle them.To sum up, enterprise merger and acquisition is a systematical project. To make sure the completion of a merger or acquisition, it’s necessary to treat it as managing a project, and to add merger and acquisition into the study domain of Project Management. It’s also a must to identify and try to avoid various possible risks in scientific ways. Meanwhile, this thesis attempts to straighten out the commonplace problems that occur during the process of merger and acquisition, and to propose some countermeasures for Chinese enterprises. In a word, I wish the findings provided by this thesis would exert some positive effect on the theoretical study or practice of merger and acquisition in our country.更多还原