【作者】 陈晨；

【导师】 彭卉； 朱海涛；

【作者基本信息】 广东工业大学 ， 会计（专业学位）， 2020， 硕士

【摘要】 随着国内市场的饱和以及政府大力实施“走出去”政策,许多中国本土企业正在探索海外发展机会。现在有许多中国公司在全球开展业务,例如通信设备行业的华为技术公司和中兴通讯,家电行业的海尔和美的电器以及PC行业的联想。除了这些大型公司之外,越来越多的民营企业也在积极开拓境外市场。然而,在过去的20年中,海外并购超过65%的失败率表明跨境并购存在很大风险。因此,分析和防范跨境并购的财务风险非常重要。本文的基本逻辑思路为提出问题,分析问题和解决问题。使用案例分析方法将理论知识与典型的跨境并购——美的并购和德国KUKA相结合。在定性上,根据美的并购流程的发生时间,将并购风险分为并购交易前的定价风险和融资风险,并购交易中的支付风险和汇率风险,以及并购交易后的整合风险,并讨论了引起每种风险的原因。从定量的角度来看,使用美的集团的主要财务指标来分析和评估收购KUKA的风险控制措施的有效性。其次,根据美的集团在并购各阶段已经采取的应对财务风险的措施进行合理性评估,并针对其采取的措施的不足之处给予补充。最后,结合以上分析,本文针对此次并购交易活动为电器行业的跨境并购财务风险提出了相应的启示:合理安排融资结构——拓宽渠道、多元融资;灵活运用除现金支付外的多种支付手段;注重并购后的整合工作以及要善于利用专业机构和专业人才的力量,以提高中国民营企业对跨境并购风险的防控能力,并将对跨境并购产生常态影响。更多还原

【Abstract】 With the saturation of the domestic market and the government’s vigorous implementation of the "go global" policy,many Chinese local companies are exploring overseas development opportunities.There are many Chinese companies doing business globally,such as Huawei Technologies and ZTE in the telecommunications equipment industry,Haier and Midea in the home appliance industry,and Lenovo in the PC industry.In addition to these large companies,more and more hardware startups are actively exploring overseas markets.However,in the past 20 years,the success rate of mergers and acquisitions has been lower than the high rate of overseas mergers and acquisitions.The failure rate of overseas mergers and acquisitions of Chinese companies exceeds 65%,which fully shows that there are still many risks in overseas mergers and acquisitions.Therefore,it is important to analyze and control the financial risks of overseas mergers and acquisitions.This article is structured to ask questions,analyze problems,and solve problems.Use case analysis method to combine theoretical knowledge with typical cross-border mergers and acquisitions-Midea mergers and acquisitions and German KUKA.Qualitatively,according to the time of Midea’s M&A process,M&A risks are divided into pre-M&A pricing risks and financing risks,payment risks and exchange rate risks in M&A transactions,and integration risks after M&A,and the causes of each risk are discussed.s reason.From a quantitative perspective,the main financial indicators of Midea Group are used to analyze and evaluate the effectiveness of the risk control measures acquired by KUKA.Secondly,based on the measures taken by Midea Group to deal with financial risks at various stages of mergers and acquisitions,a rationality assessment is made and supplements are provided for the shortcomings of the measures taken.Finally,combined with the above analysis,this article proposes the corresponding enlightenment for the financial risk of cross-border mergers and acquisitions in the electrical industry: reasonable arrangements for financing structures—widening channels,diversified financing,flexible use of multiple payment methods,and focusing on post-merger acquisitions.Integration efforts,and to make good use of the power of professional institutions to improve the ability of Chinese companies to control their cross-border mergers and acquisitions risks,and will have a normal impact on cross-border mergers and acquisitions.更多还原