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我国上市公司并购财务风险分析

——以海信并购科龙为例

上海大学 东方贱人

内容提要

随着中国经济的快速发展，并购事件层出不穷。企业并购是风险和利润并存的一项活动，企业在经济市场上进行并购，不仅为企业的发展带来好处，同时也会产生很多问题，比如并购前对目标企业的价值评估、并购中的融资渠道与支付方式以及并购后企业对旗下产业进行的财务整合等都是并购企业必须解决的问题。本文采取案例研究的形式，通过海信公司收购科龙的案例，对海信并购科龙的目标企业价值评估财务风险、并购过程中融资与支付风险以及并购后的财务整合风险进行分析，找出其风险成因以及并购中出现的问题，针对其问题提出对策和建议。

关键词：财务风险 并购 风险防范

Abstract

With China's rapid economic development, merger and acquisition events one after another. Mergers and acquisitions are both risks and profits of an

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activity, corporate mergers and acquisitions in the economic market and bring benefits not only to the development ofenterprises, but also created a lot of problems, such as mergers and acquisitions before the target business valuation, acquisition of financing channel and payment way and enterprise after the merger of its financial consolidation industry are all enterprises need to address the problem. This paper takes the form of case studies, through a case of Hisense company acquired kelon, Hisense kelon-merger target enterprise value assessment of financial risk, the process of merger and acquisition financingand payment risk and financial integration after merger and acquisition risk analysis, identify problems in its risk as well as mergers and acquisitions, strategies and proposals for its.

Key words: financial risks M&A financial risk prevetion

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目录

一、并购财务风险相关理论 ........................................................................................................... 0

（一）概念 ............................................................................................................................... 0 （二）企业并购财务风险的类型 ........................................................................................... 0 （三）企业并购财务风险的成因 ........................................................................................... 1 二、我国上市公司并购现状 ........................................................................................................... 1 三、我国上市公司财务风险案例分析--以海信并购科龙为例 ................................................... 2

（一）并购双方简介 ............................................................................................................... 2 (二)并购过程财务风险分析 ................................................................................................... 3 （三）结论 ............................................................................................................................... 8 四、对策........................................................................................................................................... 8

（一）降低企业价值评估的不确定性 ................................................................................... 8 （二）多管齐下进行财务整合 ............................................................................................... 9

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