上市公司并购财务风险问题探讨摘要上市公司并购是当今我国乃至世界经济发展中的一个引入注目的经济现象，也是政府、经济理论界、企业界实践与理论的热点问题。作为一种公司战略行为，上市公司并购因其能够为公司带来诸如规模经济、优化配置资源、组合协同等效应而为当今世界各国企业所追逐。然而，大量的历史数据表明，上市公司并购的成功率并不高。在众多国内上市公司并购活动失败的案例当中，忽视并购中财务风险的存在，不能对其实施有效控制是导致并购失败的主要原因。本文以并购流程中的定价、融资和支付、整合等实际操作程序为依据，并结合具体案例，深入分析了不同流程中财务风险的来源和影响因素，并在此基础上提出了建议和措施，以求能对我国上市公司并购活动具有实践上的指导意义。关键词：上市公司；并购；财务风险RESEARCHONFINANCAILRISKSOFM&AOFLISTEDCOMPANIESABSTRACTNowadaysmergersandacquisitionsoflistedcompaniesbecomearemarkableeconomicphenomenainthecourseoftheeconomicdevelopmentinChinaandintheworld,arealsothehottopicoftheeconomictheoristsandthebusinesscommunity.Asonekindofcompanystrategicbehavior,M&Aoflistedcompanyispursuedbyvariousofenterprisesbecauseofitcaninsultmuchpositiveeffectsuchasthescaleeconomies,theoptimizingresourcesdisposition,thecombinationcooperativeeffectect.However,alargenumberofhistoricaldatashowedthatthesuccessrateofmergersandacquisitionsoflistedcompaniesisnothigh.AmongallfactorswhichresultbreakdowninM&A,ignoringfinancialriskandwithouteffectivemanagementisamainreason.Thispaperanalyzestheoriginoffinancialriskinvariousprocessesandthefactorsthatinfluencetheoriginwithprice-fixing,financingandpayment,financialintegrationastheclues,andgivescertaincasesofM&Ainordertohelpanalyzefinancialrisk.Intheend,thispaperstatesthatthewaysandmeasuresoffinancialriskcontrolareofpracticalsignificancetoM&Aofourcountry’slistedcompanies.Keywords:ListedCompanies;MergerandAcquisition;FinancialRisks目录1绪论.........................................................................................................................................11.1课题背景及目的............................................................................................................11.2国内外研究状况............................................................................................................21.3课题研究方法................................................................................................................31.4论文构成及研究内容....................................................................................................32上市公司并购财务风险的概述.............................................................................................42.1上市公司并购财务风险的定义....................................................................................42.2上市公司并购财务风险的特点....................................................................................42.2.1综合性..................................................................................................................42.2.2前后关联性..........................................................................................................52.2.3可控性..................................................................................................................52.2.4动态性..................................................................................................................52.3上市公司并购财务风险类型....................................
