摘要
企业并购随着企业及市场的发展深入,而备受推崇,并广泛应用于各个经济
发展领域,不仅仅能有效提升企业发展效率,改变企业长时间的发展积累战略,
并在短时间内帮助企业实现发展和提升。随着我国市场经济发展的深入,企业通
过并购实现的扩张和发展不再局限在经济利润基础上,而是借助各类资源优化和
提升,从而促进企业实现可持续发展战略。所以,全新的企业并购发展战略在决
策内容上较之以往复杂许多,而且时间周期比较长,并且兼具诸多发展因素影响,
促使其经营风险无意中提升不少,例如并购企业的价值评估以及企业并购过程中
的支付等风险内容。基于此,国内外学者进行了相关研宄,但视角不同,且受时
间、方法、技术等局限,仍存在着不足。因而,如果能以具体企业的并购案例为
视角,采用系统分析法、报表分析法等来分析企业并购过程中面临的财务风险,
研究控制风险的对策问题,有利于抓住本问题研究的关键,有利于为风险控制提
供新思路和理论依据,从而对我国企业整体经营发展,特别是有效实现并购发展,
控制并购战略下的经营风险等方面,有着极具关键的理论指导和实践引导意义。
为解决上述企业并购中财务风险的控制问题,首先介绍了企业并购财务风险
控制的背景、意义和内容;接着,对国内外现有相关研究文献进行了列举与归纳,
总体来看,对企业单方面并购财务风险管理的研究较为全面,而对复杂环境下企
业并购财务风险的研宄则还有所缺乏,因此选择应用系统分析法,从系统的角度
研究企业并购中的风险因素,提出企业并购财务风险管理的方法与措施;再接着,
具体分析了企业并购中可能存在财务风险的内涵、特征、控制的一般程序;之后,
引入LS传媒集团并购RS公司的案例,并对这些并购企业在各方面发展因素进行
了全面的概述,通过分析得出LS在此次并购中,面临着定价、融资、支付等财务
风险,增加了企业的并购成本,造成了资金流动性负担;再之后,对LS传媒集团
并购RS公司财务风险控制的机理进行了分析,包括财务风险因素识别原则、识别
方法、对风险因素进行风险预警判断、利方案调整或转移第三方等技术分析;在
做完上述一系列调查研宄后,针对LS传媒集团并购案例中存在的财务风险,提出
了降低财务风险的对策,具体包含并购前通过正确使用财务报告等方法评估企业
价值,并购中选择权益融资或混合型融资工具规避并购中的融资风险,采用股权、
可转换债券、权证等方式减少支付风险,并购后利用优化整合资产负债、创新整
合机构与机制等控制整合风险。
I希望通过研究LS传媒集团并购RS公司财务风险的控制对策,从而就企业实
施并购发展方面的财务内容及风险进行分析整合的经验及价值参考,.促使企业在
并购实施过程中理解财务经营及其风险的概念及重要价值,并且针对其存在的各
类不足提出针对性的解决对策,进而帮助企业在有效实施并购的前提下实现财务
经营风险防控的最大程度优化处理,推进企业并购目标实现,强化企业绩效管理
及提升,并促进企业实现可持续发展战略。
关键词:财务风险;公司并购;风险控制;案例分析;LS集团;RS公司
II1
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Abstract
With the devdopment of enterprise merger and market depths and highly respected,
and widely used in the field of economic development, not only effectively improve the
efficiency of enterprise development, enterprise development to change the long time
accumulation strategy, and help enterprises to achieve development and promotion in a
short period of time. With the rapid development of China’s market economy,
enterprises are no longer limited in economic profit on the basis of the expansion and
development of mergers and acquisitions, but with all kinds of resource optimization
and refreshing, so as to promote the realization of sustainable development strategy of
enterprises. So, a new development strategy in the enterprise merger and acquisition
decision content than ever more complex, and long period, and has influenced the
development of more factors, the business risk inadvertently improved a lot, such as the
value of corporate mergers and acquisitions and mergers and acquisitions in the process
of evaluating the risk of payment and other content. Based on this, scholars at home and
abroad have carried on the related research, but the angle of view is different, and is
limited by the time, the method, the technology and so on. Therefore, if the enterprise
merger with specific case perspective, using system analysis method, report analysis
method to analyze the process of mergers and acquisitions facing financial risks and
Countermeasures of risk control,to seize the key issues of research,to provide new
ideas and theoretical basis for risk control,so as to the overall operation of China’s
enterprise development, especially the effective implementation of the development of
mergers and acquisitions, mergers and acquisitions tinder the control of strategic risk
management and other aspects, has a very important theoretical and practical guiding
significance.
To solve the problems of the control of the financial risk in mergers and
acquisitions, mergers and acquisitions, first introduced the background significance and
content of the financial risk control; secondly, the existing domestic and foreign
research literature were enumerated and summarized, overall, a more comprehensive
study of unilateral financial enterprise risk management, and the research on financial
risk enterprises under the complicated environment is still lacking, so the selection and
application of system analysis method, the study on risk factors in the enterprise merger
and acquisition from the perspective of system, put forward the enterprise financial risk
IIImanagement methods and measures of mergers and acquisitions; then, analyzes the
general procedure of connotation, there may be financial risk in mergers and
acquisitions, the characteristics of control after; the introduction of LS media group, the
acquisition of RS&39;s case, and the acquisition of enterprise development factors in all
aspects of a comprehensive overview of the LS in The acquisition, facing pricing and
financing and payment of financial risk, increase the cost of the acquisition, a burden on
liquidity; then, the mechanism of financial risk control of RS company of LS media
group, mergers and acquisitions are analyzed, including the principle, identification
method, identification of risk factors of financial risk early warning of judgment, the
adjustment scheme of the third party or the transfer of technology to the risk factors;
after the above a series of investigation and research, according to the case of the
financial risk of the LS media group of mergers and acquisitions, and proposes
measures to reduce financial risk, including before the merger through the correct use of
financial reporting methods of enterprise valuation, mergers and acquisitions in the
choice of equity financing or mixed type of financing tool to avoid the risk of M & A
financing, with equity, convertible bonds, warrants and other ways to reduce the risk of
transfer, mergers and acquisitions by optimizing the whole joint venture Production
liabilities, innovation and integration mechanisms and mechanisms to control the
integration risk.
I hope RS company financial risk control measures through the study of LS media
group, and analyzing the experience and reference value integration enterprise financial
risk and content acquisition strategy development, promote the concept of enterprise
management and the understanding of the financial risk in mergers and acquisitions in
the process of strategy implementation and important value, and in view of the various
problems that exist at first, some countermeasures, so as to help enterprises in the
premise of effective implementation of mergers and acquisitions to achieve optimization
of maximum risk prevention and control of financial management, promote enterprise
mergers and acquisitions to achieve strategic objectives, strengthen and improve
enterprise performance management, and promote enterprises to implement sustainable
development strategy.
Keywords: financial risk;acquisition;risk management; case analysis; LS group;RS
company
IV目录
m ^I
Abstract

Ill
第1章绪论1
U研究背景与研究意义
1
1.1.1研宄背景
1
1.1.2研宂意义
1
1.2国内外研宄现状分析
3
1.2.1国内相关研宄文献综述
3
1.2.2国外相关研宄文献综述
4
1.3研究内容与研究方法
5^
1.3.1研宄内容
5
1.3.2研宄方法
5
1.4创新性

6
第2章企业并购财务风险控制的理论基础
7
2.1企业并购的内涵与外延
7^
2.1.1企业并购的内涵
7
2.1.2企业并购的流程
7
2.1.3企业并购的特点
10
2.2企业并购财务风险的内涵与特征
11
2.2.1企业并购财务风险的内涵
11
2.2.2企业并购财务风险的特征
11
2.3企业并购财务风险控制的一般程序
13
2.3.1风险规划
13
2.3.2风险识别
14
2.3.3风险评估
14
2.3.4风险控制
14
第3章LS传媒集团并购RS公司的财务风幽雜啲案例背景分析
15
v3.1LS传媒集团及其财务经营基本情况
15
3.1.