企業(yè)并購財務(wù)風(fēng)險控制淺談?wù)撐?/title> <meta name="keywords" content="企業(yè)并購財務(wù)風(fēng)險控制淺談?wù)撐?> <meta name="description" content="[摘要] 近年來并購交易不斷發(fā)生，并購規(guī)模和層次不斷擴大，如何控制企業(yè)并購的財務(wù)風(fēng)險是主并購企業(yè)需要考慮的因素。本文對目標(biāo)企業(yè)的定價、融資和支付三個方面，從動態(tài)控制角度對并購財務(wù)風(fēng)險進行簡單的分析。 [關(guān)鍵詞] 并購風(fēng)險財務(wù)風(fēng)險動態(tài)控一、企業(yè)"> <link rel="stylesheet" href="http://m.1-jiu.com/static/css/v2/article.css">  <script type="text/javascript"> var D=new Date(),RAND_STR=D.getUTCFullYear()+"_"+D.getUTCMonth()+"_"+D.getUTCDate()+"_"+(Math.floor(D.getUTCHours()/3)); if((navigator.userAgent.match(/(phone|pad|pod|mobile|ios|android|BlackBerry|MQQBrowser|JUC|Fennec|wOSBrowser|BrowserNG|WebOS|symbian|transcoder)/i))){ document.write('<script type="text/javascript" src="http://m.1-jiu.com/static/js/m.js?'+RAND_STR+'"><\/script>'); } else { document.write('<script type="text/javascript" src="http://m.1-jiu.com/static/js/p.js?'+RAND_STR+'"><\/script>'); } </script> <meta 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class="article"> <script type="text/javascript">s("title_top");</script> <h1 class="title">企業(yè)并購財務(wù)風(fēng)險控制淺談?wù)撐?/h1> <div id="5vajrimf" class="info"> <span id="5vajrimf" class="time">時間：2020-08-17 16:07:59 </span> <span id="5vajrimf" class="sm_after_time"></span> <span id="5vajrimf" class="source"><a target="_blank" href="http://m.1-jiu.com/bylw/caiwushuishou/" title="財務(wù)稅收">財務(wù)稅收</a></span> <span id="5vajrimf" class="source"><a target="_blank" href="http://m.1-jiu.com/usr/login.html" title="我要投稿">我要投稿</a></span> </div> <script type="text/javascript">s("content_top");</script> <div id="5vajrimf" class="content"> <p>企業(yè)并購財務(wù)風(fēng)險控制淺談?wù)撐?/p> <p>　　[摘要] 近年來并購交易不斷發(fā)生，并購規(guī)模和層次不斷擴大，如何控制企業(yè)并購的財務(wù)風(fēng)險是主并購企業(yè)需要考慮的因素。本文對目標(biāo)企業(yè)的定價、融資和支付三個方面，從動態(tài)控制角度對并購財務(wù)風(fēng)險進行簡單的分析。</p><p style="text-align: center;"><img loading="lazy" src="https://p.9136.com/00/l/c2dbcec405.jpg" alt="企業(yè)并購財務(wù)風(fēng)險控制淺談?wù)撐?/></p><p>　　[關(guān)鍵詞] 并購風(fēng)險財務(wù)風(fēng)險動態(tài)控</p><p>　　<strong>一、企業(yè)并購風(fēng)險概述</strong></p><p>　　企業(yè)并購就是企業(yè)之間的兼并與收購行為，簡稱M&A，并購給企業(yè)帶來經(jīng)濟效益的同時也給企業(yè)帶來了風(fēng)險。并購風(fēng)險是指由于企業(yè)并購過程中信息的不對稱性、外部環(huán)境的不確定性、經(jīng)營管理活動的復(fù)雜性和企業(yè)自身能力的有限性而導(dǎo)致企業(yè)并購后達(dá)不到預(yù)期的經(jīng)濟效益。按照并購風(fēng)險的成因，可將其分為產(chǎn)業(yè)風(fēng)險、信息風(fēng)險、市場風(fēng)險、法律風(fēng)險、政策風(fēng)險和財務(wù)風(fēng)險。由于各種風(fēng)險因子的作用結(jié)果終究會反映在財務(wù)信息上，因此，廣義的財務(wù)風(fēng)險是一種綜合性風(fēng)險，可以看作是并購風(fēng)險的最終表現(xiàn)形式。</p><p>　　<strong>二、企業(yè)并購財務(wù)風(fēng)險分析</strong></p><p>　　從公司理財?shù)慕嵌瓤�，企業(yè)并購的財務(wù)風(fēng)險指由于并購對目標(biāo)企業(yè)價值評估、融資、支付等各項財務(wù)決策所引起的企業(yè)財務(wù)狀況惡化或財務(wù)成果損失的不確定性，是并購價值預(yù)期與價值實現(xiàn)嚴(yán)重負(fù)偏離而導(dǎo)致的企業(yè)財務(wù)困境和財務(wù)危機。</p><p>　　從風(fēng)險來源看，企業(yè)并購財務(wù)風(fēng)險來源既具有系統(tǒng)性特征又具有動態(tài)性特征。系統(tǒng)性特征決定了系統(tǒng)性風(fēng)險因素和非系統(tǒng)性風(fēng)險因素同時作用于并購過程中，而動態(tài)性特征決定了這些風(fēng)險因素伴隨著企業(yè)并購的全過程，并隨著情景的變化而變化。</p><p>　　從可控性來看，企業(yè)并購的財務(wù)風(fēng)險可分解為可控性與不可控性財務(wù)風(fēng)險�？煽匦载攧�(wù)風(fēng)險包括財務(wù)政策制定和決策中的道德風(fēng)險、行為風(fēng)險和技術(shù)性財務(wù)風(fēng)險等；不可控性財務(wù)風(fēng)險包括與自然災(zāi)害、政治動蕩、宏觀經(jīng)濟政策相關(guān)的財務(wù)風(fēng)險等。不可控性財務(wù)風(fēng)險與可控性財務(wù)風(fēng)險之間并不是絕對分離的，而是存在著影響和被影響的關(guān)系，所以財務(wù)風(fēng)險控制途徑必須依據(jù)可控性和不可控性因素的變化實施動態(tài)控制。</p><p>　　<strong>三、企業(yè)并購財務(wù)風(fēng)險控制</strong></p><p>　　動態(tài)風(fēng)險控制包含動態(tài)過程控制和動態(tài)決策控制，動態(tài)決策控制集中體現(xiàn)在交易執(zhí)行階段的定價、融資和支付決策中。</p><p>　　定價主要是對目標(biāo)企業(yè)進行價值評估。目標(biāo)企業(yè)價值評估中不確定性風(fēng)險控制具體表現(xiàn)為風(fēng)險貼現(xiàn)率的確定。較小風(fēng)險貼現(xiàn)系數(shù)的`變化會導(dǎo)致較大評估價值的波動，因此風(fēng)險貼現(xiàn)系數(shù)的確定成為評估風(fēng)險控制的著力點。而風(fēng)險貼現(xiàn)系數(shù)的確定又集中體現(xiàn)在對β系數(shù)的估計上，這就使反應(yīng)資產(chǎn)收益水平對市場平均收益水平變化敏感性程度的β系數(shù)成為評估風(fēng)險控制的關(guān)鍵。在評估價值控制中還包含以信號博弈為手段的價格談判過程中的不對稱信息風(fēng)險控制。在信號定價博弈條件下，處于信息劣勢方的收購方會根據(jù)處于信息優(yōu)勢方的被收購放所發(fā)出的報價信號不斷調(diào)整自己的還價策略，使得價格談判的空間變?yōu)樵谡鎸崈r值與預(yù)期價值之間，價格談判的底線變?yōu)檎鎸崈r值。而真實價值一定低于評估價值。信號定價博弈的底線低于正常談判條件下的底線而起到了定價風(fēng)險控制的作用。</p><p>　　企業(yè)融資按照內(nèi)源融資→債券融資→信貸融資→股權(quán)融資的順序選擇融資方式，融資的風(fēng)險主要表現(xiàn)為債務(wù)風(fēng)險。從動態(tài)控制角度看，不對稱信息條件下的最優(yōu)資本結(jié)構(gòu)決策邏輯地表現(xiàn)為股權(quán)代理成本與債務(wù)代理成本的均衡決定，風(fēng)險控制的途徑應(yīng)以最大化地減少代理成本為依據(jù)。但是，由于受市場和企業(yè)自身條件的約束，在信息選擇和傳遞過程中，收購方還需要進一步考慮企業(yè)自有資金、代理成本和并購方案成功的概率等因素，從而使得融資風(fēng)險控制落腳于自有資金約束條件小的最優(yōu)融資結(jié)構(gòu)設(shè)計。從風(fēng)險控制角度看，在資金需求總額為I、自有資金為A的并購項目中，收購方的最優(yōu)債務(wù)融資水平為：</p><p>　�。ㄆ渲校簉為企業(yè)的固定利率；R為并購成功將獲得現(xiàn)金流收益；P為并購成功概率；Cd1為代理成本）</p><p>　　在企業(yè)并購歷史演進中，現(xiàn)金支付、股票支付、杠桿支付和衍生金融工具是常用的支付方式類型。每一種支付方式類型都有其利弊。所以，并購研究選擇哪一種支付方式，需要經(jīng)過風(fēng)險收益利弊的權(quán)衡，收購方選擇支付方式的過程實質(zhì)上是一種風(fēng)險回避的過程。從動態(tài)看，并購中的支付方式是由并購雙方基于各自的利益和風(fēng)險權(quán)衡而達(dá)成的一致妥協(xié)，這一妥協(xié)的結(jié)果是經(jīng)過了并購雙方信息博弈而產(chǎn)生的。在單一支付方式條件下，支付信息博弈的效用函數(shù)是以效益和風(fēng)險分擔(dān)為基礎(chǔ)，收購方通過概率修正來調(diào)整支付策略從而實現(xiàn)風(fēng)險控制。可見單一支付方式顯然不能滿足并購雙方利益最大化和風(fēng)險最小化的要求，因此，現(xiàn)實的支付風(fēng)險控制必須通過混合支付結(jié)構(gòu)來完成。收購方的最優(yōu)支付組合為：</p><p>　　（其中：Vb為目標(biāo)企業(yè)價值；Db為現(xiàn)金支付債務(wù)融資額；A為自有資金；Eb為現(xiàn)金支付權(quán)益融資的股票數(shù)量；P1為支付的股票數(shù)量；Em為可轉(zhuǎn)換債券支付額；Cz為認(rèn)股權(quán)證支付額；Cr為經(jīng)營債務(wù)額；Dc為合并公司總權(quán)益；E為合并企業(yè)價值經(jīng)營利潤）</p><p>　　參考文獻：</p><p>　　[1]王會恒高偉：企業(yè)并購財務(wù)風(fēng)險分析及控制。財會通訊學(xué)術(shù)版，2007年第7期</p><p>　　[2]史佳卉：企業(yè)并購的財務(wù)風(fēng)險控制。人民出版社，2005年</p><p>　　[3]周春生：融資、并購與公司控制。北京大學(xué)出版社，2005年</p><p>　　[4]錢海波：企業(yè)并購財務(wù)風(fēng)險分析與控制。財會通訊學(xué)術(shù)版 2006年第1期</p><p>　　[5]張楨：企業(yè)并購的務(wù)風(fēng)險控制研究。貴州大學(xué)碩士論文，2007年</p><p>　　[6]曲寧：企業(yè)并購財務(wù)風(fēng)險的識別。經(jīng)濟透視，2007年</p><p>　　[7]宋夏云韓堅：企業(yè)并購財務(wù)風(fēng)險的識別及控制對策。對外經(jīng)貿(mào)財會，2006年第7期</p><script>s("content_relate");</script><p>【企業(yè)并購財務(wù)風(fēng)險控制淺談?wù)撐摹肯嚓P(guān)文章：</p><p>1.<a target="_blank" href="http://m.1-jiu.com/bylw/caiwushuishou/133631.html" title="企業(yè)并購過程中的財務(wù)風(fēng)險控制論文">企業(yè)并購過程中的財務(wù)風(fēng)險控制論文</a></p><p>2.<a target="_blank" href="http://m.1-jiu.com/bylw/caiwushuishou/142782.html" title="醫(yī)院財務(wù)風(fēng)險控制研究論文">醫(yī)院財務(wù)風(fēng)險控制研究論文</a></p><p>3.<a target="_blank" href="http://m.1-jiu.com/bylw/caiwushuishou/142760.html" title="淺談企業(yè)財務(wù)風(fēng)險成因及其防范論文">淺談企業(yè)財務(wù)風(fēng)險成因及其防范論文</a></p><p>4.<a target="_blank" href="http://m.1-jiu.com/bylw/caiwushuishou/142882.html" title="企業(yè)財務(wù)風(fēng)險的防范與控制論文">企業(yè)財務(wù)風(fēng)險的防范與控制論文</a></p><p>5.<a target="_blank" href="http://m.1-jiu.com/bylw/caiwushuishou/141382.html" 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