企业并购的财务风险研究—以中粮并购蒙牛为例

企业并购的财务风险研究一以中粮并购蒙牛为例摘要企业并购(Mergers and Acquisitions,M服A)包括两种不同的含义和方式：兼并和收购。国际上通常将兼并和企业收购合在我们一起进行使用，统称为M服A,国人称之为并购。即企业之间的相互并购是企业法人在平等、自愿、平等补偿的基础上取得其他法人财产权的法律行为。它是有效资本运营和管理的重要形式之一。企业进行并购主要内容包括公司合并、资产收购、股权收购三种不同形式。在当今激烈的市场竞争中，企业通过并购实现资本扩张、利润增长和战略升级是明智的选择：利用并购实现自我的资源整合及优化。但是在这过程中难免会遭遇很多风险，特别是财务风险。本文通过选择以中粮集团企业并购蒙牛乳业的案例进行开展了一系列的分析，尝试从企业自身和世界大环境方面分析企业并购所产生的系列问题，希望通过这一分析对其他有并购想法的企业给予一些帮助。关键词：企业并购：中粮：蒙牛：并购动因；财务风险AbstractMergers and acquisitions (M A)includes two different meanings and ways:Merger and acquisition.Mergers and acquisitions are usually used together internationally,collectively referred to as M &A,which is called M&A in China.That is,the mutual merger and acquisition between enterprises is the legal behavior of enterprise legal persons to obtain the property rights of other legal persons on the basis of equality,voluntariness and equal compensation.It is one of the important forms of efficient capital operation and management.Ma mainly includes three forms:company merger,asset acquisition and equity acquisition.In today's fierce market competition,it is a smart choice for enterprises to realize capital expansion,profit increase and strategic upgrading through M A;Use M&A to realizeself resource integration and optimization.However,in this process,it is inevitable to encounter many risks,especially financial risks.This paper chooses the case of COFCO group's merger and acquisition of Mengniu Dairy industry to carry out a series of analysis,trying to analyze a series of problems arising from enterprise merger and acquisition from the aspects of the enterprise itself and the world environment,hoping to give some help to otherenterprises with merger and acquisition ideas through this analysis.Key words:enterprise merger and acquisition;COFCO;MENGNIU;M a motivation;financial risk目录摘要.............Abstract.…1绪论11.1研究背景1.2选题意义1.2.1理论意义.1.2.2现实意义.1.3国内外相关研究概述21.3.1国内研究概述.21.3.2国外研究概述.21.3.3国内外研究述评.31.4研究方法….32相关理论概述.32.1企业并购概念.32.2企业并购的类型3并购动因理论支撑，」3.1协同效应理论43.2市场势力理论..53.3政府干预理论.54并购风险概述.54.1并购风险的类型.65中粮并购蒙牛的财务风险分析55.1并购方介绍.65.1.1并购方一中粮集团及厚朴基金….65.1.2被并购方一蒙牛乳业..65.2并购过程概述.75.3企业并购动因分析….75.3.1中粮的战略欲望.75.3.2蒙牛的危机.85.4并购财务分析（杜邦分析）85.4.1盈利能力分析.85.4.2运营能力分析.95.4.3偿债能力分析.105.4.4成长能力分析.125.5中粮集团在并购蒙牛时会有以下财务风险及措施.135.5.1中粮并购蒙牛的财务风险.….135.5.2财务风险的应对措施….156案例总结分析.166.1总论.16参考文献…,4444444444444444444444444年年444年44，，，致明.…8