摘 要：企业购并就是买卖企业，是企业调整产业结构、优化资源配置的最重要的形式之一，但是在我国独具特色的环境里，企业购并成功的案例所占比例并不大。在企业并购的大舞台上，上市公司扮演着最主要的角色，经济不断发展以及社会生产力的不断提高，企业并购的规模和范围也在不断扩大，上市公司面临着风险和挑战。在并购过程产生的各类风险里由财务活动引起的财务风险是影响并购成功率的重要内容，因此有效地分析并规避财务风险能够很大的提高上市公司购并的成功率。本文在分析并购财务风险类型的基础上，提出了上市公司并购过程中财务风险的防范对策，最后以三一重工并购德国“大象”企业为例，研究其在具体过程中财务风险的防范措施。66969

毕业论文关键词：财务风险，并购，三一重工

Abstract: enterprise merger and acquisition is the business enterprise, is the enterprise to adjust the industrial structure,optimizing the allocation of resources of one of the most important form of,but in our country's unique environment,the enterprise merger and acquisition success proportion is not big.In mergers and acquisitions on the big stage,plays the main role of listed companies,economic development and the continuous improvement of social productivity, the scale and scope of mergers and acquisitions are also constantly expanding,the listed company is faced with risks and challenges.In m&a process produces all kinds of risks caused by the financial risk of financial activities is an important part of the success rate of m&a,thus effectively analyze and avoid financial risk can be greatly improved the success rate of merger and acquisition of listed companies.In this paper,based on the analysis of the m&a financial risk types,puts forward the precaution countermeasure against the financial risk in the process of mergers and acquisitions of listed companies,and finally to sany heavy industry mergers and acquisitions in Germany "elephant" enterprises as an example,study the measures to prevent financial risk in the process of concrete.

Keywords: financial risk, Mergers and acquisitions, Sany heavy industry

目  录

1  引言 3

1  并购财务风险相关概念的界定 3

2  三一重工并购财务风险概述 3

2.1  并购定价风险 3

2.2  并购融资风险 4

2.3   现金支付风险 4

2.4   股权支付风险 4

2.5    杠杆支付风险 5

2.6   并购的整合风险 5

3  并购财务风险规避措施 5

3.1  并购前财务风险规避措施 5

3.2  合理定价目标企业 6

3.3   合理选取并购方式 6

3.4   灵活选择支付方式 6

3.5  并购后的财务风险规避措施 7

4  三一重工并购案例的原因 7

4.1 主要原因 7

4.2 三一重工的主观条件 8

4.3 两家企业的理念 8

4.4 中国的客观条件 8