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1、企业并购的财务风险分析与防范（Financial risk analysis and prevention of enterprise merger and acquisition）Abstract: Merger and acquisition occurred in 1990s after the acquisition of equity by Listed Companies in ChinaIt is gradually becoming popular. Successful mergers and acquisitions can produce economies of sca
2、le, optimize allocation of resources, and promoteHigh market share and to the new economic field infiltration synergistic effect, conducive to the promotion of economic growth modeChange. However, M & A gains coexist with high risk. This article mainly from the perspective of financial risk to our s
3、tate-owned enterprisesIndustry mergers and acquisitions were analyzed and preventive measures were put forward.keyword mergers and acquisitions financial riskSuccessful mergers and acquisitions can produce economies of scale, optimize allocation of resources and increase market shareAnd other synerg
4、istic effects to the new economic field, which will help to change the mode of economic growth. However, enterprisesThe high profits brought by M & a must be accompanied by high risks. The financial risks of mergers and acquisitions mainly refer to enterprises as a result ofThe financial activities
5、involved in mergers and acquisitions lead to the deterioration of the financial condition of the enterprise or the inaccuracy of the financial resultsQualitative.First, the source of financial risk of mergers and acquisitions1, the risk of target enterprise valuation. When the target enterprise is d
6、etermined, the two sides are most concerned about itOn the basis of continuous operation, reasonable estimation of the value of the target enterprise and reasonable valuation are the basis for the success of the merger,The valuation of the target enterprise depends on the expected size and time of t
7、he future profits of the merger and acquisition enterpriseThe valuation of the enterprise may be due to improper prediction, thus resulting in the risk of valuation. Valuation windThe size of the risk depends greatly on the status and quality of the financial information.(1) accounting policies are
8、selective, which can selectively enable financial statements or asset assessments to exist by themselvesRisk of manipulation. Once the accounting policies and changes relating to major events are not disclosed in a timely manner,Will inevitably lead to information asymmetry between the two sides of
9、the merger.(2) the accounting statements can not accurately reflect or have matters and matters after the meeting, and the financial statements can only be reflected in factThe financial status, operating results and cash flow of the enterprise at a given point or time, and the basic data of the sta
10、tementsIt is based on past transactions and transactions. The provision based on the conservatism principle and its proportionIn fact, it is also the basis of historical data and tax laws. This makes some important or important matters (special)Loss or loss) and matters that are often overlooked or
11、withheld from the future, which will directly interfere with the value of the businessAnd the future profitability of the judgment, the impact of M & a price determination, and even to the acquisition process brings legal disputes.(3) the financial statements do not reflect the values and institutio
12、nal arrangements of some important resources, such as human resources and concessionsManagement right, etc. How does the human resource pricing model and the related incentive and restriction mechanism reflect in the financial statements?An important hot spot at present.2, financing risk. The financ
13、ing risk of enterprise merger and acquisition mainly refers to whether the enterprise can raise the acquisition in time and in fullThe impact of funds and raised funds on mergers and acquisitions. M & A needs a lot of money, but because of meChinas capital market development is not perfect, and bank
14、s and other intermediary organizations have failed to give full play to their needs in mergers and acquisitionsSome of the role of mergers and acquisitions so that enterprises face greater financing risks. Financing risk is mainly manifested in the timely accessM & a funds, financing methods affect
15、the control of the enterprise, the financing structure of mergers and acquisitions enterprise debt knot?Impact of structure and solvency. For example, the financing structure consists of the debt capital and the equity capital in the enterprise capitalStructure, debt capital, short-term debt and lon
16、g-term debt structure, etc. In the debt capital based financing structure,When the actual effect of the merger is not up to expectations, it may generate interest, pay the risk and repay the debt on time.In the equity capital based financing structure, when the actual effect of mergers and acquisitions is not expected, it will make the stock
