成功的企业并购行为，能够带来规模经济和范围经济，通过有效的资源整合降低企业生产 成本，获取外部企业优势，从而实现企业的跨越式发展。自金融危机以来世界经济复苏步履维 艰，全球经济环境复杂多变，各国企业面临的商业竞争不断加剧，并购已经成为世界各国企业 追求多元化发展的重要战略选择。企业的并购行为如同硬币的两面，也存在着诸多风险，其中 财务风险直接关系到企业整个并购过程的成功与否，直接关系到企业的生死存亡。因此，企业 在并购实践中要注重财务风险的识别和防范。基于此，本文以 X 企业为例，通过实地调查研究， 结合科学的理论方法对公司并购过程中的财务风险进行研究。 首先，利用文献研读法夯实本文的理论基础，对企业并购、企业并购财务风险的概念进行 界定，对其种类进行分类，并梳理了国内外研究文献，对相关的研究进行了阐述。其次，对 X 企业及并购案例进行介绍，随着我国零售业竞争压力逐渐增加，X 企业调整战略布局，实行“百 货零售+医疗养老”多元化战略，而本次并购就是在此背景下开展。基于对并购案例的介绍，结 合财务风险相关理论，对 X 企业并购中财务风险进行详细的研究。在并购的不同阶段，X 企业 面临着不同的财务风险，并购前阶段标的 Y 公司的定价风险，即标的资产估值过高的风险；并 购方案实施过程中 X 企业面临着融资风险、汇率风险和支付风险；在并购方案结束后，X 企业 面临着财务、经营整合风险。最后，通过对并购案例的分析，深入分析整个并购流程中各环节 所存在的财务风险，并据此提出相关的政策建议，为我国同等类型的企业在采取并购战略时提 供参考。 关键词：企业并购，并购方案，财务风险，X 企业，风险防范X 企业并购过程中的财务风险管理研究 II ABSTRACT Successful corporate mergers and acquisitions can bring economies of scale and scope, reduce the production costs of enterprises through effective resource integration, gain the advantages of external enterprise to realize the leap-forward development of enterprises. Since the financial crisis, the world economic recovery has been difficult, the global economic environment has become more complex and changeable, and the business competition faced by enterprises in various countries has intensified. M&A has become an important strategic choice for companies from all over the world to pursue diversified development. The M&A behavior of enterprises is like two sides of coins. There are also many risks. The financial risks are directly related to the success of the entire M&A process, which is directly related to the survival of the company. Therefore, enterprises should pay attention to the identification and prevention of financial risks in the practice of mergers and acquisitions. Based on this, this article takes X enterprise as an example, through field investigation and research, combined with scientific theoretical methods to study the financial risks in the company's merger and acquisition process. Firstly, using the literature research method to consolidate the theoretical basis of this paper, the concept of corporate mergers and acquisitions, corporate mergers and acquisitions financial risk is defined, its types are classified, and the domestic and foreign research literatures are sorted out, and relevant research is expounded. Secondly, the introduction of X enterprises and mergers and acquisitions cases, with the increasing pressure of competition in China's retail industry, X companies adjust the strategic layout, implement the department retail + medical pension diversification strategy, and this merger is carried out in this context. Based on the introduction of M&A cases, combined with the theory of financial risk, the paper studies the financial risks in X enterprise mergers and acquisitions. At different stages of M&A, X companies face different financial risks. The pricing risk of Y company in the pre-merger phase, that is, the risk of overvaluation of the underlying assets; during the implementation of the M&A plan, the X companies face financing risks, exchange rate risks and Paying the risk; after the completion of the M&A program, X companies face financial, human, cultural, and operational integration risks. Finally, through the analysis of the M&A case, the financial risks existing in each link of the M&A process are analyzed in depth, and relevant policy recommendations are put forward accordingly, which provides a reference for the same type of enterprises in China when adopting the M&A strategy. Keywords: mergers and acquisitions, plan of M&A ,financial risk, enterprise x, risk prevention南京航空航天大学硕士学位论文 III 目 录 第一章 绪论............................................................................................................................................. 1 1.1 研究背景与研究意义...............................................................................................................1 1.1.1 研究背景.......................................................................................................................1 1.1.2 研究意义.......................................................................................................................3 1.2 研究方法与技术路线................................................................................................................4 1.2.1 研究方法........................................................................................................................4 1.2.2 技术路线........................................................................................................................5 1.3 研究主要内容...........................................................................................................................6 1.4 拟创新点................................................................................................................................... 6 第二章 理论基础与国内外研究综述.....................................................................................................8 2.1 企业并购.................................................................................................................................... 8 2.1.1 企业并购的概念...........................................................................................................8 2.1.2 企业并购的种类...........................................................................................................8 2.2 企业并购财务风险....................................................................................................................9 2.2.1 企业并购财务风险的概念............................................................................................9 2.2.2 企业并购财务风险的种类............................................................................................9 2.3 国内外研究现状......................................................................................................................10 2.3.1 国外研究现状.............................................................................................................10 2.3.2 国内研究现状.............................................................................................................12 2.4 本章小结..................................................................................................................................14 第三章 X 企业并购案例概况................................................................................................................15 3.1 X 企业简介..............................................................................................................................15 3.1.1 X 企业总体情况..........................................................................................................15 3.1.2 X 企业经营发展状况..................................................................................................15 3.2 目标企业概况.........................................................................................................................19 3.3 并购方案..................................................................................................................................21 3.3.1 并购动机分析.............................................................................................................21 3.3.2