I 摘要 在国家宏观政策支持下，我国资本市场正向着健康有序的方向快速发展， 企业并购活动表现的日趋活跃，一些企业通过实施并购战略实现了规模扩张和 协同发展，有效提升了企业价值和竞争力，但同时也有一些企业在实施并购的 过程中付出巨大代价，甚至走向失败。并购活动注定不会一帆风顺，在实施过 程中面临诸如估值风险、支付与融资风险以及整合风险等，对相关并购风险管 理的得当与否，会在一定程度上影响并购项目的成败。因此，企业需要制定合 理的风险管理方案，采取恰当的应对策略，才能为并购活动的顺利实施提供保 障。 HT 公司作为一家国有控股的高科技上市公司，上市以来先后实施了一系列 资产重组和并购活动，并购目标的范围逐渐由内部向外部延伸，顺应了我国当 前企业并购的发展趋势，但在向市场化并购转变的过程中，对企业并购风险的 管理水平也提出了更高的要求，本文通过对 HT 公司并购 AT 公司的案例进行深 入分析，充分识别企业并购活动中存在的风险，在此基础上进一步研究和探讨 企业并购风险管理中存在的问题，以期找到合适的解决方案，为其他同类企业 加强并购风险管理和确保并购活动顺利实施提供参考和借鉴。 本文选取HT公司作为研究对象，通过理论联系实际，深入剖析了企业并购 风险管理中存在的问题，力求分析总结出企业并购风险管理的解决方案和实施 保障。首先，在绪论部分介绍了本文的研究背景和意义，阐述了研究的内容和 创新点。其次，介绍了本文研究课题所依据的理论基础，对企业并购风险管理 相关概念进行了界定，分析了国内外并购风险管理的研究现状。进而对HT公司 业务情况和并购实施情况进行了总体介绍，并对HT公司并购风险管理的现状、 存在的问题和成因进行了透彻的分析。接着从设计原则和可行性方面对并购风 险管理的改进进行了论证，在此基础上提出了HT公司的并购风险管理改进方案。 之后提炼出并购风险管理方案的实施保障措施。最后对全文的研究内容进行了 总结，对我国今后的企业并购风险管理进行了展望。 关键词：企业并购；并购风险；风险管理Abstract II Abstract Under the support of national macro policies, China's capital market is developing rapidly in a healthy and orderly direction, and the M & A activities of enterprises are becoming more and more active. Some enterprises have achieved scale expansion and coordinated development through the implementation of M & A strategy, effectively improving the value and competitiveness of enterprises, but at the same time, some enterprises have paid a huge price in the process of M & A, even failed. M & A activities are bound to be not smooth. In the process of implementation, they are faced with such risks as valuation risk, payment and financing risk and integration risk. The proper management of relevant M & A risks will affect the success or failure of M & A projects to a certain extent. Therefore, enterprises need to make a reasonable risk management plan and take appropriate response strategies to ensure the smooth implementation of M & A activities. As a state-owned high-tech listed company, the HT Company has carried out a series of asset restructuring and M & A activities since its listing. The scope of M & A objectives is from inside to outside, which conforms to the current development trend of enterprise M & A. However, in the process of transformation to market-oriented M & A, it also puts forward higher requirements for the management level of M & A risks. This paper introduces the M & A of the AT company by the HT Company, the case of M & A is analyzed in depth to fully identify the risks existing in the M & A activities. On this basis, the problems existing in the M & A risk management are further studied and discussed in order to find appropriate solutions to provide reference and reference for other similar enterprises to strengthen the M & A risk management and ensure the smooth implementation of M & A activities. In this paper, the HT Company is selected as the research object, through the combination of theory and practice, the problems existing in M & A riskAbstract III management are deeply analyzed, and the solutions and implementation guarantee of M & A risk management are analyzed and summarized. First of all, in the introduction part, it introduces the background and significance of this study, and expounds the research content and innovation. Secondly, this paper introduces the theoretical basis of this study, defines the relevant concepts of M & A risk management, and analyzes the research status of M & A risk management at home and abroad. Then it introduces the business situation and the implementation of M & A of the HT Company, and analyzes the current situation, existing problems and causes of M & A risk management of the HT Company. Then it demonstrates the improvement of M & A risk management from the design principles and feasibility, and puts forward the improvement plan of M & A risk management of the HT Company. After that, the paper abstracts the implementation guarantee measures of M & A risk management plan. Finally, this paper summarizes the research content of this paper, and looks forward to the future of M & A risk management in China. Key Words: M & A; M & A risk; Risk management目录 IV 目录 第一章 绪论 ··············1 第一节 研究的背景和研究意义 ···1 一、研究的背景 ·················1 二、研究的意义 ·················4 第二节 国内外研究现状 ············6 一、国外研究现状 ··············6 二、国内研究现状 ··············7 第三节 研究内容和创新点 ········10 一、研究内容和方法 ·········10 二、创新点 ···12 第二章 企业并购风险管理相关理论回顾 ············13 第一节 企业并购的理论基础 ·····13 一、企业并购的涵义与分类 13 二、企业并购理论 ············14 第二节 企业并购风险管理相关理论··············17 一、企业并购风险概述 ······17 二、企业并购风险管理的概念和特点······21 三、企业并购风险管理的相关理论·········22 第三章 HT 公司并购风险管理现状与问题分析·····24 第一节 HT 公司概况及并购业务介绍 ············24 一、公司基本情况 ············24 二、公司并购情况介绍 ······27 第二节 HT 公司并购风险分析 ···30 一、被并购 AT 公司基本情况················30 二、并购决策阶段估值风险分析············32 三、并购交易执行阶段风险分析············38 四、并购整合阶段风险分析 44目录 V 第三节 HT 公司并购风险管理的现状与问题 ···48 一、并购风险管理的现状 ···49 二、并购风险管理存在的问题 ···············53 三、并购风险管理问题的成因 ···············61 第四章 HT 公司并购风险管理的改进方案设计·····64 第一节 并购风险管理改进的原则和可行性分析·················64 一、并购风险管理改进的设计原则·········64 二、并购风险管理改进方案的目标·········65 三、并购风险管理改进方案的可行性······65 第二节 并购决策阶段估值风险管理的改进方案·················66 一、提升尽职调查工作质量 66 二、合理确定估值方法和区间 ···············68 三、复核盈利预测的合理性 70 四、加强业绩补偿条款的谈判 ···············71 第三节 并购交易执行阶段风险管理的改进方案·················72 一、加强支付风险的管理 ···72 二、加强融资风险的管理 ···73 三、重视交接风险的管理 ···75 第四节 并购整合阶段风险管理的改进方案·····76 一、战略整合风险管理的改进 ···············76 二、财务整合风险管理的改进 ···············77 第五章 HT 公司并购风险管理改进方案的实施保障·················80 第一节 改进方案的制度保障 ·····80 一、规范投资并购制度体系 80 二、健全并购决策指标体系 81 三、建立并购风险管理制度 81 第二节 改进方案的组织管理保障 ·················82 一、规范并购实施过程的组织管理·········82 二、完善并购风险的组织管理 ···············83 第三节 改进方案的监督与评价保障··············83目录 VI 一、并购实施过程的监督与评价············83 二、建立并购项目后评价机制 ···············84 三、监督与评价的考核与改进 ···············85 第六章 研究结论与展望 ···············86 第一节 研究结论····86 一、全文总结 86 二、研究结论 86 第二节 研究展望····87 一、研究不足 87 二、研究展望 87