近年来，在“走出去”、“一带一路”的宏观背景以及中国企业自身发展的需 求下，海外并购活动日益增加，并购在企业经营中扮演着越来越重要的作用。随 着汽车行业更加“电动化”、“网联化、“智能化”、“共享化”，新四化对汽车零部 件企业提出更严苛的挑战。但我国汽车零部件企业整体发展缓慢，一些先进技术 掌握在发达国家手中，存在许多无法短时间内突破的技术壁垒，所以对汽车零部 件企业来说，利用海外并购推动企业战略转型升级尤为重要。 本文以均胜电子并购日本高田为例，把并购分为审查阶段、实施阶段、整合 阶段进行分析。首先对每个阶段进行风险识别，通过识别确定并购面临的主要风 险类型，如环境风险、财务风险、整合风险。然后对识别出的风险进行分析，并 提出应对风险的相应措施，做好风险控制。本文重点分析了财务风险，如估值风 险、融资风险、偿债风险，根据均胜电子的外部环境及自身发展现状先定性分析， 然后根据 Z 值，资产负债表中的财务指标进行定量分析。最后，本文通过均胜电 子的案例分析得出我国其他企业进行海外并购时的一些启示，并提出政策建议： 重视前瞻性调查，明确战略目标，防范环境风险，合理选择并购对象，优化财务 风险防范，进行全方位整合等。 关键词：海外并购 风险识别 风险分析 风险控制III CONTENTS ABSTRACT..................... I 摘要..............................II CONTENTS.................. III 目 录............................ VI LIST OF TABLES..... VIII 表 目 录.................... IX 1 Introduction..................1 1.1 Research Background ............................1 1.2 Literature Review....2 1.2.1 Risk Identification Analysis of Global M＆A ...............2 1.2.2 Financial Risk Analysis of Global M＆A......................5 1.3 Research contents and Methods .............7 1.3.1 Research Content ............................7 1.3.2 Research Methods ...........................8 2 Definition and Theory Foundation..........8 2.1 Definition and Classification of Global M＆A.....................8 2.1.1 Definition of Global M＆A ............8 2.1.2 Classification of Global M＆A.......9 2.2 Enterprises in Dilemma........................10 2.2.1 Definition and Causes of Dilemma..............................10 2.2.2 Differences between M＆A of Enterprises in Dilemma and M＆A of Normal Enterprises . 11 2.3 Theory Foundation 12 2.3.1 Risk Management Theory.............12 2.3.2 Basic Resource theory...................12 2.3.3 Synergy Theory.............................14 3 Joyson Electronics’Acquisition of Takada Corp ...................16 3.1 Company Profile ...16 3.1.1 Joyson Electronics ........................16 3.1.2 Takada Corp ...18IV 3.1.3Analysis of Takada Corp’s Financial Distress..............19 3.2 M＆A Process .......20 3.2.1 Early Negotiation ..........................20 3.2.2 Agreement Signing........................21 3.2.3 Completion of Acquisition............22 3.3 M＆A Motivation Analysis ..................23 3.3.1 Demand for Internationalization Strategy....................23 3.3.2 Expansion of Capacity and New Market .....................24 3.3.3 Obtaining of Patented Technology25 4 Case Study ................27 4.1 Risk Identification at the M＆A Review Stage...................27 4.1.1 Political Risk..27 4.1.2 Legal Risk ......28 4.1.3 Industry risk ...29 4.2 Financial Risk at the M＆A Implementation Stage ............30 4.2.1 valuation Risk 30 4.2.2 Financing Risk ..............................31 4.2.3 Repayment Risk ............................32 4.2.4 Exchange Rate and Interest Rate Risk .........................33 4.3 Financial Risk Analysis........................33 4.3.1 Valuation Risk Analysis ................34 4.3.2 Financing Risk Analysis ...............36 4.3.3 Repayment Risk Analysis .............37 4.4 Integration Risk Analysis.....................38 5 Conclusion and Suggestion on Company Policy ...................40 5.1 Risk Response Measures at the Review Stage....................40 5.1.1 Prospective Study..........................40 5.1.2 Company Strategy Clarification ...41 5.1.3 Integration Extent Identification ...42 5.2 Financial Risk Response Measures at the Implementation Stage ......................44 5.2.1 Valuation with the Help of Intermediaries ...................44 5.2.2 Reasonable Planning of Financing Methods................44 5.2.3 Integration Risk Response Measures ...........................45 5.3 Intergration Risk Response Measures..47V 5.3.1 Organization and System Integration...........................47 5.3.2 Human Resources Integration.......48 5.4 Suggestion on Company Policy ...........50 Reference........................52VI 目 录 摘要..............................II 第 1 章 绪论.....................1 1.1 研究背景....................1 1.2 文献综述.................2 1.2.1 海外并购的风险认定文献.............2 1.2.2 海外并购的财务风险研究文献.....5 1.3 研究内容和方法.....7 1.3.1 研究内容..............7 1.3.2 研究方法..................8 第 2 章 相关概念及理论基础 .......................8 2.1 海外并购的概念及分类........................8 2.1.1 海外并购的概念.............................8 2.1.2 海外并购的分类.............................9 2.2 困境企业的相关概念..........................10 2.2.1 困境企业的界定及成因...............10 2.2.2 并购困境企业和并购一般企业的区别......................11 2.3 理论基础...............12 2.3.1 风险管理理论12 2.3.2 资源基础理论12 2.3.3 协同效应理论14 第 3 章 均胜电子并购高田的案例描述.....16 3.1 公司简介...............16 3.1.1 均胜电子简介16 3.1.2 高田公司简介18 3.1.3 高田公司财务困境现状分析.......19 3.2 并购流程...............20 3.2.1 前期接触阶段..............................20 3.2.2 签订协议阶段21 3.2.3 收购完成阶段22 3.3 并购动因分析.......23 3.3.1 国际化发展战略需求...................23VII 3.3.2 扩充产能开拓新市场...................24 3.3.3 获取专利技术资源.......................25 第 4 章 案例分析 ....27 4.1 并购审查阶段风险识别......................27 4.1.1 政治风险........27 4.1.2 法律风险........28 4.1.3 行业风险........29 4.2 并购实施阶段风险识别—财务风险..30 4.2.1 估值风险........30 4.2.2 融资风险........31 4.2.3 偿债风险........32 4.2.4 汇率与利率风险...........................33 4.3 财务风险分析.......33 4.3.1 估值风险分析34 4.3.2 融资风险分析36 4.3.3 还债能力风险分析.......................37 4.4 整合识别分析.......38 第 5 章 研究结论与政策建议 .....................40 5.1 审查阶段应对风险措施......................40 5.1.1 高度重视前瞻性调查...................40 5.1.2 契合公司战略..............................41 5.1.3 识别整合空间..............................42 5.2 实施阶段-财务风险应对措施 ............44 5.2.1 借助中介进行估值.......................44 5.2.2 合理规划融资方式.......................44 5.2.3 签订补偿免责条款与重组支持条款..........................45 5.3 整合风险应对措施..............................47 5.3.1 组织与制度整合47 5.3.2 人力资源整合....48 5.4 政策性建议...........50