JT集团企业收购风险管理研究
摘要
2020年初爆发的新型冠状病毒疫情给全球的经济带来了前所未有的挑战，但
是也给全球产业链重塑创造了机遇。重塑产业链的机遇也前所未有，新一轮的收购
浪潮正悄然而至。JT集团作为国有建设投资企业是新一轮国企改革的代表，有着
剑指世界五百强企业的目标，面对畅通产业链的机遇，出于满足资质短板或者市场
需要，也在紧锣密鼓的开展收购业务。尽管企业收购是快速做大的捷径，但是企业
收购风险不当也有可能深陷其中不能自拔。所以风险管理至关重要，这也是一直制
约着中国企业在企业收购市场上大展身手的关键，JT集团也不能置身事外。
本文就是通过对 JT集团收购案例进行分析，发现其在企业收购风险管理中
不足和问题，论证层次分析法对 JT集团收购风险管理的适合性，构建其企业收购
风险管理方案并进行实证研究，并提出保障措施。总结出适合 JT集团进行企业收
购风险识别、评估、监督和控制的管理基本方法，并希望为 JT集团今后开展企业
收购进行有效的风险管理提供参考，帮助 JT集团提升企业收购风险管理水平。并
推而广之，对以 JT集团为代表的国有建设投资企业开展企业收购有一定的指导价
值，以此提升企业收购风险管理水平。同时对以层次分析法开展行业并购风险管理
研究具有一定的价值。
关键词：企业收购；收购风险；风险管理；层次分析法
I
RESEARCH ON THE ENTERPRISE ACQUISITION
RISK MANAGEMENT OF JT GROUP
ABSTRACT
The outbreak of the new coronavirus in early 2020 has brought unprecedented
challenges to the global economy, but it has also created opportunities for the reshaping
of the global industrial chain. The opportunity to reshape the industrial chain is also
unprecedented, and a new wave of acquisitions is coming quietly. As a state-owned
construction investment enterprise, JT Group is a representative of the new round of state-
owned enterprise reform. It has the goal of being a Fortune 500 company. Facing the
opportunity of a smooth industrial chain, it is also intensively developing to meet the
shortcomings of qualifications or market needs. Acquiring business. Although corporate
acquisition is a shortcut to quickly grow bigger, improper corporate acquisition risks may
also be deeply trapped in it. Therefore, risk management is very important, and this is
also the key that has always restricted Chinese companies from exerting their skills in the
corporate acquisition market, and JT Group cannot stay aloof.
This article is to analyze the acquisition case of JT Group, and find outthe
shortcomings and problems in corporate acquisition risk management, demonstrate the
suitability of analytic hierarchy process for JT Group's acquisition risk management,
construct its corporate acquisition risk management plan and conduct empirical research,
and propose safeguard measures. Summarize the basic management methods suitable for
JT Group's corporate acquisition risk identification, evaluation, supervision and control,
and hope to provide references for JT Group to carry out corporate acquisitions and
effective risk management in the future, and help JT Group improve corporate acquisition
risk management. And byextension, it has certain guiding valuefor state-owned
construction investment companies represented by JT Group to carry out corporate
acquisitions, so as to improve the level of corporate acquisition risk management. At the
same time, it has certain value to carry out industry M&A risk management research with
analytic hierarchy process.
II