摘 要
企业多元化并购作为现代企业发展的重要战略手段，近年来在全球范围内受到广泛关注。然而，多元化并购过程中伴随的财务风险已成为制约企业成功的关键因素之一。本研究以企业多元化并购中的财务风险为切入点，旨在深入探讨其形成机制、表现形式及应对策略，为企业决策提供理论支持与实践指导。研究基于财务风险管理理论和并购绩效评估框架，综合运用文献分析、案例研究和实证分析方法，选取2010年至2022年间中国A股上市公司多元化并购数据进行系统分析。研究发现，多元化并购中的财务风险主要来源于融资结构失衡、估值偏差、整合成本过高及现金流管理不当等问题，且不同行业和规模的企业在并购中表现出显著的风险特征差异。通过构建多元回归模型，研究进一步验证了财务杠杆水平、并购支付方式及目标企业质量对并购绩效的显著影响。
关键词：企业多元化并购 财务风险 并购绩效
Abstract
Diversified mergers and acquisitions (M&A) have become an important strategic tool for modern business development and have received widespread attention globally in recent years. However, the financial risks associated with diversified M&A have become one of the key factors constraining corporate success. This study focuses on the financial risks in diversified M&A, aiming to delve into their formation mechanisms, manifestations, and response strategies, providing theoretical support and practical guidance for corporate decision-making. Based on financial risk management theory and a fr amework for evaluating M&A performance, this research employs a combination of literature analysis, case studies, and empirical analysis methods, using data from diversified M&A activities of Chinese A-share listed companies between 2010 and 2022 for systematic analysis. The findings indicate that financial risks in diversified M&A primarily stem from imbalances in financing structures, valuation discrepancies, excessively high integration costs, and improper cash flow management. Moreover, there are significant differences in risk characteristics among companies across different industries and sizes during M&A. By constructing multiple regression models, the study further verifies the significant impact of financial leverage levels, M&A payment methods, and target company quality on M&A performance.
Keyword:Enterprise Diversified M Risk M Performance Risk Management Strategy
目 录
1绪论 1
1.1企业多元化并购的背景与意义 1
1.2财务风险研究现状分析 1
1.3研究方法与技术路线 2
2多元化并购中的财务风险识别 2
2.1并购动机与财务风险关联性 2
2.2资本结构对财务风险的影响 2
2.3融资方式选择的风险评估 3
2.4跨行业并购的特殊财务风险 3
3财务风险管理的关键因素分析 4
3.1并购定价与估值偏差风险 4
3.2债务水平与偿债能力风险 5
3.3汇率波动对跨国并购的影响 5
3.4内部控制机制的作用与局限 5
4多元化并购中财务风险的应对策略 6
4.1构建科学的并购决策体系 6
4.2优化资本结构以降低风险 6
4.3加强融资渠道的多样化管理 7
4.4完善并购后的整合机制 7
结论 8
参考文献 9
致谢 10
