摘要
2008 年爆发了全球性的金融危机，严重波及欧美等发达国家的经济环境。受全球化金融危机的影响，某些经营良好的企业价值迅速贬值。然而我国经济情况与发达国家不同，近二十年以来一直保持高速发展，经济实力取得了巨大进步，人们的生活品质得到了全面改善与提高。这些进步都为我国企业海外并购活动的进行提供了有利条件。2008 年伊始，我国汽车行业的海外并购活动开始活跃起来，成为了海外并购领域无法忽视的新势力，在世界市场上占有重要的地位，起着不可替代的作用。
随着经济全球化、资源全球化的不断加深，海外并购越来越成为企业拓展生存空间、增强资本利用效率的重要手段。海外并购是对外直接投资的一个重要方式，对促进企业的全球化发展具有至关重要的作用。为了获取先进的生产技术和优质的战略资源，很多企业都选择海外并购这一形式进行全球扩张。然而并购后财务绩效的表现到底如何，是否为公司创造价值，产生了哪些财务风险，该如何进行防范，是很多并购企业极其关心的事情。即使并购交易是成功的，可并购后的财务绩效表现还有待研究。因此，本文将从财务绩效分析角度，结合吉利并购沃尔沃的案例，分析中国汽车行业的发展现状，衡量运营能力、成长能力、偿债能力以及盈利能力等多种指标，分析并购后吉利所面临的财务风险并提出防范措施，为中国车企进行海外并购提供经验和借鉴。
本文从中国车企海外并购角度，在文献分析研究的基础上，主要研究海外并购的动机及海外并购所面临的财务风险，以吉利并购沃尔沃为例，对中国企业海外并购各个环节面临的财务风险、特点及其成因进行系统分析，提出了通过完善财务风险管理决策机制、加强财务监管内部控制和建立财务预警系统机制等具体措施，为中国企业防范海外并购风险提供参考。
关键词：汽车企业；海外并购；风险控制
ABSTRACT
Under the influence of the big environment, there is a rapid depreciation of someoriginally excellent enterprises. In contrast, the economic situations in China hasmaintained steady growth rate In recent 20 years, foreign exchange reserves hit recordhigh, and the quality of people 's life has improved In the progress of economicstrength. All of these provide favorable conditions for the overseas mergers andacquisitions of Chinese enterprises. Since 2008, China' auto industry is surging In theworld mergers and acquisitions market, and become an important respects in the fieldof overseas mergers and acquisitions.
With the deepening of economic globalization and worldwide sourcing, overseasmergers and acquisitions has become an important means for enterprises to expandliving space and enhance the capital use efficiency. In theory, as a form of foreigndirect investment, overseas mergers and acquisitions is supposed to play an importantrole in promoting enterprises' global expansion However, how the performance ofthe overseas mergers and acquisitions does, whether it has created value forthecompany or not, and what kinds of financial risk it has produced and how toprevent, All of these are vital questions of lots of mergers andacquisitionsenterprises.Although m&a is a success, whether Geely has realized the performanceafter m&a, these questions are still needto be studied and vitrified. Based on the abovebackground, this article internally analyze the financial risk Geely faces from theperspective of financial analysis, and take Geely's purchase as the main line,providing experience and reference for the cross-border mergers and acquisitions ofChinese automobile companies. This paper studies the status quo with the Chineseautomobile industry combining,and takes Geely's purchasing of Volvo as anexample, measure the financial risk from operation ability, growth ability, liquidityand profitability indicators, and find the measure that Geely take and problems Geelyhas in the process of mergers and acquisitions, trying to find out the financial risk ofthe overseas mergers and acquisitions, give suggestions to policymakers in order tobetter prevent mergers and financial risks and improve the success rate of carcompanies overseas mergers and acquisitions in China.
Based on perspective of Chinese auto enterprises cross border mergers andacquisitions, take the financial risk management in each link of cross border mergersand acquisitions process as the main research content, based on the literature analysisand research, summarize and then systematically analyze the current conditions andcharacteristics. The specific risk include: the target enterprise value evaluation risk,financing risk and payment risk and industry balance sheets. Based on analysis of thecharacteristics and causes of risk, China's car is put forward; through taking specificmeasures like perfecting financial risk management decision-making mechanism andstrengthening financial supervision and the establishment of internal control andfinancial early warning system, enterprises can provide risk prevention reference forChinese enterprises cross border mergers and acquisitions.
Keywords:Automotive enterprises; Overseas mergers and acquisitions;Risk control
目录
摘 要
ABSTRACT
目 录
第 1 章 绪论
1.1 研究背景及意义
1.1.1 研究背景
1.1.2 研究意义
1.2 国内外研究现状
1.2.1 财务风险研究现状
1.2.2 财务风险防范研究现状
1.3 研究内容和研究方法
1.3.1 研究内容
1.3.2 研究方法
第 2 章 企业海外并购财务风险相关理论
2.1 海外并购相关理论
2.1.1 海外并购的类型
2.1.2 海外并购的特征
2.2 海外并购的动因
2.2.1 抓住发展机遇，获得核心技术
2.2.2 规避贸易壁垒，获得协同效益
2.2.3 拓展国际市场，实现战略目标
2.3 海外并购的财务风险
2.3.1 融资风险
2.3.2 偿债风险
2.3.3 支付风险
2.3.4 盈利风险
第 3 章 吉利并购沃尔沃案例研究
3.1 吉利和沃尔沃公司介绍
3.2 吉利并购沃尔沃过程回顾
3.2.1 并购起因
3.2.2 并购过程
3.3 吉利并购沃尔沃财务风险分析
3.3.1 融资风险分析
3.3.2 偿债风险分析
3.3.3 支付风险分析
3.3.4 盈利风险分析
3.4 案例启示
第 4 章 对我国企业海外并购财务风险控制建议
4.1 积极拓展融资渠道，控制融资风险
4.2 购买跨国保险，控制偿债风险
4.3 选择合理支付手段，控制支付风险
4.4 锁定合适并购对象，控制盈利风险
第 5 章 结论与展望
5.1 结论
5.2 不足与展望
参考文献
后 记
致 谢
