电子行业企业并购的财务风险影响因素研究

Study on Influencing Factors of Financial Risk of Enterprise Mergers and Acquisitions in Electronics Industry

筛选2016—2020年中国电子行业A股上市公司发生并购的企业进行财务风险影响因素研究,通过计算Z值进行财务风险评估,将Z值作为因变量、使用因子分析法将并购的财务风险对应的财务指标提取公因子作为自变量,使用多元回归分析进行最后实证分析,识别财务风险的影响因素。研究发现,电子行业的企业,在进行并购时使用现金支付和负债融资的方式会加大企业并购的财务风险,然而通过进行股权融资以及财务整合的方法会降低企业并购的财务风险。最后根据研究结论,对电子行业企业并购的财务风险防范提出可行化建议。

Research on influencing factors of financial risk is conducted on enterprises with M&A of A-share listed companies in China's electronics industry from 2016 to 2020.Z-value is calculated for financial risk assessment.Z-value is used as an dependent variable,and common factors are extracted from financial indicators corresponding to M&A financial risks as independent variables by using factor analysis,and multiple regression analysis is used for final empirical analysis.By identifying influencing factors of financial risks,the research finds that cash payment and debt financing will increase the financial risks of mergers and acquisitions of enterprises in electronics industry,while equity financing and financial integration will reduce financial risks of mergers and acquisitions.Finally,resulting from the conclusion of the study,the feasible suggestions on the financial risk prevention of mergers and acquisitions in electronics industry are put forward.