企业并购财务风险及其防范

Financial Risks of Enterprise Merger and Acquisition and Preventive Measures

企业并购对其财务框架会发生重大影响 ,相应带来财务风险 :最佳资本结构的偏离 ,造成企业价值下降 ,财务风险高涨 ;杠杆效应使负债的财务杠杆效益和财务风险都相应放大 ;股利和债息政策也随负债的变化而变化。同时 ,目标企业价值评估风险、融资风险和流动风险贯穿企业并购的始终。因此 。

Enterprise merger and acquisition (M & A) exert a great impact upon its financial framework and brings about corresponding financial risk and deviation of the best capital structure so as to lead to decrease in value and increase in financial risks. Lever effect should enlarge both the lever effect of finance in debt and financial risks, and correspondingly dividend and debt service policies vary with debts. Meanwhile, the value evaluation risk, financing risk, and liquid risk of the target enterprise penetrate enterprise M&A. Therefore, it is obligatory to make a careful analysis of effective preventive and manipulating measures of financial risks in the course of enterprise M&A.