Research Of Enterprise Merger Risk Management

The re-organization and merger of enterprise becomes a certain trend with the growing of economic globalization. It is also a new concept in enterprise management. Under the influence of market globalization, information globalization and the development of high technology industry, the allocation of enterprises' productive elements transfers to a dynamic & open process. The trade object is property right. We achieve the control right cession and re-organization of resources by property right cession. This is an important way for enterprises to grow outside, and also the power for re-structure in national industry and innovation of enterprise system. It plays more and more vital part in capital market. Meanwhile, from the feature of merger itself and the practice of merger, mergers are also the capital administration activity with high risk. So it is signification to reinforce the risk management in enterprise merger.The research purpose of this paper is to find out the performance , the character and formative regulation of merger risks, to discuss the way to identify, test, and handle the risks, to design the estimative system for risks management achievement in order to regular it, so that we can enhance the decision level, decrease the risk and improve the achievement of merger.The paper is based on the property right economic theory, Scope economic theory , trade expenditure theory. It also follows the systematical theory to concern the risk management as an systematical project. It takes the formation, identification, test and handing as the main thread, and uses the combination of logical inference and typical case analysis.Through elaborating the structure feature and operation in merger risk management system, and using the measurable method to test the achievement, we can testify the feasibility of the merger pattern.The whole paper is divided into ten chapters, as well as introduction and conclusion, disscusion, forcast. In the introduction, we introduce the background and signification of this paper, comment the final-fruit and actuality of this research, indicate the content, routine, methods and uniques.Ih the first chapter, we introduce the research reinforcing the enterprise merger management from "global enterprise merge hot" caused by five enterprise merge tide of U.S.A., current situation and complexity of risk that Chinese enterprise merge.In the second chapter, we elaborate the theoretical basement of this research. They are property right economic theory, Scope economic theory, trade expenditure theory, special management ability transfer theory and cooperate effective theory.In the third chapter, based on the research and management need, we divided the enterprise merger into various categories, elaborate the risk earning symmetry, risk coynition, risk precaution, controllability of the risk and so on.In the forth chapter, we put the enterprise merger into four parts: merger strategy, choosing the target enterprise, merger negotiation & merger integration. We also discuss the formative system of merger risk.In the fifth chapter, we begin with obtaining the merger information, takes the market as the guide, takes value maximization as the operation purpose, It's an open system of the risk identification, test& handing process as well.In the sixth chapter, Based on analysis on accounting statement and relevant materials, explains improved DelPhi identification, segment identification and risk tree identification etc, prove enterprise merger risk application of identification technology through actual merger case.In the seventh chapter, Regards enterprise as one grey system, tests and assesses enterprise merger risk by fuzzy mathematics theory and relational theory, compares two theories through actual instances.In the eighth chapter, Sum up the tactics of handling enterprises merger risk, explains query merger means, indirect merger means and two step merger means combining concrete case, Put forward effective way that shift and control merger risk and main operating point...