Research On The Finacial Risk Analysis And Evaluation Of Enterprises' M&A

The financial risk of enterprises' merging, refers to the worsen of financial situation of enterprises caused by financial activity directly or indirectly that involved by merging enterprises and the uncertainty of financial achievement losses of each side participated in purchasing, being an important influence factor of enterprises' merging succeed or not. This paper, aimed at the different display form of the financial risk of the preparatory stage of merging, implementation stage of merging, combining stage of merging, makes a concrete analysis of the cause of formation of the financial risk in the whole enterprises' merging course (mainly including pricing assess risk, financing risk , debts risk and financial affairs of combine risk after merging, etc.). And setting up a evaluation index system of the financial risk in enterprises' merging on this basis. Then through Delphi Method obtaining index value, evaluating index weight according to The Analytic Hierarchy Process (AHP) , structuring a fuzzy comprehensive evaluation model of the financial risk of merging according to causes of financial risk, thus measures the financial risk of enterprises' merging. Finally selecting a concrete merger instance to illustrate this model and the analyzed course, and putting forward the corresponding countermeasure to the control of the financial risk of merging.This paper is mainly based on the present realistic environment of our country to discuss the fmancial risk during the enterprise merging, and carries on the detailed discussion on the concrete causes of formation in the financial risk, as well as puts forward some views and solutions. In this paper, it mainly uses the economic mathematics research approach to quantize and appraise the financial risk in enterprises merging, including: 1, analytic approach of the factor, which uses for analyzing the causes of formation which influencing the financial risk during enterprises merging: 2, fuzzy mathematics method, which obtains index value through Delphi Method, acquires index weight through level analytic approach, then utilizes the evaluation model of fuzzy mathematics combining with a concrete instance as a illustration to explain the use of fuzzy comprehensive evaluation index application of system of financial risk in enterprise merging .The innovations of this paper are: 1, analyzing the main influence factors of the financial risk in an all-round way in enterprises merging , and setting up the index system of appraising the financial risk in merging based on this factors; 2, using the fuzzy comprehensive appraisal method in the course of measurement and appraisal of the financial risk, and structuring a fuzzy comprehensive appraisal model of the financial risk in merging.This subject stems from the fund subsidy project of national natural science " the research of the recognition system of the risk in enterprises merging" (serial number: 70172050) and the following subject on the research.