Research On Risk Control In Enterprise Mergers And Acquisitions

Throughout the world enterprise development, enterprise mergers and acquisitions as a growth way of enterprise, at the same time of to bring opportunities and benefits to the enterprise, also there is a huge risk. Since the 1990 s, the global industrial upgrading and the impact of economic integration, mergers and acquisitions size and the number has been on the rise, global mergers and acquisitions activity in unprecedented growth. Synchronization with the world wave of mergers and acquisitions, our country enterprise merger and acquisition activity is increasingly frequent, many large enterprises m&a behavior become a remarkable economic phenomena. In the complex economic environment, however, m&a is not a simple enterprise merger, joint, or break up. Mergers and acquisitions as companies sought to take one of the main way of external development process, with the continuous adjustment of the national economic structure, the gradual transformation of the mode of economic growth in the overall strategy of accelerating, the occurrence of m&a is becoming more and more frequent. Because mergers and acquisitions, as a kind of enterprise equity or asset ownership transactions and lead to a corporate merger or takeover business practices, in the face of economic globalization, reducing competition, expand market share, is often in multinational company or group in a short period of time to complete the assets and capital accumulation, forming scale economy and large-scale sales network and move quickly into new industries and businesses and quickly obtain the best way to get to a certain scale. By observing the analysis some famous cases of mergers and acquisitions, however, we find that m&a is not everything, it also has its own defects, and the presence of large amounts of risk, failure of mergers and acquisitions will often bring huge losses to the enterprise. The management of the famous American scholar Michael porter said in a 2003 study, the newly established enterprise failure rate of 44%, 50.3% failure rate of the joint venture, the merger of enterprise failure rate is 53.4%- 74%. Why merger and acquisition risk is so high, we should be how to reduce the enterprise m&a risk is the main issue in this paper.At first, this paper made a comb the predecessors’ theory of literature summary, and on this basis of m&a risk causes, the influence factors of m&a risk and merger and acquisition risk types were studied. Combined with Chinese enterprises mergers and acquisitions under the background of the current economic development, points out that the enterprise merger and acquisition risk control object is: the target enterprise evaluation risk, financing risk and payment risk, etc., and value to the target enterprise evaluation risk, financing risk and payment risk control has carried on the detailed discussion. Among them, the target enterprise value appraisal risk is mainly due to the merger with the target enterprise in the merger and acquisition activity caused by such factors as information asymmetry, and financing risk, main show is undeserved cause unreasonable financing structure, financing ways, the possibility of cause the failure of mergers and acquisitions, different payment payment risk, etc. According to different risk control object, the article lists the specific measures, for example: clear the content of the target enterprise value assessment, improve information asymmetry, perfect value assessment method in response to a target value to assess risk in enterprise m&a.In this paper, the difference is that this article on the theory in this paper, the process, to the description of the case, thus to full display of the realistic significance of the theory, to achieve the practice of mergers and acquisitions of companies in our country has a certain reference significance. Through the analysis of the case comprehensive, compared with the traditional case as the issue in terms of validation of the analysis, this paper USES a case study approach, namely the comprehensive analysis of the single case. It through the case validation issues, while this paper is through case theory and enlightenment.