Enterprise M&A Financial Risk And Its Management Measures' Investigate Based On The Analysis Of Blue Focus M&A Cases

Since the reform and opening up,with the rapid growth of China's economy,corporate mergers and acquisitions have become increasingly frequent,and the scale of mergers and acquisitions is increasing.As George Joseph Stigler pointed out,the enterprise is a prominent phenomenon in the modern economic history through the merger and acquisition of competitors.Not an American big company is not through a certain degree,some form of mergers and growth,almost no one company is mainly rely on internal expansion to grow up".China's current situation is no exception,the company achieved its rapid growth through mergers and acquisitions,to achieve industrial restructuring and resource optimization allocation,but also for the entire economic development to make a contribution.Based on the previous research and the different stages of M & A,this passage analyzes the Blue Focus company in these stages to face the financial risks and the corresponding management measures,and takes management measures for further discussion.First,by the theoretical analysis based on the collected literature at present about the merger risk analysis at home and abroad,summarized the theory and the mainstream ideology,lay the theoretical foundation for the following text;secondly,the case analysis on the basis of theoretical analysis,practice in business mergers and acquisitions Blue Focus as the research point,and were ready to stage from mergers and acquisitions analysis of the implementation of the merger stage and integration stage of three stages of financial risk,and analyzes the reasons for the failure of mergers and acquisitions,case study,finally,put forward a financial risk management and suggestions.The research methods of this paper are literature research,case analysis and trend analysis.In this paper,we should try to solve: how to define the financial risk of M & A;how to use scientific method to identify the financial risk;how to manage the company's financial risk.And try to through the analysis of the predecessors on the mergers and acquisitions of financial risk theory,combined with Blue Focus company specific case,from the failure of mergers and acquisitions experience found insufficient,and analysis of its causes,and puts forward effective coping strategies,in order to similar enterprise financial risk management to learn to play the role of.The conclusion of this paper is based on the summary of the experiences,puts forward some specific strategies on different stages of the financial risk of mergers and acquisitions.Including the scientific decision of the precise determination of the target enterprise;establish a financial evaluation system in the valuation process,pay attention to external resources,improve information asymmetry;financing decision-making process,carefully grasp the scale of financing,financing structure;financing plan prepared in advance at the time of payment,to improve the mode of payment;in the integration stage of scientific combination of asset acquisition the avoidance of liquidity risk management plan,refine,strengthen risk management and profitability,enhance the effectiveness of construction,improve the quality of staff,and the construction of financial management systems in reasonable control of internal operation.These measures can effectively control the financial risk of each stage of M & A,and help the acquirer and the acquirer to realize the optimization of the cost and profit.