【作者】 张晓龙；

【导师】 宁云才；

【作者基本信息】 中国矿业大学（北京） ， 工程管理， 2009， 博士

【摘要】 近年来,国家着力推动实施大企业集团战略,提高市场集中度,煤炭企业并购事件频繁。由于并购过程中隐含着诸多可变因素,使得煤炭企业并购具有较大的不确定性和风险性。许多煤炭企业实施并购后,不仅没有实现“协同效应”,甚至出现衰退的现象。面对各种各样、程度不同的客观存在的风险,煤炭企业的决策者深感力不从心,急需相关理论的指导与帮助。论文对煤炭企业并购项目风险的概念、并购动机等进行了论述；从并购前期、中期、后期三个阶段分析了并购风险的影响因素；运用信息熵分析得到煤炭企业并购项目主要风险影响因素为政策风险、财务风险、资源风险和整合风险；从煤炭并购政策沿革、风险来源、风险对策三个角度对煤炭企业并购项目政策风险进行研究；从主并购方财务结构风险、支付风险、融资风险和目标公司的价值评估风险四个方面分析财务风险,应用实物期权对被并购企业进行估价；从7个方面分析了资源风险,运用隶属度算法对资源风险进行综合评价；从人力资源和企业文化两个方面分析煤炭企业并购项目整合风险。更多还原

【Abstract】 In recent years, China gives all-out support to promote the strategies of large enterprise groups, and improve the market concentration, and the merger and acquisition of coal enterprises happen frequently. Due to the merger process including many hidden variables, they make the coal enterprises’ merger have a greater uncertainty and risk. After the merger and acquisition in many coal enterprises, they do not realize the "synergistic effect", but even decline. Facing various and different risks existing objectively, the decision makers of coal enterprises deeply feel incompetent, anxiously seeking for a guide and help of the related theories.The paper discourses the merger and acquisition project risk concept and the merger motivation of coal enterprises. From three aspects of the early, middle and late acquisition, the risk factors are analyzed; it uses the entropy to obtain the main risk factors of coal enterprise merger projects which are policy risks, financial risks, resources risk and integration risks. From three angles of policy evolution, policy risk and risk measures of coal enterprise merger and acquisition, makes a detailed study of policy risks of coal enterprise merger projects. From four aspects of the merger’s financial structure risks, payment risks, financing risks and the target company’s risk assessment, it analyzes the financial risks, applying the real options to value the merged enterprise. From seven aspects, it analyzes the resource risks, using the membership functions of the fuzzy sets to evaluate the resource risks. From human resources and enterprise cultures, it makes an analysis of the integration risks of coal enterprise merger project.更多还原