高技术企业并购风险及防范研究

【作者】 王范；

【导师】 戴大双； 张米尔；

【作者基本信息】 大连理工大学 ， 技术经济及管理， 2003， 硕士

【摘要】 在新经济背景下，并购作为企业扩张的一种有效途径，已经得到越来越多的高技术企业的青睐。并购所表现出的“时间效率优势”使得这些遭受技术进步迅速与市场竞争双重压力的高技术企业不得不改变原始的依靠自我积累发展的思路。但是，实践证明，企业并购是一项复杂的系统工程，并购活动存在着巨大风险，正是因为许多并购企业没有认识到也未能有效的防范风险而导致并购行为的最终失败，甚至并购方从此一蹶不振。所以，正确的识别风险、化解风险是并购成功的关键所在。论文首先在大量实证案例研究的基础之上，运用矩阵式匹配分析方法全面分析和总结了高技术企业并购活动中潜在的各种风险因素和风险事件，并进一步提炼出风险类型；然后根据风险管理的理论与方法，对高技术企业并购的风险评价和风险防范进行系统而规范的应用分析，最终提出基于并购阶段的整体性风险防范策略。从研究的结果与分析的过程来讲，论文期望能够达到这样的目的—— 一有助于高技术企业决策者对并购扩张的理性思考；二为高技术企业并购风险的分析提供思路与方法上的启示。更多还原

【Abstract】 Under the new-economic background, M&A has been paid attention to by more and more hi-tech enterprises as a resultful method for enterprise expanding.“Time-efficiency advantage”represented by M&A makes these enterprises，which ever were suffered from rapidness in technology and competition in market, have to change their original ideas that corporation’s growth only depends on self-accumulation .But practice has proved that M&A as a systems engineering is numerous and complicated , and lots of risks exist in it.And it was just because many companies were not cognizant of risks and didn’t take any actions to deal with them , few M&A deal was successful.So how to rightly identify and deal with risks is the key to success of M&A . This paper is arranged as follows: Firstly,On the basis of study in many demonstrated cases, a matrix－matching analytical means is used in this paper to roundly analyze and sum up various factors and affairs in M&A of hi-tech enterprises, which may lead to risks, and risk types are further abstracted from these factors and affairs.Secondly, according to theories and methods of risk management , how to estimate and keep away risk is analyzed systemically and normatively.Lastly,a set of holistic strategies based on different M&A phases for keeping away risks are put forward.From the results of study and the course of analysis，two purposes are expected to reach by the paper — one is to help decision-makers of hi-tech enterprises to think M&A rationally;the other is to give some revelations on thought and method in risk analysis of M&A of hi-tech enterprises.更多还原