Research On Financial Risk Analysis And Control Of Enterprise Merger And Acquisition

In recent years, the M & A activity of domestic and foreign enterprises is more and more frequent. M & A has become an important way of enterprise expansion. Many enterprises through mergers and acquisitions realized qualitative leap. Since 2002, domestic M & A transaction amount and the number increased significantly, the 2014 were trading 3546 cases, and in 2013 compared to the increase of 44.28%; transaction amount reached 9874 billion yuan, and in 2013 than 48.44% growth. Domestic M & a market is very active, but the M & A activity also has a very high risk, the relevant data shows about 40% of the M & A activity is meaningless, or ended in failure. Merger and acquisition activity in the risk of many types, including the financial activities of enterprises through in the whole process of mergers and acquisitions, so mergers and acquisitions in the financial risk becomes one of the main risk of mergers and acquisitions. In this paper, through the literature reading that scholars at home and abroad although from the acquisition targets enterprises pricing, financing, payment and integration or synthesis carries on the analysis to the financial risk of M & A, but a combination of case analysis is not much, based on this, this paper will select specific company as the research object, on M & a financial risk case study, expected to supplement the existing case study from the literature, with a certain theoretical significance. And this paper from Wu communications the pricing of the target company before M & A, M & A financing and payment and post-merger integration in four aspects of mergers and acquisitions of financial risk research, and put forward the corresponding control measures, improve the company mergers and acquisition activities of the financial risk prevention awareness, reduce or even avoid due to financial risk caused by the failure of mergers and acquisitions, has certain practical significance.In this paper, the use of the method of case study, data analysis, comparative analysis, fuzzy comprehensive evaluation method and inductive and deductive study of mergers and acquisitions in the financial risk. First query relevant information on mergers and acquisitions and financial risk’s definition, purpose of merger and acquisition, the basic process of mergers and acquisitions, mergers and acquisitions activity classification, mergers and acquisitions activity in financial risk classification and content to carry on the elaboration, then to Wu communications merger broadmobi communication of financial risk from research before the acquisition target enterprise value assessment, M & A financing and payment and post-merger integration of four aspects. Select the mergers and acquisitions, mergers and acquisitions the company’s key financial indicators and phase similar to M & A activities company related data of longitudinal and transverse analysis. Analysis showed that compared with the same industry Wu Tong Communication of the target company valuation is too high, the premium rate was 2.5 times higher than the same industry and M & A activity decrease Wu communications short-term debt paying ability, liquidity ratio in 2015 dropped to below 1.5, some debt pressure. In terms of financing most is through the form of stock issuance, increase the cost of mergers and acquisitions, and produces the dilution effect of the original shareholders equity. Then using the fuzzy comprehensive evaluation method for the acquisition of the financial risk of the comprehensive evaluation, after calculating the merger of financial risk coefficient for 5.62975, between the "big"(number 7) and "general"(number 5) between that certain financial risks exist in the merger.In the article finally, combined with the specific circumstances of the case, by induction and deduction, and puts forward some countermeasures for controlling the financial risk of M & A and the thesis writing deficiencies are introduced.