摘  要企业并购作为企业扩张的重要手段之一，历史由来已久。企业并购是在当今世界经济中呈快速上升趋势的一个经济现象。毋庸置疑，并购是企业实现快速增长的一种捷径。企业并购的目的包括扩大经营规模、降低交易费用、实现多元化经营等等。但是收益总是伴随着风险的。并购也是一把双刃剑，回顾企业并购在世界发展的历史不难发现，失败的案例层出不穷。并购财务风险是导致并购失败的一个极为重要的因素。企业并购是风险较大的经营活动，风险贯穿于整个并购活动的始终。所以，企业应针对企业并购过程中财务风险的成因，对财务风险进行分析与控制，以降低并购风险，提高企业并购活动的成功率。
财务分析对于企业并购来说至关重要。做好财务分析能增加并购成功的可能性。本文主要研究企业并购的财务分析。本毕业论文首先介绍了企业并购的含义、类型和动因，然后对企业并购可能遇到的财务风险进行分析并且讲述了如何避免这些财务风险。最后进行并购的财务分析。财务分析主要运用了贴现现金流量法。8811
关键词：企业并购；并购的财务风险；并购的财务分析
Abstract
One of the important means of enterprise merger as the enterprise expansion, long-standing history. Enterprise merger is an economic phenomenon was rapidly rising trend in today's world economy. Without a doubt, M & A is a shortcut to achieve rapid growth. The purpose of mergers and acquisitions include expanding the scale of operations, reduce the transaction cost, realizing the persification of management and so on. But the return is always accompanied by risks. M & A is a double-edged sword, review of mergers and acquisitions in the world development history is not difficult to find, failure cases emerge in an endless stream. The financial risk of M & A is a cause of the failure of M & A is very important factor. The enterprise merger and acquisition is the business activities of greater risk, risk throughout the M & a activities. So, enterprise should according to the causes of financial risk in M & a process, analysis and control of financial risk, in order to reduce the risk of merger and acquisition, improve the success rate of M & a activity.
Financial analysis is essential for the enterprise merger and acquisition. Doing financial analysis can increase the possibility of success. This paper mainly studies the analysis of mergers and acquisitions of financial. This paper first introduces the meaning, type and the reason of enterprise merger, then analyzes and discusses how to avoid the financial risk of M & a possible financial risks. Finally carries on the analysis of M & A. Financial analysis mainly uses the discounted cash flow method.
KeyWords: merger and acquisition；the financial risk of merger and acquisition；financial analysis of merger and acquisition
目  录
引言1
一、并购的含义、类型、动因2
（一）、并购的含义•2
（二）、并购的类型•2
1、横向并购•2
2、纵向并购•2
3、混合并购•2
（三）、企业并购的动因分析•2
1、扩大企业的经营规模•3
2、降低企业的交易费用•3
3、实现企业的多元化经营•3
4、规模经济效应•3
5、筹资•3
6、企业的价值增值•3
7、有利于企业进入资本市场•4
8、投机•4
9、财务预期效应•4
10、合理避税4
二、财务风险及其防范4
（一）、财务风险的含义•4
（二）、财务风险的成因•4
（三）、财务风险主要有以下几个方面•4
1、并购前的战略决策失误•5
2、对目标企业进行价值评估的过程中产生的财务风险•5 企业并购决策的财务分析:http://www.youerw.com/kuaiji/lunwen_7281.html