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企业并购作为资本扩张的有效手段和企业资本营运的重要形式,在社会上受到了越来越多的关注以及重视。但从并购的历史来看,成功的企业并购案例并不多,融资风险是企业并购失败的一个不能忽视的原因。企业并购融资的资金规模大、期限长、融资结构复杂,所以是企业并购运作成功的关键所在。某集团,就是在并购战略过程中,出现了涉及行业过多,资金结构和融资安排失控,规模扩张过快等,最终导致资金断流,从而陷入财务危机。本文以某集团的并购融资为例,对其在并购融资过程中存在的问题和风险进行了剖析,最后通过分析案例得到了一些具有借鉴意义的启示。
As an effective means of capital expansion and an important form of corporate capital operation, M & A has received more and more attention and attention in the society. However, the history of mergers and acquisitions, the successful case of mergers and acquisitions are not many, financing risk is the failure of mergers and acquisitions can not be ignored. M & A financing of large-scale funds, long duration, the financing structure is complex, it is the key to the successful operation of M & A. A group, that is, in the process of mergers and acquisitions, there have been involved in the industry too much, the capital structure and financing arrangements out of control, the rapid expansion of the scale, etc., eventually leading to the flow of funds, which plunged into a financial crisis. This paper takes M & A financing of a certain group as an example, analyzes its problems and risks in the process of M & A and financing, and finally gets some enlightenments from the analysis of case studies.