【正文】 ，合并所產(chǎn)生的財務風險也是人們討 論很廣泛的領(lǐng)域。 為了加強企業(yè)管理的風險意識，建立和完善金融風險的預測和監(jiān)控系統(tǒng) 企業(yè)管理應從源頭上，提高風險意識，防范并購的財務風險。兼并和收購完成后，公司應根據(jù)目標公司的財務方面做出財務管理的明確目標。負責財務會計的人員管理 。例如，并購采用兩層的付款方式，首先，采取現(xiàn)金方式，而在第二個步驟使用混合支付的方法。有許多估價方法像市場價值，清算價值，現(xiàn)金流量折現(xiàn)等。財務分析系統(tǒng)有助于了解雙方的財務情況，行業(yè)分析系統(tǒng)，可以使投標人了解外部環(huán)境，以及行業(yè)發(fā)展趨勢的狀態(tài)。披露是指目標公司應告知投標人，正如有關(guān)材料，信息，債權(quán)債務等。 3 財務風險的防范措施 信息風險的防范 這一預防的重要作用，是通過合法和有效的方法，以排除虛假信息，然后得到真正的、全面的信息。在資產(chǎn)管理過程中，投標人按照協(xié)同收益最大化的原則控制自己的資產(chǎn)，成本，財務運作，負債，利潤，和其他財政職能，以實現(xiàn)并購的最終目的。 并購后整合不利產(chǎn)生的風險 在整合期間，當危險因素的作用到達程度，這將導致財務風險的發(fā)生。杠桿是投標人使目標企業(yè)的資產(chǎn)作為抵押向銀行貸款，用合并后的成功與生產(chǎn)經(jīng)營活動產(chǎn)生的現(xiàn)金來償還貸款。在這個時候，如果新公司擁有的流動資產(chǎn)水平低，這將有流動性風險，流動性風險是現(xiàn)金支付的最突出的表現(xiàn)。所有這一切導致結(jié)果不能與預期相符。這兩種方法也有缺點，重置成本反映歷史成本，而不能反映未來的盈利能力；雖然現(xiàn)值考慮增值的收入，但它也有明顯的缺陷，也就是說，未來的收入預期是非常不同的。 缺乏合理的評價方法 有三種評估方法：重置成本法，市場價值法，收 益現(xiàn)值。 2 企業(yè)并購財務風險的成因 高估或低估公司價值導致的風險 信息不對稱是影響估計的主要因素 由于信息不對稱，目標公司始終隱瞞不利信息，夸大良好的信息。在我國，并購也越來越受歡迎。 A forecast is one of the key areas of the establishment of early warning mechanism for risk prevention system. M amp。 reporting the M amp。 A business from daytoday financial activities, and enjoy the decisionmaking power on a major event involved in the whole enterprise。A is failed. 3. Prevention measures of financial risk Prevention for information risk The important role for this prevention is to rule out the false information through legitimate and effective method and then to get real, prehensive information. For the equity risk, there are two main points: an appropriate cautiousness and disclosure. Appropriate cautiousness means a process of investigation, review and evaluation. Bidders must investigate the external and internal situation of target firms, in order to find some government activities which restrict property right transaction. Disclosure means that the target pany should tell the bidders just as relevant materials, information, debt claims and so on. Disclosure must be true, plete and not misleading. As for the debt risk, we must first choose the best method。 the present value of earnings, between them, market value method has high request about Information symmetry, for firms can make an exact evaluation only when the information is high symmetry. However, in our country, the level of information symmetry is lower, little firms adopt this method. Most of them adopt replacement method and the present value of earnings method. These two methods also have disadvantages, replacement cost reflects the historical cost which can’t reflect the future profitability。A Overestimate or underestimate the value of firms lead to the risk Information asymmetry is the major factor which impacts the estimation Because of Information asymmetry, target firm always conceal adverse information and exaggerate good information. Bidders also exaggerate their strength, disclosure between them are inadequate or distorted. Therefore, failures which result from rash actions can be found everywhere. There are many information risks, for tow important examples: first, equity risk, equity is very important in any fir ms, however there are difference between the offer information and the real, these illusive information threaten the succeed of Mamp。A bee more and more popular. For example, many panies Step up the pace