我国互联网平台企业并购财务风险管控研究
首发时间:2019-09-04
摘要:随着中国互联网平台企业并购活动的增多,由并购带来的财务风险也引起了广泛的关注。本文对2013-2018年上市的中国互联网平台企业并购相关数据进行分析,从微观层面探讨平台企业并购活动对财务风险的影响。首先,从融资风险、现金支付风险、财务整合风险三个方面选取12个风险评价指标,利用因子分析法找到了涵盖原指标信息的4个公共因子,借助回归分析模型检验4个因子对并购财务风险的影响程度。实证结果显示:股权融资、现金支付、盈利整合三个风险因子的提高,可以有效降低企业并购的财务风险。企业应当从融资、支付、整合等方面入手,将财务风险限定在可控范围内。
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Research on Financial Risk Control of Chinese Internet Platform Enterprises Mergers and Acquisitions
Abstract:With the increase of mergers and acquisitions of Internet platform enterprises in China, the financial risks brought by mergers and acquisitions have also attracted wide attention. This paper analyses the relevant data of Chinese Internet platform enterprises'M&A listed from 2013 to 2018, and explores the impact of platform enterprises' M&A activities on financial risk from the micro level. Firstly, 12 risk evaluation indicators are selected from three aspects: financing risk, cash payment risk and financial integration risk. Four common factors covering the original index information are found by factor analysis method, and the impact of four factors on financial risk of M&A is tested by regression analysis model. The empirical results show that the improvement of equity financing, cash payment and profit integration can effectively reduce the financial risk of M&A. Enterprises should start with financing, payment and integration, and limit financial risks to a controllable range.
Keywords: Internet Platform Enterprises Enterprise Mergers and Acquisitions Financial Risks Factor Analysis
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