| 财务杠杆在企业并购中的应用及其风险 |
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| 引用本文： | 张荣刚,张荣荣.财务杠杆在企业并购中的应用及其风险[J].长安大学学报(社会科学版),2006,8(2):48-51. |
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| 作者姓名： | 张荣刚 张荣荣 |
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| 作者单位： | 1. 南京大学,商学院,江苏,南京,210093;西北政法学院,经济贸易系,陕西,西安,710063
2. 华商报社,财务部,陕西,西安,710068 |
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| 基金项目： | 江苏省博士后科研资助计划(2005KY)，西北政法学院科研计划(05XJC0011) |
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| 摘 要： | 针对企业收购兼并活动中财务杠杆的重要价值和作用,运用博弈理论和财务风险理论分析并购双方的博弈过程,揭示信息不对称状态下财务杠杆蕴含的风险和风险变化。结果表明,运用财务杠杆进行收购兼并必须提前衡量风险、实时监控风险,采取有效手段控制风险,才能获得企业并购的成功和健康的发展。
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| 关 键 词： | 企业经济 负债并购 财务杠杆 风险 防范策略 |
| 文章编号： | 1671-6248(2006)02-0048-04 |
| 修稿时间： | 2005年12月4日 |
Application of financial leverage in enterprises M & A and risks |
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| ZHANG Rong-gang,ZHANG Rong-rong.Application of financial leverage in enterprises M & A and risks[J].Journal of Chang'an University(Social Sciences Edition),2006,8(2):48-51. |
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| Authors: | ZHANG Rong-gang ZHANG Rong-rong |
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| Abstract: | It is important to!use financial leverage in the merger and acquisition of enterprises under the circumstances of marketing and strategy.This paper makes use of the game theory and financial risk theory,after assessing the merging progress of financial leverage and the economic effect of the merger,to analyze the process of the merging parties of games in their conflicts,indicating the huge risk of financial leverage under information dissymmetry,and the behavior of game will release or enlarge risks.To make use of the financial leverage in merging,firms must weight the risks in advance,and effectively supervise and control the risks,then the merging can be successful and the firm can be develop healthily. |
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| Keywords: | enterprise economics liabilities and merger finance leverage risk resisting strategy |
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