企业跨国并购的财务风险分析及防范策略.doc

长春工业大学
自学考试毕业论文
企业跨国并购的财务风险分析及防范策略
报考专业: 工商管理准考证号: 1
姓名: 刘冬雪指导教师: 董媛

2013 年 8 月 20日

摘要
跨国并购隐藏着各种各样风险。其中,财务风险是各种并购风险在价值量上的综合反映,是企业并购成功与否的重要影响因素。
跨国并购的财务风险是企业由于并购而涉及的各项财务活动引起的企业财务状况恶化或财务损失的不确定性。企业跨国并购面临更加复杂的经营环境,跨国并购的财务风险比国内并购要大。
跨国并购的四种财务风险的特点,来源和形成阶段各不相同,具体表现在以下几个方面:目标价值评估风险主要来源于并购前对于目标企业的价值评估失败而引起的;融资风险是企业并购过程中筹集并购费用没有恰当选择筹资方式和筹资结构不合理引起的;支付风险是企业在并购中选择支付方式不当造成的;杠杆并购的偿债风险是并购前对自身评估不足,企业负债比例过高,以致经营过程中不足以支付债务本金和利息而引起的。
解决各种财务风险类型的防范策略主要有:目标价值评估风险要做好并购前的识别和有效管理;对于融资风险,企业要选择恰当的融资方式,科学运用“优先排序”理论,使企业综合资本结构最优化;对于支付风险,企业要严格编制资金预算,恰当选择各种支付方式特别是对混合支付方式的运用,合理安排支付时间;对于LBO并购的偿债风险,企业要根据企业自身的实际特点,调整企业的资本结构,选择企业可以承受的融资方案。
企业跨国并购的未来发展趋势是并购越来越倾向于战略并购。
关键词: 跨国并购; 财务风险; 风险分析; 风险防范
ABSTRACT
Transnational M&A includes various kinds of ventures. Among them, the financial risk, which manifestly reflects all sorts of M&A risk with regard to magnitude of values, is a most important factor in the process of Mergers and Acquisitions.
Financial risks of Transnational M&A is due to the financial activities of the enterprise caused by the deteriorating financial position or financial loss uncertainty. Transnational mergers and acquisitions face plex business environment, cross-border mergers and acquisitions of financial risk to be larger than domestic mergers and acquisitions.
Transnational M&A have four different characteristics, both from the perspectives of sources and formation, which represent specifically in the following areas: Target Value Evaluation es mainly from the pre-merger valuation for the pany's failure caused; financing risk is the enterprise M&A costs were not raised during the appropriate choice of financing and funding structure caused by the irrational; payment risks in the merger of enterprises choose payment method improper; leveraged buy-outs of debt risk assessment is inadequate on their own before the merger, corporate debt ratio too high, resulting in the course of business is insufficient to pay debt principal and interest and cause.
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