_中国企业海外并购融资风险分析.doc

湖北工业大学商贸学院继续教育学院毕业论文（本科） PAGE 1 - 中国企业海外并购融资风险分析 摘要 二十世纪九十年代以来，世界经济出现了两个引人注目的发展趋势，一个是经济全球化，另一个是跨国公司并购。随着中国加入WTO，意味着中国企业的运行环境将发生变化，企业不得不以空前密切的关系融入到全球性的经济活动之中，其中跨国购并是企业实施全球化战略的主要方式之一。我国大型企业跨国并购过程中必将面临各种风险，本文主要从决策风险，汇率风险，融资风险，财务风险，资产评估风险，规模不经济风险等角度进行了分析通过购并风险评价并提出了相应的对策。 [索引关键词]：跨国并购???风险???对策分析 ? Abstract Since the nineties the twentieth century, the world economy, there were two notable trends, one is economic globalization, the other is the multinational mergers and acquisitions. With Chinas accession to WTO, means that Chinese companies will change the operating environment, businesses had to close relations into an unprecedented global economic activity, of which the implementation of cross-border mergers and acquisitions is the company one of the leading global strategy . China M A process of large enterprises will face risks, this article from the decision risk, currency risk, financial risk, financial risk, asset risk assessment, risk of diseconomies of scale were analyzed through the perspective of risk assessment of acquisition and the corresponding Response. [index keywords] : M A Risk Countermeasures 目录 TOC \o 1-3 \h \z \u HYPERLINK \l _Toc291230406 目录 PAGEREF _Toc291230406 \h - 4 - HYPERLINK \l _Toc291230407 绪论 PAGEREF _Toc291230407 \h - 5 - HYPERLINK \l _Toc291230408 1 我国企业跨国并购所面临的风险分析 PAGEREF _Toc291230408 \h - 6 - HYPERLINK \l _Toc291230409 1.1决策者的战略决策失误造成的决策风险 PAGEREF _Toc291230409 \h - 6 - HYPERLINK \l _Toc291230410 1.2?外汇市场变化所带来的汇率风险 PAGEREF _Toc291230410 \h - 7 - HYPERLINK \l _Toc291230411 1.3?并购巨额资金需求所带来的融资风险和财务问题 PAGEREF _Toc291230411 \h - 7 - HYPERLINK \l _Toc291230412 1.4由于信息不对称所导致的资产评估风险 PAGEREF _Toc291230412 \h - 8 - HYPERLINK \l _Toc291230413 1.5并购后整合不力导致规模不经济的整合风险 PAGEREF _Toc291230413 \h - 8 - HYPERLINK \l _Toc291230414 1.6?跨国并购过程中的其他风险 PAGEREF _Toc291230414 \h - 9 - HYPERLINK \l _Toc291230415 一、目标公司所在国的政治法律风险 PAGEREF _Toc291230415 \h - 9 - HYPERLINK \l _Toc291230416 二、技术挖潜不力和技术运用不当引起的经济技术风险 PAGEREF _Toc29