中国企业跨国并购的财务风险(论文外文文献翻译).docx

Financial Risks of Chinese Enterprises’ Cross-Border Mergers and AcquisitionsAbstractWith overall strength of Chinese enterprises and nationalgoing out strategy, cross-border M As initiated byChinese enterprises have been booming. However,compared with developed countries, Chinese enterprisesstarted their M As late and lacked experience andprofessionals. As a result, Chinese enterprises faced withnumerous risks in cross-border M As, especially withthe financial risks. This paper, based on the analysis ofChinese enterprises’ cross-border M As cases in recentyears, explained how the financial risks formed and finallycame up with efficacious precautionary measures.Key words: Chinese enterprise; M As; Financial; risks1. OVERVIEW OF FINANCIAL RISKS OFCROSS-BORDER M ASFinancial risks refer to the reimbursement risks andchange of returns to shareholders triggered by financingdecision in the process of enterprises’ cross-bordermergers and acquisitions (abbr. M As). Enterprisesoften go through three phases—valuation, financing, andpayment—in the process of cross-border M As. Basedon valuation, financing, and payment, decisions affectenterprises’ assets structure and even their solvency andreturns to their shareholders. In addition, cross-border M As use an international currency for most countries.Change in exchange rates affects corporate earnings, aswell as shareholders’ returns. Therefore, there are fourmain types of financial risks: valuation risk, financingrisk, payment risk, and exchange rate risk.2. STATUS OF CHINESE ENTERPRISES’ CROSS-BORDER M ASCombining with going out strategy, Chinese enterprisesupgrade their strength and participate in the context of economic globalization. Chinese enterprises begin to go abroad, merging and acquiring foreign ones. Although Chinese enterprises’ cross-border M As started late,China has become the world’s fifth cross-border acquiringpower in 2009. Status of Chinese enterprises’ cross-borderM As is as follows:2.1 Increase