中国企业跨国并购的财务风险（论文外文文献翻译）.pdfVIP

Financial Risks of Chinese Enterprises’ Cross- Border Mergers and Acquisitions Abstract With overall strength of Chinese enterprises and national going out strategy, cross-border M As initiated by Chinese enterprises have been booming. However, compared with developed countries, Chinese enterprises started their M As late and lacked experience and professionals. As a result, Chinese enterprises faced with numerous risks in cross-border M As, especially with the financial risks. This paper, based on the analysis of Chinese enterprises’ cross-border M As cases in recent years, explained how the financial risks formed and finally came up with efficacious precautionary measures. Key words: Chinese enterprise; M As; Financial; risks 1. OVERVIEW OF FINANCIAL RISKS OF CROSS-BORDER M AS Financial risks refer to the reimbursement risks and change of returns to shareholders triggered by financing decision in the process of enterprises’ cross-border mergers and acquisitions (abbr. M As). Enterprises often go through three phases—valuation, financing, and payment—in the process of cross-border M As. Based on valuation, financing, and payment, decisions affect enterprises’ assets structure and even their solvency and returns to their shareholders. In addition, cross-border M As use an international currency for most countries.Change in exchange rates affects corporate earnings, as well as shareholders’ returns. Therefore, there are four main types of financial risks: valuation risk, financing risk, payment risk, and exchange rate risk. 2. STATUS OF CHINESE ENTERPRISES’ CROSS-BORDER M AS Combining with going out strategy, Chinese enterprises upgrade 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, Chin