企业跨国并购的财务风险分析以美的集团收购库卡为例.docVIP

　　企业跨国并购的财务风险分析以美的集团收购库卡为例 　　 　　 　　 　　 　　摘要 　　近年来，随着中国经济的欣欣向荣和经济全球化程度逐渐加深，参与到跨国并购的企业不断增加。由于跨国并购通常是在两个或多个国家进行，其所处的政治文化环境、法律监管环境、市场环境等存在差别，往往会出现信息不对称的情况。因此国内并购相比，跨国暴露在更多的风险因素中。而且跨国并购一般规模较大，其伴随的风险也比国内并购更多。在众多风险中，财务风险对并购的全过程都有显著的影响，许多跨国并购都因为估值不准确、融资方式选择不当等失败，可见防范财务风险对企业跨国并购的重要性。 　　本文选择2016年美的收购德国库卡公司作为并购财务风险研究的案例.首先梳理了国内外研究现状和相关理论并对企业并购风险等相关概念做了界定其次对并购前库卡公司的财务状况进行了系统的分析再次把并购财务风险分为估值风险、融资风险、支付风险、汇率利率风险、整合风险，分别对各种风险进行了解析：然后对风险控制措施进行了分析并提出了相关建议，最后基于以上分析为我国企业未来跨国并购提出了相关建议. 　　研究结果显示美的集团收购库卡这一过程的并购财务风险主要在于定价和支付风险上。此外由于国际经济形势的波动，美的收购库卡还面临着一定的汇率风险和利率风险。在风险控制方面，美的采取诸多措施对定价风险和支付风险进行控制但是对汇率风险和利率风险却鲜有关注。通过对这一并购案例的财务风险及其应对措施的探讨，为以后的并购方案提供借鉴，进而提高成功率。 　　 　　关键词：并购 风险 评估 　　 　　 　　 　　 　　 　　 　　Abstract 　　Recently, with the prosperity of China economy and the increasing degree of economyglobalization, more and more Chinese companies participate in Cross-border Mamp;A. Becauseof the Cross-border Mamp;A usually happen in two or more different countries, The differencesof the political, cultural, legislation , supervision, market environment sometimes make thesituation of asymmetric information. Compared with domestic Mamp;A., there are more types of risks. Meanwhile, Cross-border Mamp;A activities usually are carried out in a larger scale,therefore the risks of Cross-border Mamp;A are more in quantity. Among all kinds of risks,financial risks have remarkable impact on overall process of Mamp;A. There are a lot ofCross-border Mamp;A fail resulting from the inaccurate valuation, not appropriate financingmethod, etc. So the prevention of financial risks is vital to Cross-border Mamp;A. 　　This paper select the Mamp;A between MIDEA and KUKA as case study object. Firstly, thispaper sorts out the current research, related theory and defines related concepts of Mamp;A andits financial risk; then analyze systematically KUKA finance condition ; then classify finance riskinto valuation risk ,financing risk, payment risk ,exchange rate and interest rate risk, Integrationrisk, analyz