民营企业跨国并购中的财务风险.docVIP

PAGE PAGE 32 民营企业跨国并购中的财务风险 摘要 受经济全球化的影响，我国一些民营企业通过跨国并购的方式不断向海外扩展，以寻求海外资源，扩大国际市场，提升自身的竞争力。而金融危机和欧债危机的发生，使海外许多大型企业受到严重影响，股价下跌，资产大幅缩水，这为中国民营企业跨国并购带来了不错的契机。但是不确定的经济、政治和法律因素以及信息不对称等风险因素的存在，不科学的战略决策，不合理的目标企业定价、融资支付手段和财务整合的方法都会导致民营企业跨国并购的失败。因此有必要对民营企业跨国并购的财务风险进行研究，以降低跨国并购的风险。 本文首先对跨国并购财务风险的概念进行了阐述，然后介绍了民营企业跨国并购的现状和特点，详细分析了跨国并购各个阶段民营企业所面临的财务风险，并通过对复星国际并购葡萄牙保险案例的研究，提出了有针对性的防范措施。 关键词： 民营企业跨国并购财务风险 Abstract By the influence of economic globalization, China’s private enterprises chose the transnational MA to enhance competitiveness for overseas development, seeking overseas resources, expanding the international market. Because of the financial crisis and the European debt crisis, many large enterprises abroad have been seriously affected, their shares and assets shrunk dramatically, which also bring a good opportunity for China’s private enterprises to carry out transnational MA. But the uncertain economic factors, political and legal problems, asymmetric information risk and financial risk will lead to the failure of cross-border MA. And because of the unscientific strategic decision, unreasonable target enterprise pricing, payment and financial integration, the cross-border MA will also failed. So it is necessary to do some research on the private enterprises transnational merger financial risk, to reduce the risk of cross-border mergers and acquisitions. Firstly, the cross-border MA will be discussed from the whole aspect. Secondly, the interpretation of private enterprise’s cross-border MA will be shown, having a detail?analysis of financial risk in each stage of cross-border MA the?private enterprise have to face. Finally, through the research on the acquisitions of Fosun Insurance Portugal, this essay puts some measures to prevent the risks. Keywords ：Private Enterprise; Transnational Merger and Acquisition ; Financial Risk 引言 随着我国并购浪潮的掀起，中国企业跨国并购交易数量激增，在2014年，环比增长三分之一，虽然没有大额交易，但其交易金总额却仅次于2012年历史最高峰的669亿美元，达到569亿美元。国有企业、民营企业、财务投资者三大类投资者均在跨国并购交易活动中表现活跃，且民营企业在跨国并购中的交易