企业跨国并购财务风险中英文对照外文翻译文献

中英文对照外文翻译

(文档含英文原文和中文翻译)

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, China has become the world’s fifth cross-border acquiring power in 2009. Status of Chinese enterprises’ cross-border M & As is as follows:

2.1 Increases in the Number and Scale of M & As

In the year of 2008, Chinese companies completed only 30 cases of cross-border M & As, costing less than $ 9 billion. In the year of 2013, Chinese companies completed 99 cross-border M & A, amounting to $ 38.5 billion. The number of M & As doubled, while the total amount grew more than three times.

2.2 Large State-Owned Enterprises as M & As Subject

Compared with private enterprises, large state-owned enterprises have more their own capital. It is easy for them to get loans and finance, so Chinese cross-border M & As are mostly done by large state-owned enterprises. On the Summer Davos Forum in 2013, Andrew, Global Chairman of KPMG International, pointed out that 86% of the China’s foreign inve stment came from China’s

state-owned enterprises. By far in China, the largest cross-border M & As was initiated by China’s state-owned enterprises CNOOC. On February 27, 2013, CNOOC successfully acquired Nexen Corp., a Canadian company, by spending $ 15.1 billion.

2.3 Cash as the Main Form of Payment

China’s market economy status has not been recognized by all countries, and, to a certain extent, Chinese enterprises are discriminated in cross-border M & As. In addition, China’s

financial market is not perfect. In order to gain direct control of the acquired enterprises, Chinese enterprises mostly pay by cash. According to Bloomberg, 79.4% of China’s cross-border M & As made their payment by cash, 3.3% by stock, and only 1.18% by other mode.

2.4 Increased Impact of Exchange Rate on M & As

Before the year of 2012, the floating range of RMB against U.S. dollar was only 0.5%. Since 2012, China’s central bank adjusted the floating range of RMB against U.S. dollar to 1%, and on March 15, 2014, extended it to 2%. Compared to the previous fixed exchange rate, the change of exchange rate significantly increased, which made the Chinese enterprises begin to consider the impact of exchange rate change on acquisition costs in their M & As.

3. FINANCIAL RISKS FACED WITH

CHINESE ENTERPRISES IN CROSSBORDER M & AS Chinese enterprises began to participate in cross-border M & As actively only in the past ten years. The lack of experience made it difficult to accurately value the target enterprises. China’s financial market is no t mature, it is difficult for Chinese enterprises to finance and choose payment mode. At the same time, the international financial market fluctuates, and RMB is not an international monetary. Cross-border M & As is done by dollar or euro, which brings risks to Chinese cross-border M & As.

3.1 The Valuation Risk

Determination of the transaction price of M & As is actually a game playing by initiators and targets of M & As. Under normal circumstances, the initiators can not fully grasp the information of target corporations, so it is difficult to estimate accurately. In general, valuation price will be higher than the actual value of the target enterprise. Overvalued price causes the main type of financial risk faced with the cross-border M & As performing by Chinese enterprises. This risk is reflected in a series of cases, such as TCL and Thomson M & A, China Investment Corporation’s investment in Blackstone USA, acquisition of United Commercial Bank (UCB) by China Minsheng Bank (CMB).

Take the failure of acquisition of UCB by CMB as an example. After the outbreak of the subprime crisis in American, western banks were shrinking. The CMB decided to merge the UCB in the United States. CMB injected funds to UCB twice in 2008. After the first injection, the bank’s market value shrank by 70%. CMB didn’t take this as a sign of warning, it injected again after that. Until September, 2009, financial investors suddenly announced the existence financial concealment by UCB, and in November UCB was permanently closed. In the process of M & As, CMB overvalued UCB and eventually increased the loss.

How much information about target enterprises that acquirers get is vital to evaluation. Even if acquirers get enough information, it is so subjective to calculate target enterpri ses’ real value. In the CMB M & A case, there existed big difference between subjective evaluation and real value of UCB. After the first injection of capital, the biggest mistake for CMB was that it took the devaluation of UCB’s stock as an opportunity of another capital injection instead of warning.

3.2 Financing Risk

Financing decision plays a vital role in the M & As. It is the foundation of pricing decision and also the condition of payment decision. The major financing channels used by enterprises in their cross-border M & As are their own funds, stock financing, and bank loans. At present, Chinese enterprises mostly use their own funds in acquisitions, resulting in increasing financial problems.

In the case of acquisition of Alcatel by TCL in the year of 2004, the significant adverse effect on TCL was due to bad financing decisions in M & As. In 2003 TCL’s annual profit was only about CNY ￥560 million, while Alcater’s amount of loss on TV sets and DVDs was as high as €120.TCL did not achieve profitabil ity immediately after M & As. TCL not only was unable to repay debt generated from acquisition financing, but also increased the new debt. After that, TCL’s financial risks continued to expand.

Financing risk is composed of two parts, one is the environmental risk of financing, and the other is the debt risk of financing. Environmental risk of financing associates with the country’s macroenvironment and the maturity of its financial markets, that is, the more capital markets are developed, the better the macroenvironment is; the more financing instrument may be used, the more acquirers can get financing with less cost. Debt risk of financing is related to the structure of repayment period. Although, as a whole, macroeconomic environment is well in China, the financial markets are not mature, and furthermore, unreasonable repayment structure will bring financing risk to acquirers.

3.3 Payment Risk

Payment decision is based on valuation decision and financing decision. At present there are mainly three kinds of payment mode: cash payment, equity payment, and leverage payment. Chinese enterprises generally use cash payment, which is the most risky one in their cross-border M & As. This payment mode can effectively help enterprises obtain the control of target enterprises successfully, but it increases financial pressure and the debt burden of Chinese enterprises, which easily leads them to liquidity risk and financial difficulties.

In the case of acquisition of Fortis Group Belgium by Ping An Insurance (Group) Company of China, Ltd. (Ping An), from 2007 to 2008, Ping An bought Fortis’s stocks three times from

secondary markets, accounting for 4.99% of the total shares, becoming the largest shareholder of Fortis Group. However, by 2008 November, Fortis’s share price fell 96% cumulatively, and Ping An suffered huge losses. In order to make cash payment in the secondary markets to get Fortis shares, Ping An published additional

its own shares and also increased debt. As a result of this M & A, Ping An’s financial risk was increased; the ratio of assets and liabilities was as high as 88.47% in 2008.

China’s financial market established late, and is in a progressive stage of development. In immature financial markets, there are limited financing instruments that can be used for acquirers. Most of the capital comes from acquirers’ own capital, bank loans, or government grants. The use of their own capital takes up a lot of corporate liquidity, weakening the ability of dealing with emergencies with their liquid capital. For bank loans, in the immature capital markets, banks monopolize capital, ask for monopolized profits, and may have rent-seeking behavior. As a result, enterprises get bank loans only after paying for large cost. Government grants usually support specific industries and the related audit procedures are very complicated. Even if the companies were in the field of government subsidized industry, they might miss opportunities to complete M & A due to complicated procedures and lengthy audit.

3.4 Exchange Rate Risk

RMB is not an international currency, and its circulation is limited in the world, so it can not be used in international transactions. Therefore, Chinese cross-border M & As need foreign exchange, under normal circumstances, dollars or euros. For Chinese enterprises, whether to borrow or buy foreign exchange, there is time difference between the day of signing contract and of the actual payment, during which the change in exchange rates will affect the costs of M & As, so that enterprises face foreign currency risk. In addition, when enterprises settle their income in foreign currency, or pay debt, exchange rate change will lead to the uncertainty of their future earnings.

In the case of acquisition of Aurukun project by Aluminum Corporation of China Limited (CHALCN), exchange rate risk was obvious. In March, 2007, CHALCN bid Australian Aurukun bauxite development project by $2.92 billion. During the period of bid, Australian dollar exchange rate was about 0.68, and in 2008 July, it appreciated to 0.9848. The Australian dollar rate fluctuated nearly 40%. While CHALCN deposits in dollars, the cross-border M & A project led to huge losses because of exchange rate fluctuation.

Boundary condition of cash payments is (VAB-VA)/(1+a)≥Cp≥VB, where VAB is the acquir er’s cash flow after M & A, VA is the acquirer’s cash flow before M & A, a is the cost rate of cash payment, Cp is the amount of cash, and VB is the value of target enterprise. When (VABVA)/(1+a)

Otherwise, VAB is an estimated value and will be affected by the valuation ability of acquirer. Furthermore, the change of a cannot be controlled completely by the acquirer. Therefore, the use of cash payment will lead to uncontrollable risk.

In the process of payment, companies must make reasonable arrangement for funding. As to payment arrangement, if enterprises arranged the time structure and scale structure unreasonably, a relevant factor, such as cost of corporate debt, tax cost, and intermediate costs, would increase and make the increase of post-merger cash flows less than the actual cash flow, resulting in acquirers’ ultimate loss, that is, they would suffer enormous pressure and expose themselves to financial distress.

4. COUNTERMEASURES OF FINANCIAL RISKS

In this part, we analyzed the causes of financial risks in Chinese enterprises’ cross-border M & As and proposed the corresponding countermeasures.

4.1 Prevention of Valuation Risk

For these businesses involved in cross-border M & As, accurate valuation is the first step to the success. Valuation affects the whole process of M & As. Therefore, it is very important to avoid valuation risk.

First, hire a professional team of valuation. Since the Chinese enterprises lack experience of cross-border M & As, it is difficult for acquiring enterprises to grasp the main points in the process of valuation of target companies. It is more likely that target firms would hide key information from them. Usually a professional valuation team has rich experience in M & As, better information collection, and analysis ability, and usually it is able to obtain the information needed from analysis through its unique channels; thereby it helps reduce the risk of enterprise valuation.

Second, choose scientific methods of valuation. Enterprises can choose a relatively accurate estimation methods based on the actual situation and may also give a certain weight to each valuation approach and make comprehensive valuation, in order to disperse the risks of each valuation method.

Third, adjust financial statements. Financial statements can only reflect the past performance and cannot reflect the future one. At the same time, the financial statements cannot take the key points of business out of balance sheet included. In order to overcome these adverse factors of valuation, acquiring enterprises can adjust the financial statements of target companies according to the information they got about the target companies. They can include the business other than those shown on balance sheet into account, give the weight coefficient of financial indicators and make a comprehensive valuation of the target companies.

4.2 Prevention of Financing Risk

For Chinese corporation, financing risks arise due to the immaturity of China’s financial markets. Chinese enterprises have limited choices of financing channels to fund their M & As, so it is difficult for them to obtain enough funds needed in M & As. At the same time, there is no reasonable capital structure when arranging financing. Therefore, for the above reasons, we proposed three countermeasures.

First, improve the financial markets and support the development of private credit in order to provide cheap financing for M & As in the short time. Financial innovation will lead to creation of new financial instruments to meet the needs of companies and investors to facilitate corporate financing and raise enough funds, while decentralizing financing risks Second, use innovative financing methods. For example, in 2010, in order to finance acquisition of V olvo, Geely Automobile used both fund financing and government funding. In order to attract local government funding, Geely promised to build factories in the cities whose local governments have funded it. Eventually, Geely gained $3 billion fund from Chinese local companies, including $1 billion from International Daqing, $1 billion from Jiaerwo Shanghai, and $1 billion from Chengdu Bank.

Finally, set up a reasonable set of repayment structure. Before enterprises involve themselves in M & As, they should take fully consideration of how to pay debts in two consequences of success and failure in M & As respectively. When companies fail in M & As, enterprises should have sufficient liquidity to repay debt resulted from the initial investment. And if companies can successfully achieve acquisition, then companies should make sure that their repayment time, scale, and structure can math their cash flow, scale, and structure after the merger of target companies.

4.3 Prevention of Payment Risk

Payment risk results from the dependence of Chinese enterprises involved in cross-border M & A on cash payment and unreasonable payment structure arranged by these enterprises. Therefore, in order to prevent payment risk, Chinese enterprises should adopt various payment methods in their cross-border M & As and arrange payment structure reasonably. Lenovo gives us a very good demonstration. In December, 2004, Lenovo purchased IBM’s PC business by $ 1.25 billion, $ 0.65 billion in cash plus $ 0.6 billion by shares of Lenovo. This payment method greatly reduced the pressure of cash flow pressure on Lenovo. It was shown that debt rate of Lenovo remained at normal level in 2004.

4.4 Prevention of Exchange Rate Risk

Wider scope of Chinese exchange rate volatility helps RMB internationalization and also

brings more challenges to enterprises who participate in cross-border M & As. Exchange rate risk will further intensify, so we need to take positive measures to avoid it.

First, internationalize RMB gradually. If RMB become an international currency, Chinese cross-border acquiring enterprises can use the RMB directly, and then there is no currency exchange and no exchange rate risk. At present the achievement of RMB regionalization is only a small step in the process of RMB internationalization.

Second, adopt different hedging strategies. They may prevent the risk of exchange rate by choosing different financial instruments and combining them to hedge in the foreign exchange market. There are many financial instruments we can use, such as: the foreign exchange forward, foreign exchange futures, foreign exchange options, and currency swaps.

CONCLUSION

The paper introduced the status of Chinese enterprise cross-border M & As, and then analyzed the financial risks faced with Chinese enterprise cross-border M & As, that is, evaluation risk, financing risk, payment risk, and exchange rate risk. In order to overcome or even prevent these risks, Chinese enterprises should accumulate experiences of cross-border M & As performance and take use of innovative financial methods. Chinese government should promote the financial markets, support financial innovation and promote RMB internationalization. By their all efforts, Chinese enterprises will perform better in heir cross-border M & As.

中国企业跨国并购的财务风险

摘要

随着我国企业的综合实力和国家战略的实施，我国企业的跨国并购活动蓬勃发展。然而，与发达国家相比，我国企业起步较晚，缺乏经验和人才。因此，中国企业面临着众多风险，特别是与金融风险的跨国并购。本文在分析近年来我国企业跨国并购案例分析的基础上，阐述了金融风险是如何形成的，最后提出了有效的防范措施。

关键词：中国企业；并购；金融；风险

1、跨国并购的财务风险概述

财务风险是指偿付风险和改变回报股东，企业在跨国并购过程中的融资决策触发（简称并购）。企业往往通过三个阶段的估值，融资和支付的过程中，跨国并购。基于估值、融资和支付，决定了企业的资产结构，甚至是企业的偿债能力和股东的偿债能力。此外，跨国并购对大多数国家都是一种国际货币，汇率变动会影响企业的盈利，也会影响股东的收益。因此，有四种主要类型的金融风险：估值风险，融资风险，支付风险，汇率风险。

2、中国企业跨国并购现状

中国企业在经济全球化的背景下，结合“走出去”战略，提高自身的实力和参与。中国企业开始走出国门，兼并和收购外国企业。虽然中国企业的跨国并购起步较晚，但已成为世界第五大跨国并购的2009大力量。中国企业跨国并购的现状如下：

2.1增加的数量和规模的并购

在2008年度，中国企业只完成了30起跨国并购，成本不到90亿美元。在2013年度，中国企业完成了99个跨国并购，达385亿美元。并购数量增加一倍，而总金额同比增长三倍以上。

2.2国有大型国有企业作为并购主体

与民营企业相比，大型国有企业拥有更多的资本。他们很容易获得贷款和融资，所以中国跨国并购大多是由大型国有企业。在2013日的夏季达沃斯论坛上，毕马威国际董事长安得烈指出，86%的中国对外投资来自中国

国有企业。到目前为止，中国最大的跨国并购是由中国国有企业中海油发起的。2013年2月27日，中海油成功收购Nexen公司，加拿大公司，花了151亿美元。

2.3以现金为主要形式的付款方式

中国的市场经济地位尚未得到各国的认可，在一定程度上，中国企业在跨国并购中受到歧视。此外，中国的金融市场还不完善。为了获得直接控制的收购企业，中国企业多以现金支付。据彭博社报道，79.4%的中国跨国并购，以现金支付，3.3%的股票，只有1.18%的其他模式。

2.4增加了汇率对并购的影响

在2012年前，人民币兑美元的浮动幅度仅为0.5%。自2012以来，中国央行调整了人民币兑美元的浮动区间为1%，2014年3月15日，将人民币兑美元扩大至2%。相比以前的固定汇率，汇率的变化显着增加，这使得中国企业开始考虑在并购成本变化对收购成本的影响。

3、面临的财务风险

中国企业在跨国并购的中国企业开始参与跨国并购在过去十年中只有积极。缺乏经验使其难以准确地估价目标企业。我国金融市场尚未成熟，我国企业融资难，选择支付方式。同时，国际金融市场的波动，人民币并不是国际货币。跨国并购是以美元或欧元来完成的，这给中国的跨国并购带来了风险。

3.1估值风险

对企业并购交易价格的确定实际上是一个博弈的发起者和并购目标。正常情况下，发起人不能完全掌握目标企业的信息，因此很难准确估计。一般而言，估值价格会高于目标企业的实际价值。高估的价格导致了跨国并购的主要类型的金融风险和中国企业的表现。这种风险是体现在一系列的案例，如TCL和汤姆逊并购，中国国家投资公司在黑石集团美国投资，美国商业银行收购（UCB）由中国民生银行（CMB）。以招商银行收购UCB的失败为例。美国次贷危机爆发后，西方银行在萎缩。招商银行决定在美国合并UCB。招商银行注入资金时，在2008次。第一次注入后，银行的市值缩水了70%。招商银行没有把这作为一个警告，它再次注射。直到2009年9月，金融投资者突然宣布存在财务隐瞒的UCB，并在十一月UCB被永久关闭。在并购过程中，招商银行被高估的UCB和最终损失增加。多少关于目标企业收购者获得信息是至关重要的评估。即使收购方获得足够的信息，它是如此主观计算目标企业的真实价值。在招商银行并购案，存在主观评价和UCB的真正价值差别很大。第一资本注入后，招行的最大的错误就是把UCB的股票贬值作为代替警告其他资本注入一个机会。

3.2融资风险

融资决策在企业并购中起着至关重要的作用。它是定价决策的基础，也是支付决策的条件。企业在跨国并购中所使用的主要融资渠道是自有资金、股票融资和银行贷款。目前，我国企业大多采用自己的资金进行收购，导致财政问题日益增多。在2004年的TCL收购阿尔卡特，TCL重大不利影响是由于并购融资决策作为坏。2003年 TCL集团的年度利润仅为5亿6000万元，而阿尔卡特的电视机和DVD的损失量为120欧元，TCL没有并购后立即实现盈利高。TCL不仅无法偿还收购融资所产生的债务，而且还增加了新的债务。之后，TCL的财务风险不断扩大。融资风险是由两个部分组成的，一个是环境风险的融资，另一个是融资的债务风险。与国家的宏观环境和金融市场，这是成熟的融资伙伴的环境风险，更多的资本市场的发展，更好的宏观环境是；更多的融资工具可以使用，更能以较低的成本获得融资收购。债务风险与还款期限结构有关。虽然，作为一个整体，宏观经济环境是在中国，金融市场还不成熟，而且，不合理的还款结构将收购带来的融资风险。

3.3支付风险

支付决策是基于估值决策和融资决策。目前主要有三种支付方式：现金支付、股权支

旅游服务贸易外文翻译文献

旅游服务贸易外文翻译文献(文档含英文原文和中文翻译)

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