中国企业跨国并购战略论文

中国企业跨国并购的研究引言随着中国经济的快速发展和国际化进程的加速，中国企业跨国并购的规模和数量不断增长。

跨国并购作为中国企业走出去的重要途径，对中国企业自身发展、产业结构调整和国际竞争力的提升具有重要意义。

对中国企业跨国并购进行深入研究，既有利于全面了解并购背后的动因和影响因素，也有助于为中国企业跨国并购提供有效的指导和建议。

一、中国企业跨国并购的发展概况中国企业跨国并购的发展始于上世纪90年代，经过二十多年的发展，已经呈现出不断增长的趋势。

数据显示，自2000年以来，中国企业对外投资规模逐年增加，特别是在跨国并购领域。

截至目前，中国企业已经成为全球最大的跨国并购国家之一。

中国企业跨国并购的主要领域包括能源、原材料、金融、制造业等。

典型的案例包括中国海外收购石油公司、矿业公司等资源型企业，以及中国企业收购国外汽车、机械、化工等制造业企业。

这些并购案例不仅在规模上居于国际领先地位，而且在产业结构调整、国际市场布局等方面也发挥了积极作用。

二、中国企业跨国并购的动因分析中国企业跨国并购的动因主要包括市场扩张、资源获取、技术引进和品牌建设等多个方面。

市场扩张是中国企业进行跨国并购的重要动因之一。

随着国内市场竞争的加剧，中国企业需要通过跨国并购来开拓海外市场，寻求新的增长点。

特别是一些技术含量较高、品牌影响力较大的行业，如汽车、电子、化工等，通过跨国并购进入国际市场成为中国企业的首要选择。

资源获取是中国企业进行跨国并购的另一重要动因。

中国作为世界上最大的资源消费国之一，对能源、原材料等资源的需求十分巨大。

中国企业通过跨国并购的方式，获取海外资源，保障国内生产和经济发展的需要。

技术引进和品牌建设也是中国企业跨国并购的重要动因。

中国企业在国际市场上通常面临着技术、品牌等方面的短板，因此通过并购国外企业，获取先进技术和知识产权，提升企业自身的技术水平和品牌价值。

中国企业跨国并购对中国企业自身的影响是显著的。

通过跨国并购，中国企业可以快速扩大规模、增强实力，提高国际竞争力，并为自身的产业升级和转型提供有力支撑。

论跨国并购及我国企业应对策略分析摘要上世纪90年代中期兴起，至今仍蓬勃发展的第五次全球并购浪潮，其重要特征就是跨国并购。

2007年上半年，全球并购总额达到5810亿美元，较2006年同期增长58%，全球新一轮并购浪潮再次呈现在各企业面前。

对第五次并购浪潮的分析研究有助于我们认清当前国际经济形势，指导我国企业的经营战略。

本文从新形势下国际并购的新特点、跨国并购总体发展趋势、跨国并购对公司绩效的影响、我国国有企业在跨国并购中的机遇、国有企业跨国并购对策分析等几个方面对跨国并购问题进行了初步的探讨。

[关键词] 跨国并购第五次并购浪潮公司绩效对策分析ABSTRACTThe mid-90's of the last century, the rise of the fifth wave of global mergers and acquisitions is still thriving, and its important characteristics are the cross-border mergers and acquisitions. The first half of 2007, the global mergers and acquisitions amounted to 581 billion U.S. dollars, increasing 58 percent over the same period in 2006, the global wave of a new round of mergers and acquisitions has showed in the front of the enterprises once again. The analysis of the fifth wave of mergers and acquisitions will help us get a clear understanding of the current international economic situation, guiding the business strategy of Chinese enterprises. This issue discussed the new situation and the new characteristics of international mergers and acquisitions, the overall development trend of cross-border mergers and acquisitions, the Cross-border Mergers & Acquisitions on corporate performance, opportunities and coping strategies of Chinese state-owned enterprises in the Cross-border Mergers & Acquisitions.[Key words]cross-border mergers and acquisitions the fifth wave of mergers and acquisitions corporate performance Analysis目录一、前言 (1)二、跨国并购理论 (1)（一）效率理论 (1)1、经营协同理论 (2)2、管理协同效应 (2)3、财务协同效应 (2)4、多元化协同效应 (3)（二）交易费用理论 (3)（三）代理理论 (4)二、跨国并购总体发展趋势 (4)（一）跨国并购呈波浪式前进态势 (4)（二）跨国并购在自由主义与保护主义的矛盾中发展 (5)（三）跨国并购中特大并购的数量和规模持续增加 (5)（四）跨国直接投资额持续高速增长 (5)三、可口可乐收购汇源案例分析 (6)（一）收购事件简析 (6)（二）事件点评 (7)四、我国国有企业在跨国并购中的机遇 (8)（一）并购浪潮将再度掀起 (8)（二）并购成为跨国投资的主线 (9)（三）国有企业并购的空间很大 (9)1、整体并购比重有很大上升空间 (9)2、某些行业并购有很大发展空间 (9)3、竞争性行业的跨国并购仍有较大空间 (10)4、并购政策日趋完善 (10)5、产权交易平台初步建立 (11)六、国有企业跨国并购对策分析 (11)（一）进一步改善并购环境 (11)（二）突破几种思维观念 (12)1、重新认识“国有资产流失”问题 (12)2、重新认识“做大做强”问题 (13)3、重新认识“人情关系”问题 (13)4、重新认识“控制权”问题 (13)（三）搞好资产评估 (13)1、明晰产权 (13)2、合理价格 (14)（四）国内并购为主、跨国并购为辅 (14)1、国内并购 (14)2、跨国并购 (15)（五）实施走出去战略 (15)七、结论 (15)参考文献 (17)论跨国并购及我国企业应对策略分析一、前言进入20世纪90年代，国际经济竞争进一步加剧，由于跨国并购能够绕过东道国的投资限制和贸易壁垒，迅速进入并占领其市场，因此跨国并购成为全球对外投资的主要方式。

跨国并购论文六篇跨国并购论文范文2跨国并购论文范文6(一)实行先合作后排挤的方式。

跨国公司先与我国一些企业特殊是一些具有竞争力的企业合资建厂，跨国公司供应管理，技术以及资金方面的支持，而中方往往出让自己的优良资产。

建立合资企业以后，跨国公司利用各种手段阻挠合资企业的进展，致使合资企业长期处于亏损的状态。

跨国公司相比于国内企业的一大优势就是其资本的国际化带来的资金充分。

中方资金来源单一，在跨国公司的这种策略下往往被拖垮，最终不得不退出合资企业。

跨国公司通过增资控股等方式掌握整个合资企业之后，利用其强大的资本以及丰富的管理阅历使整个企业在短期内扭亏为盈。

相反，中方企业在退出合资企业丢失企业的掌握权的同时还丢掉了本方企业以往有竞争力的产品的市场。

比较典型的例子就是西北轴承厂。

在与德国公司合资时，拿出了铁路轴承这一自己的优质资产，结果以后几年渐渐被德方拖垮丢掉了合资企业的掌握权。

德方掌握合资企业的经营权后快速实现盈利，不但掌握了整个合资企业还抢占了铁路轴承的市场占有率。

(二)利用一些地方政府将招商引资作为政绩考核的指标急于吸引外资的心态廉价并购当地的一些企业或提出各种有利于自己抢占市场占有率的条件，挤压当地企业的生存空间。

一些地方政府特殊是经济不发达的地区制定了各种优待政策来吸引跨国公司投资，对外资不区分善意还是恶意，甚至不惜代价地吸引外资，为恶意并购供应了难得的机遇。

这种盲目吸引外资导致的结果是地方企业的进展受到了极大地限制，一些国企趁机被外资以廉价收购，导致国有资产严峻流失。

而一些中小企业和民营企业在外资的舍命打压下难逃破产倒闭的命运。

杭州齿轮厂在与外资整体合资时双方由于控股权的争夺使得谈判一度陷入僵局，此时，外资威逼称“假如不控股，就不来杭州投资”，最终，在地方政府以及其它各方面的压力下，外资如愿以偿，胜利控股。

合资后，杭州齿轮厂的商标被外资禁止使用，其优势产品和研发力气以及大量技术成果也尽归外资全部。

企业跨国并购的财务战略论文一、中国企业的跨国并购一跨国并购概述随着跨国并购热的一次次掀起，很多企业为了维持生存、谋求发展或保持竞争优势，开始积极地参与跨国并购活动，它们通过一定的渠道、手段和方式，对另一国企业实施兼并、收购或联合经营来实现自身的体制、结构、功能和规模等的重组和创新，以获得竞争优势和可持续发展能力。

如果一个企业有能力采取并购的方式来实现经营目的，应该不会首先考虑直接交易或联盟的方式。

通过市场交易企业未必能买到所有想要的资源或技术，甚至买来的技术已具有非垄断性，不但交易成本高，还无法获得竞争优势和超额利润。

如果采用战略联盟，通过互补的方式可以降低交易成本、共担风险、进行技术交流，但联盟关系不够稳定，彼此还是竞争对手，双赢或多赢的局面难以维持。

并购获得的是产权，并购方可以对被收购企业控制，使并购的资源要素在企业内部配置，加快企业内部结构和功能的变换。

跨国并购属于直接投资的一种行为，但可以实现的方式有很多，如除了可以通过现金支付，还可以进行换股并购，可以合资，可以杠杆收购、联合收购等，操作灵活。

如果有良好的政府支撑机制和畅通的并购渠道，将促进企业积极进行跨国并购行为。

随着全球经济的发展，大量跨国公司走入世界市场，抢占优势地位。

二中国企业的海外并购2006年，中国蓝星收购法国罗地亚、安迪苏。

2007年，中国投资公司入股美国黑石集团；中国平安保险收购欧洲富通集团股权。

2008年，中国铝业联手美国铝业入股力拓；中石化成功竞购加拿大石油公司。

2009年，中石化集团500亿收购瑞士石油公司；兖州煤业198亿成功竞购澳大利亚公司。

2010年，中海油发生系列海外并购；上海电气收购美国高斯；光明集团进行系列海外收购；长江基建收购英国电力网络业务；中电控股收购澳第三大电力零售商。

2011年，万华实业并购宝思德；中国铌业投资公司收购巴西矿冶公司股权；中国化工集团收购马克西姆-阿甘公司；中石化收购葡萄牙能源公司资产。

中国企业的跨国并购策略一、前言在当前全球化经济的背景下，跨国企业之间的并购活动愈加频繁。

对于中国企业而言，跨国并购同样成为了其实现海外扩张、提升市场影响力、获取技术与经验等方面的重要途径。

然而，对于任何一家企业而言，跨国并购都是一个极有挑战性的过程，需要采取科学合理的策略和措施。

本文将探讨中国企业跨国并购的策略。

二、背景和现状随着中国经济的高速发展和国际竞争的加剧，越来越多的中国企业开始参与到跨国并购的竞争中。

从2015年起，中国跨国并购金额便位居全球第二位。

虽然跨国并购对于中国企业来说是一个既机遇又挑战的过程，但是，现实情况是，大量的跨国并购投资项目最终以失败告终。

存在这种失败的原因有很多，其中主要有两个方面的因素：一是中国企业的跨国并购战略本身存在问题；二是高额的投资成本和具有高度复杂性的并购过程也很容易成为跨国并购失败的因素。

因此，中国企业在制定与实施国际并购战略时必须更加慎重，特别是需要深入分析与理解并购目标国家和企业的经济、政治、法律、文化等方面。

三、跨国并购策略对于中国企业而言，制定成功的跨国并购战略必须从多个方面进行综合考虑。

1. 目标策略在选择一个跨国并购目标时，企业应充分考虑目标企业的发展潜力和业务能力，诸如其技术与人才、品牌、销售渠道、产品矩阵和市场份额等方面。

此外，在选择目标企业时，企业应该特别注意该企业是否符合自身的国际化发展战略，并充分考虑到产业链上下游的各个环节。

2. 安全策略跨国并购本身存在很大的风险性。

因此，中国企业必须采取多种措施来确保并购过程的安全性和顺利度。

例如，企业可以通过建立完善的信息披露和风险管理机制来发现并及时处理各种风险，例如财务、法律、社会等方面的风险；企业还可以在并购过程中寻求风险共担的方式，例如股权合作和联合开发等。

3. 管理策略跨国并购对于企业管理能力和组织协作能力的要求很高，因此企业必须制定良好的管理策略和组织机构，以应对并购带来的各种管理和组织方面的挑战。

中国企业跨国并购风险研究论文首先，政治风险是跨国并购中一个重要的挑战。

由于不同国家的政体和政策环境不同，企业可能面临国内政治力量对其投资的不确定性。

政府政策的变化、政治力量对企业经营的干预以及可能存在的民族主义情绪等，都可能对并购造成负面影响。

为降低政治风险，企业应提前评估目标国家的政治环境，与当地政府和其他利益相关方建立良好的关系，并在决策制定过程中尽可能准确地预测政策变化。

其次，文化差异也是中国企业跨国并购中的一个重要风险因素。

不同国家之间语言、宗教、价值观等方面的差异可能导致企业在合作过程中遇到沟通不畅、管理冲突等问题。

为了应对文化差异风险，企业应在并购前进行充分的文化调研，在跨文化交流与合作方面加强培训和教育，并积极寻求与当地员工合作，形成具有包容性和协调性的企业文化。

第三，金融风险也是值得关注的一个方面。

跨国并购往往需要大量资金，因此企业可能面临融资成本和融资渠道的挑战。

此外，货币汇率波动、财务报告的可靠性等也可能对并购造成不利影响。

在应对金融风险时，企业应根据目标国家的货币政策制定合理的汇率风险管理策略，与金融机构保持良好的合作关系，并加强财务尽职调查，确保财务信息的准确性和透明度。

最后，法律与合规风险也是企业在跨国并购过程中需要注意的一个方面。

不同国家的法律体系和监管环境可能不同，企业可能面临合同履行、知识产权保护等方面的挑战。

为了应对法律与合规风险，企业应在并购前对目标国家的法律法规进行深入了解，与专业的法律机构保持紧密合作，并在并购合同中明确相关规定，确保自身权益得到有效保护。

综上所述，中国企业跨国并购面临着诸多风险，包括政治风险、文化差异、金融风险和法律与合规风险。

为降低并购风险，企业应提前做好市场调研和尽职调查，与当地政府、金融机构和法律机构保持良好的合作关系，同时注重文化融合和风险管理策略的制定，以确保并购能够顺利实施并带来预期的经济效益。

中国企业参与跨国并购活动已经成为推动国际化发展的重要方式。

中国企业跨国并购研究随着全球化的深入发展和中国经济的崛起，中国企业跨国并购日益成为国际经济合作的重要方式。

本文将探讨中国企业跨国并购的背景、意义、现状、挑战、成功因素及前景，并通过案例分析加以说明。

一、中国企业跨国并购的背景和意义中国企业跨国并购可以追溯到20世纪90年代初，当时国家提出了“走出去”战略，鼓励企业到海外拓展市场。

随着全球经济一体化的深入发展，中国企业跨国并购的规模和数量不断攀升。

这不仅有利于企业拓展国际市场，获取先进技术和管理经验，还能提高企业的国际知名度和竞争力。

二、文献综述跨国并购是指一国企业通过购买另一国企业的股权或资产来获得其控制权或经营权的行为。

已有研究表明，跨国并购的动机主要包括市场拓展、技术获取、品牌提升等。

例如，通过跨国并购获得了西方企业的技术和市场渠道，从而提升了其在通信领域的竞争力。

此外，一些学者还提出了跨国并购的成功因素，如企业文化差异、整合能力、管理经验等。

三、研究方法本文采用文献分析法和案例研究法相结合的方法，对中国企业跨国并购进行深入研究。

首先，通过对相关文献的梳理和评价，了解跨国并购的基本概念、动机、成功因素等。

其次，结合具体案例，对样本企业进行深入剖析，获取对其跨国并购实践的详细了解。

四、结果与讨论1、中国企业跨国并购的现状近年来，中国企业跨国并购的数量和规模不断攀升。

根据商务部公布的数据，2022年，中国企业跨国并购总额达到1.6万亿元人民币，同比增长8.8%。

同时，中国企业在跨国并购中逐渐成为主导力量，开始由过去的“引进来”向“走出去”转变。

2、跨国并购挑战尽管中国企业跨国并购的数量和规模不断增加，但其在过程中也面临着许多挑战。

首先，企业文化差异是影响跨国并购成功的重要因素之一。

中国企业与西方企业在文化、价值观和管理理念等方面存在较大差异，这容易导致沟通障碍和整合困难。

其次，跨国并购还面临着政治、法律、税收等方面的风险。

此外，由于语言和文化的差异，中国企业在跨国并购中往往存在信息不对称的问题。

中国企业跨国并购的财务风险(论文外文文献翻译)Financial Risks of Chinese Enterprises’ Cross-Border Mergers and AcquisitionsAbstractWith 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’ cros s-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; risks1. OVERVIEW OF FINANCIAL RISKS OF CROSS-BORDER M & ASFinancial risks refer to the reimbursement risks and change of returns to shareholders triggered by financing decision in the proce ss 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 struct ure 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 a s shareholders’ ret urns. 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 & ASCombining 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 & AsIn 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 SubjectCompared 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, An drew, Global Chairman of KPMG International, pointed out that 86% of the China’s foreign investment came from China’sstate-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 PaymentChina’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 & AsBefore 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 WITHCHINESE ENTERPRISES IN CROSSBORDER M & AS Chinese enterprises began to participate in cross-border M & As actively only in the past ten years. The lack ofexperience made it difficult to accurately value the target enterprises. China’s financial market is not 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 RiskDetermination 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 enterprises’ 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 RiskFinancing 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 adverseeffect 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 profitability 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 RiskPayment 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 additionalits 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 RiskRMB 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 acquirer’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)<C, the cash paid could not be recovered, and the acquirer would suffer the loss. 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 RISKSIn 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 RiskFor 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 RiskFor 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 financingrisksSecond, use innovative financing methods. For example, in 2010, in order to finance acquisition of Volvo, 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 RiskPayment 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 RiskWider 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 foreignexchange forward, foreign exchange futures, foreign exchange options, and currency swaps.CONCLUSIONThe 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。

摘要：随着全球化进程的加速，跨国并购已成为企业拓展国际市场、获取资源和技术的重要途径。

本文通过对近年来跨国并购案例的分析，总结出跨国并购的挑战与机遇，并提出相应的策略建议。

一、引言跨国并购是指一个国家的企业对另一个国家的企业进行收购或合并的行为。

近年来，随着全球经济的不断融合，跨国并购活动日益频繁，成为企业拓展国际市场、获取资源和技术的重要手段。

然而，跨国并购过程中也面临着诸多挑战，如文化差异、法律风险、市场适应性等。

本文旨在通过对跨国并购案例的分析，总结出跨国并购的挑战与机遇，并提出相应的策略建议。

二、跨国并购的挑战与机遇1. 挑战（1）文化差异：不同国家、地区的企业在文化、价值观、管理方式等方面存在较大差异，这可能导致并购后的整合困难。

（2）法律风险：跨国并购涉及多个国家和地区的法律法规，企业在并购过程中可能面临法律风险。

（3）市场适应性：企业并购后，需要适应新的市场环境，包括市场需求、竞争格局等。

2. 机遇（1）获取资源：跨国并购可以帮助企业获取海外市场、先进技术、品牌等资源，提高企业竞争力。

（2）降低成本：通过跨国并购，企业可以实现规模经济，降低生产、运营成本。

（3）提高市场份额：并购可以扩大企业规模，提高市场份额，增强市场竞争力。

三、跨国并购的策略建议1. 深入了解目标企业：在并购前，企业应深入了解目标企业的文化、业务、财务状况等，以便更好地进行整合。

2. 合理规避法律风险：企业应熟悉目标国家、地区的法律法规，确保并购过程中的合法性。

3. 加强文化整合：在并购过程中，企业应尊重目标企业的文化，采取包容、融合的态度，实现文化整合。

4. 制定长期战略：企业应制定长期战略，关注并购后的整合效果，实现协同效应。

5. 关注市场适应性：企业应关注目标市场的需求、竞争格局等，确保并购后的市场适应性。

四、案例分析以中国化工收购瑞士先正达为例，该案例成功的原因主要有以下几点：1. 深入了解目标企业：中国化工在并购前对先正达进行了全面调查，确保了并购的顺利进行。