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1、企业并购的财务风险探析（Financial risk analysis of enterprise merger and acquisition）Abstract: M & A is a high-risk activity, and the risk runs through the whole process of M & A activitiesBusiness risk is an important factor in the success of mergers and acquisitions. The article analyzes the financial process
2、 in the process of enterprise merger and acquisitionRisk factors: uncertainty and asymmetric information, and several types of financial riskAnalysis, so that enterprises in mergers and acquisitions to pay attention to improve the success rate of mergers and acquisitions activities DKey words: merge
3、rs and acquisitions; financial riskSince 1990s, the fifth wave of mergers and acquisitions in the West has inevitably affected our countryEnterprise. However, due to the short history of mergers and acquisitions in China, there is a common problem in mergers and acquisitions in china,That is, lack o
4、f understanding of M & a risk. This article will analyze the financial risks in the process of mergers and acquisitions, and give the enterprises a hint.The risk of enterprise merger and acquisition refers to the possibility that the enterprise can not reach the preset goal in the merger and acquisi
5、tion activitiesTherefore, the degree of influence on the proper management and management of the enterprise. At present, Chinas enterprises canThe main risks are: contract and litigation risk, financial risk, asset risk, labor risk andMarket resources, risks, etc. We mainly discuss financial risks h
6、ere.First, the financial risks of mergers and acquisitionsThe financial risk of mergers and acquisitions refers to the financing of mergers and acquisitions or debts arising from mergers for a given period of time,And the possibility of financial crisis. From the risk results, this really sums up th
7、e enterprise mergers and acquisitions FinanceThe core part of the risk is the debt repayment risk caused by the financing decision. But from the point of view of risk,Financing decisions are not the only cause of financial risk, because they are in the M & A activities and FinanceAs a result, decisi
8、on making involves pricing decisions and payment decisions.1, mergers and acquisitions is an investment behavior, and then is a financing behavior, investment and financing decisionsIt affects the financial status of the enterprises after mergers and acquisitions;2, mergers and acquisitions is a spe
9、cial investment behavior, from planning, design to transaction completion, a variety of valuesPrices are not immediately reflected in the short-term financial indicators, but must go through some integration and operation period,To achieve the goal of value;3, the lower value target of mergers and a
10、cquisitions is not only to guarantee the risk without debt, but toAcquire a value goal that is far beyond the scope of the debt to achieve value added.Therefore, if only the use of financing risk as a measure of financial risk standards, in a sense reducedValue motive of mergers and acquisitions. Fr
11、om the perspective of corporate finance, the financial risks of mergers and acquisitions should also includeThe deterioration of the financial situation or the loss of financial results caused by the financial activities involved in the merger and acquisitionUncertainty. That is to say, the financia
12、l risk of M & A should refer to the M & a pricing, financing, payment and so onThe uncertainty of the financial status of the enterprise or the loss of financial results caused by the financial decision is the M & a priceThe financial distress and financial distress caused by the serious deviation o
13、f value expectation and value realization.Two, the main factors causing the financial risk of mergers and acquisitionsMergers and acquisitions are faced with a variety of risks, such as financial risk, operational risk, integration risk and compensationDebts, risks, etc. No matter what kind of risk,
14、 it will affect the financial risk of mergers and acquisitions through the cost of mergers and acquisitions. Reason whyThere is a risk that the conventional theory is that the uncertainty of future outcomes actually risks not only fromThe uncertainty of future outcomes is also closely related to the
15、 uncertainty of the process. This article considers the risk of productionThe birth is due to the uncertainty of the factors in the merger and the information asymmetry of the process. Therefore, the impact of enterprisesThe factors of financial risk of M & A can be summed up in two aspects: uncerta
16、inty and information asymmetry.1 uncertainThere are many uncertainties in the process of mergers and acquisitions. From a macro point of view, there are national macroeconomic policiesChanges in policy, economic cyclical fluctuations, inflation, interest rates, exchange rate changes; from the microscopic point of view, there are
