企业跨国并购的财务风险分析及防范措施.doc

企业跨国并购的财务风险分析及防范措施

企业跨国并购的财务风险分析及防范措施
摘要
　　　随着世界经济全球化的高速发展和企业规模的扩大，越来越大多的企业已经开始走出国门走上世界的舞台。跨国并购已经成为了企业发展扩张、优化资源配置的一种捷径，但是跨国并购面临的风险也是巨大的，而且由于我国部分企业国际投资经验匮乏，并购成功率并不高。本文通过对跨国并购理论的阐述，首先引出了跨国并购的动机及其方式；然后结合具体案例分析了我国企业跨国并购中存在的财务风险及防范措施；最后展望了未来企业跨国并购的发展走向和趋势。
　　　
关键词:跨国并购，财务风险，防范措施

Enterprises cross-border M & A financial risk analysis and preventive measures
Abstract
  With the rapid development of the globalization of the world economy and the expansion of business scale, more and most of the enterprises have started to go out of the country onto the world stage.Cross-border mergers and acquisitions has become the growth and expansion of enterprises, optimize the allocation of resources as a shortcut, but the risk of cross-border M & A face is huge, but due to the lack of experience of some enterprises in China International Investment, M & A success rate is not high.Exposition of the theory of cross-border mergers and acquisitions, the first leads to the motivation and the way of cross-border mergers and acquisitions; and then combined with the analysis of specific cases of financial risks and preventive measures in cross-border mergers and acquisitions of Chinese enterprises; Finally, the future development trend of cross-border mergers and acquisitions andtrend.

Key words:Cross-border mergers & acquisitions ,Financial risk,Preventive measures
　　　
　　　

目录
引言 1
1企业跨国并购的概述 1
1.1企业跨国并购的含义与分类 1
1.2企业跨国并购的动机和方式 2
1.2.1企业跨国并购的动机 2
1.2.2企业跨国并购的方式 4
2企业跨国并购所面临的财务风险及防范措施 4
2.1企业跨国并购的财务风险分析 4
2.1.1并购前的战略决策风险 4
2.1.2企业价值评估风险 5
2.1.3融资风险 5
2.1.4支付风险 6
2.2防范企业跨国并购财务风险措施 6
2.2.1企业要有明确的国际化发展战略 6
2.2.2制定科学的跨国并购决策 7
2.2.3注重改善信息不对称的情况 7
2.2.4开辟融资渠道，降低融资风险 8
2.2.5审慎地选择支付方式,降低支付风险 8
2.2.6增强目标企业未来现金流量稳定性 9
2.2.7利用金融工具规避汇率风险 9
2.2.8注重并购后的整合 10
2.3结合中石油海外并购的案例的财务风险分析 11
2.3.1石油企业海外并购日益个性化 11
2.3.2石油企业海外并购常见财务风险 11
2.3.3防范财务风险的措施 12
3未来企业跨国并购的发展走向和趋势 14
3.1世界经济全球化大环境与体制 14
3.2展望未来企业跨国并购的财务风险 14
结论 15
参考文献 16
致谢 18