企业并购中的财务风险分析与防范对策-以美的并购库卡为例VIP专享

企业跨国并购中的财务风险分析与防范对策---以美的并购库卡为例Financial risk analysis and preventive measures in transnational mergers and acquisitions-- -Based on Midea and KUKA中文摘要 近年，随着中国经济状况的日益蓬勃和经济全球化程度的逐步加深，进行跨国并购的企业数量也随之增加。由于跨国并购主要是在两个及两个以上的国家进行，各国所处的政治文化环境、法律监督环境、市场环境等存在诸多差别，因此容易产生信息不对称的情况，与国内并购相较而言需要面临更多的风险因素。而且跨国并购的规模往往更大，进而其伴随的风险也高于国内并购。在众多风险中，财务风险在并购的全过程中具有显著的影响，往年多数的跨国并购案例都因为定价不准确、融资方式选择不当等原因未能成功，可见财务风险的分析和防范对企业跨国并购有着举足轻重的影响。本文以 2016 年美的并购德国库卡公司作为并购财务风险研究为例。首选对国内外研究现状和对企业并购风险等相关概念做出界定；其次对库卡公司并购前的财务状况进行了分析；再次分别对财务风险中的融资风险、支付风险、汇率风险、财务整合风险进行了解析；最后对相应的风险控制措施进行了分析，并基于以上分析对我国企业未来的跨国并购提出了相关的建议。{关键词};跨国并购；财务风险；汇率风险 AbstractIn recent years, with the increasing prosperity of China's economy and the deepening of economic globalization, the number of enterprises engaged in transnational mergers and acquisitions has also increased. As transnational mergers and acquisitions are mainly carried out in two or more countries, there are many differences in the political and cultural environment, legal supervision environment, market environment, etc., so it is easy to produce information asymmetry, which requires more risk factors than domestic mergers and acquisitions. Moreover, the scale of transnational mergers and acquisitions is often larger, and the associated risks are higher than domestic mergers and acquisitions. Among the numerous risks, financial risk has a significant impact on the whole process of...