I中国企业海外并购财务风险和对策研究——联想并购富士通摘 要近些年，中国企业海外并购的案例越来越多，主要原因是并购已成为实现公司资本操纵指数增长的必不可少的战略和手段，并已成为公司战略和战术发展的重要手段之一。由于企业在海外并购的过程中，不可避免的会遇到种种困难，如何应对企业海外并购活动中的财务风险已经成为企业并购是否成功的关键。本文以联想并购日本富士通为例,从目标公司选择的角度出发，在收购公司价值评估，收购融资，收购方式选择和收购后整合等方面发现了相应的财务风险，并分析了各种风险的成因和对策。评估过程中存在一些风险，例如单方面信息，评估不正确以及对竞争对手的了解不足。联想采用合理的估值策略，从整体上考虑公允价值并有效控制估值风险。筹资过程集中了筹资结构的风险和相关的清算风险。在付款过程中，存在汇率变动和现金使用的巨大风险。联想正在采取谨慎的付款方式来正确解决此问题。联想在一定程度上解决了与财务体系和财务目标有关的问题。在理论研究和案例分析的基础上，总结了联想跨国并购案例在财务风险管理中的相关意识。 通过本文的分析，希望能有助于相关企业能够运用核实的方法来控制并购时的财务风险，从而促进企业并购的成功。关键词：跨国并购；财务风险；联想；富士通IIResearch on Financial Risks and Countermeasures of Overseas M & A of Chinese EnterprisesAbstractIn recent years, cases of overseas M & A by Chinese companies are increasing. Acquisitions have become an indispensable strategy and instrument for achieving corporate capital management index growth, and have become one of the key instruments for the development of corporate strategy and tactics.Various difficulties are unavoidable in the process of acquiring and merging companies overseas, so how to deal with the financial risks of companies' overseas M & A activities is the key to successful acquisitions.In this paper, taking the merger of Fujitsu Japan as an example, from the perspective of selecting the target company, we found appropriate financial risks in terms of value evaluation of the acquiring company...
