企业并购财务风险控制外文文献翻译2014年译文3100字123Word格式.docx

企业并购财务风险控制外文文献翻译2014年译文3100字123Word格式.docx

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原文

Abstract



FinancialriskcontrolofMergersandAcquisitions

Comell

M&

Aplaysasignificantpartincapitaloperationactivities.M&

Aisnotonlyimportantwayforcapitalexpansion,butalsoeffectivemethodforresourceallocationoptimization.Intheworldaround,manyfirmsgainedhighgrowthandgreatachievementthroughM&

Atransactions.Thecasesinclude:

themergerbetweenGermancompanyDaimler-BenzandU.S.companyChrysler,Wal-Mart’sacquisitionforBritishcompanyADSA,Exxon’smergerwithMobilandsoon.

Keywords:

Enterprisemergersandacquisitions;

Riskidentification;

Riskcontrol

1Riskinenterprisemergersandacquisitions

Mayencounterintheprocessofmergerandacquisitionrisk:

financialrisk,assetrisk,laborrisk,marketrisk,culturalrisk,macropolicyriskandriskoflawsandregulations,etc.

1.1Financialrisk

ReferstotheauthenticityofcorporatefinancialstatementsbyM&

AandM&

Aenterprisesinfinancingandoperatingperformanceafterthepossiblerisks.Financialstatementsistoevaluateanddeterminethetradingpriceinacquisitionofimportantbasis,itsauthenticityisveryimportanttothewholedeal.Falsestatementsbeautifythefinancialandoperatingconditionsofthetargetenterprise,andeventhefailingcompaniespackingperfectly.Whetherthefinancialstatementsofthelistedcompaniesorunlistedcompaniesgenerallyexistsacertaindegreeofmoisture,financialreportingriskrealityInaddition,theenterprisebecauseofmergersandacquisitionsmayfacerisks,suchasshortageoffunds,adeclineinmarginshasadverseeffectsonthe

developmentofenterprises.

1.2Assetrisk

ReferstotheassetsoftheenterpriseM&

Abelowitsactualvalueortheassetsafterthemergerfailedtoplayaroleoforiginalandtheformationoftherisk.Enterprisemergerandavarietyofstrategies,someofthemareinordertoobtainresources.Infact,enterpriseassetaccountsconsistentwithactualsituationwhetherhowmuchhasthecanbeconvertedintocash,inventory,assetsassessmentisaccurateandreliable,theownershipoftheintangibleassetsiscontroversial,theassetsdisposalbeforedeliverywillbesignificantlylessthantheassetsofthebuyertogetthevalueofthecontract.Becauseoftheuncertaintyofthemergerandacquisitionofassetqualityatthesametime,alsomayaffectitsroleinbuyingbusinesses.

1.3Laborrisk

Referstothehumanresourcesoftheenterprisemergerandacquisitionconditionsaffectpurchaseenterprise.Surplusstaffandworkersofthetargetenterpriseburdenisoverweight,on-the-jobworkertechnicalproficiency,abilitytoacceptnewtechnologyandthekeypositionsoftheworkerwillleaveafterthemerger,etc.,aretheimportantfactorsinfluencingtheexpectedcostofproduction.

1.4Marketrisk

Referstotheenterprisemergeriscompleted,thechangeofthemarketrisktotheenterprise.Oneofthepurposesofmergersandacquisitionsmaybetotakeadvantageoftheoriginalsupplyandmarketingchannelsofthetargetenterprisesavenewinvestmententerprisedevelopthemarket.Undertheconditionofmarketeconomy,theenterpriserelianceonmarketismoreandmorebig,theoriginaltargetenterprisethepossibilityofthescopeofsupplyandmarketingchannelsandtoretain,willaffecttheexpectedprofitofthetargetenterprise.Fromanotherpointofview,thelackofaharmoniouscustomerrelationship,atleasttoacertainextent,increasethetargetenterprisemergersandacquisitionsafterthestart-upcapital.

1.5Culturerisk

Referstowhetherthetwoenterpriseculturefusiontotherisksofmergersandacquisitions,twobroadanddeepresources,structureintegrationbetweenenterprises,

inevitablytouchestheconceptofcorporateculturecollision,duetoincompleteinformationordifferentregions,andmaynotbeabletoorganizationalcultureofthetargetenterprisebecometheconsensusoftheright.Iftheculturebetweentwoenterprisescannotunite,memberswillmaketheenterpriselossofculturaluncertainty,whichgeneratesthefuzzinessandreducedependenceonenterprise,ultimatelyaffecttherealizationoftheexpectedvaluesofM&

Aenterprises.

2FinancialriskofM&

A

However,thereareevenmoreunsuccessfulM&

Atransactionsbehindtheseexcitingandsuccessfulones.Astudyshowsthat1200Standard&

PoorcompanieshavebeenconductingfrequentM&

Atransactionsinrecentyears,butalmost70%casesendedupasfailures.

TherearevariousfactorsthatleadtothefailuresofM&

Atransactions,suchasstrategy,cultureandfinance,amongwhichthefinancialfactoristhekeyone.ThesuccessorfailureoftheM&

Atransactionslargelydepen