企业并购财务风险控制外文文献翻译2014年译文3100字Word下载.docx
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原文
FinancialriskcontrolofMergersandAcquisitions
Cornell
Abstract
M&
Aplaysasignificantpartincapitaloperationactivities.M&
Aisnotonlyimportantwayforcapitalexpansion,butalsoeffectivemethodforresourceallocationoptimization.Intheworldaround,manyfirmsgainedhighgrowthandgreatachievementthroughM&
Atransactions.Thecasesinclude:
themergerbetweenGermancompanyDaimler-BenzandU.S.companyChrysler,Wal-MarfsacquisitionforBritishcompanyADSA,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,adeclineinmarginshasadverseeffectsonthedevelopmentofenterprises.
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&
Atransactionslargelydependsupontheeffectivenessoffinancialcont