跨国并购财务风险外文翻译文献Word格式.docx

跨国并购财务风险外文翻译文献Word格式.docx

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AsinitiatedbyChineseenterpriseshavebeenbooming.However,comparedwithdevelopedcountries,ChineseenterprisesstartedtheirM&

Aslateandlackedexperienceandprofessionals.Asaresult,Chineseenterprisesfacedwithnumerousrisksincross-borderM&

As,especially

15

withthefinancialrisks.Thispaper,basedontheanalysisofChineseenterprises’cross-borderM&

Ascasesinrecentyears,explainedhowthefinancialrisksformedandfinallycameupwithefficaciousprecautionarymeasures.

Keywords:

Chineseenterprise;

M&

As;

Financial;

risks

1.OVERVIEWOFFINANCIALRISKSOFCROSS-BORDERM&

AS

Financialrisksrefertothereimbursementrisksandchangeofreturnstoshareholderstriggeredbyfinancingdecisionintheprocessofenterprises’cross-bordermergersandacquisitions（abbr.M&

As）.Enterprisesoftengothroughthreephases—valuation,financing,andpayment—intheprocessofcross-borderM&

As.Basedonvaluation,financing,andpayment,decisionsaffectenterprises’assetsstructureandeventheirsolvencyandreturnstotheirshareholders.Inaddition,cross-borderM&

Asuseaninternationalcurrencyformostcountries.Changeinexchangeratesaffectscorporateearnings,aswellasshareholders’returns.Therefore,therearefourmaintypesoffinancialrisks:

valuationrisk,financingrisk,paymentrisk,andexchangeraterisk.

2.STATUSOFCHINESEENTERPRISES’CROSS-BORDERM&

Combiningwithgoingoutstrategy,Chineseenterprisesupgradetheirstrengthandparticipateinthecontextofeconomicglobalization.Chineseenterprisesbegintogoabroad,mergingandacquiringforeignones.AlthoughChineseenterprises’cross-borderM&

Asstartedlate,Chinahasbecometheworld’sfifthcross-borderacquiringpowerin2009.StatusofChineseenterprises’cross-borderM&

Asisasfollows:

2.1IncreasesintheNumberandScaleofM&

As

Intheyearof2008,Chinesecompaniescompletedonly30casesofcross-borderM&

As,costinglessthan$9billion.Intheyearof2013,Chinesecompaniescompleted99cross-borderM&

A,amountingto$38.5billion.ThenumberofM&

Asdoubled,whilethetotalamountgrewmorethanthreetimes.

2.2LargeState-OwnedEnterprisesasM&

AsSubject

Comparedwithprivateenterprises,largestate-ownedenterpriseshavemoretheirowncapital.Itiseasyforthemtogetloansandfinance,soChinesecross-borderM&

Asaremostlydonebylargestate-ownedenterprises.OntheSummerDavosForumin2013,Andrew,GlobalChairmanofKPMGInternational,pointedoutthat86%oftheChina’sforeigninvestmentcame

fromChina’s

state-ownedenterprises.ByfarinChina,thelargestcross-borderM&

AswasinitiatedbyChina’sstate-ownedenterprisesCNOOC.OnFebruary27,2013,CNOOCsuccessfullyacquiredNexenCorp.,aCanadiancompany,byspending$15.1billion.

2.3CashastheMainFormofPayment

China’smarketeconomystatushasnotbeenrecognizedbyallcountries,and,toacertainextent,Chineseenterprisesarediscriminatedincross-borderM&

As.Inaddition,China’sfinancialmarketisnotperfect.Inordertogaindirectcontroloftheacquiredenterprises,Chineseenterprisesmostlypaybycash.AccordingtoBloomberg,79.4%ofChina’scross-borderM&

Asmadetheirpaymentbycash,3.3%bystock,andonly1.18%byothermode.

2.4IncreasedImpactofExchangeRateonM&

Beforetheyearof2012,thefloatingrangeofRMBagainstU.S.dollarwasonly0.5%.Since2012,China’scentralbankadjustedthefloatingrangeofRMBagainstU.S.dollarto1%,andonMarch15,2014,extendeditto2%.Comparedtothepreviousfixedexchangerate,thechangeofexchangeratesignificantlyincreased,whichmadetheChineseenterprisesbegintoconsidertheimpactofexchangeratechangeonacquisitioncostsintheirM&

As.

3.FINANCIALRISKSFACEDWITH

CHINESEENTERPRISESINCROSSBORDERM&

ASChineseenterprisesbegantoparticipateincross-borderM&

Asactivelyonlyinthepasttenyears.Thelackofexperiencemadeitdifficulttoaccuratelyvaluethetargetenterprises.China’sfinancialmarketisnotmature,itisdifficultforChineseenterprisestofinanceandchoosepaymentmode.Atthesametime,theinternationalfinancialmarketfluctuates,and RMBisnotan internationalmonetary.Cross-borderM&

Asisdonebydollaroreuro,whichbringsriskstoChinesecross-borderM&

3.1TheValuationRisk

DeterminationofthetransactionpriceofM&

AsisactuallyagameplayingbyinitiatorsandtargetsofM&

As.Undernormalcircumstances,theinitiatorscannotfullygrasptheinformationoftargetcorporat