企业并购财务风险控制外文文献翻译2014年译文3100字.docx

企业并购财务风险控制外文文献翻译2014年译文3100字.docx

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文献出处:

ComellB.,FinancialriskcontrolofMergersandAcquisitions[J].InternationalReviewofBusinessResearchPapers,2014,7

（2）:

57-69.

（声明：

本译文归百度文库所有，完整译文请到百度文库。

）

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&Atransactionslargelydependsuponthe