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跨国并购财务风险外文翻译文献.pdf

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跨国并购财务风险外文翻译文献 跨国并购财务风险外文翻译文献 (文档含英文原文和中文翻译) FinancialRisksofChineseEnterprises’ Cross-BorderMergersandAcquisitions Abstract WithoverallstrengthofChineseenterprisesandnationalgoingoutstrategy,cross-borderM &AsinitiatedbyChineseenterpriseshavebeenbooming.However,comparedwithdeveloped countries,ChineseenterprisesstartedtheirM&Aslateandlackedexperienceandprofessionals. Asaresult,Chineseenterprisesfacedwithnumerousrisksincross-borderM&As,especially 1 跨国并购财务风险外文翻译文献 withthefinancialrisks.Thispaper,basedontheanalysisofChineseenterprises’cross-borderM &Ascasesinrecentyears,explainedhowthefinancialrisksformedandfinallycameupwith efficaciousprecautionarymeasures. Keywords:Chineseenterprise;M&As;Financial;risks 1.OVERVIEWOFFINANCIALRISKSOFCROSS-BORDERM&AS Financialrisksrefertothereimbursementrisksandchangeofreturnstoshareholders triggeredbyfinancingdecisionintheprocessofenterprises’cross-bordermergersand acquisitions(abbr.M&As).Enterprisesoftengothroughthreephases—valuation,financing, andpayment—intheprocessofcross-borderM&As.Basedonvaluation,financing,and payment,decisionsaffectenterprises’assetsstructureandeventheirsolvencyandreturnstotheir shareholders.Inaddition,cross-borderM&Asuseaninternationalcurrencyformost countries.Changeinexchangeratesaffectscorporateearnings,aswellasshareholders’returns. Therefore,therearefourmaintypesoffinancialrisks:valuationrisk,financingrisk,payment risk,andexchangeraterisk. 2.STATUSOFCHINESEENTERPRISES’CROSS-BORDERM&AS Combiningwithgoingoutstrategy,Chineseenterprisesupgradetheirstrengthand participateinthecontextofeconomicglobalization.Chineseenterprisesbegintogoabroad, mergingandacquiringforeignones.AlthoughChineseenterprises’cross-borderM&Asstarted late,Chinahasbecometheworld’sfifthcross-borderacquiringpowerin2009.StatusofChinese enterprises’cross-borderM&Asisasfollows: 2.1IncreasesintheNumberandScaleofM&As Intheyearof2008,Chinesecompaniescompletedonly30casesofcross-borderM&As, costinglessthan$9billion.Intheyea