财务管理专业外文翻译--企业并购财务风险研究.pdf

外文原文
TheStudyofFinancialRiskinM&A

1.ThebackgroundanalysisofM&A

Inthewestcountries,M&Ahaveahistoryaboutmorethan100years,and
transactionshavebeenexpanding.The5thwaveofglobalmergersandacquisitions
peakedin2000.Inourcountry,M&Abecomemoreandmorepopular.Forexample,
manycompaniesStepupthepaceofoverseasexpansionandM&A.However,under
thepressureofRMBappreciation,manycompanieschooseM&Atotideoverthe
difficulties.Asweknown,M&Amusthaverisks,forinstance:estimateoftarget
firms,choiceoftransactionmethod,orfinancialrisks.Howcanavoidtheserisks?
Whichmethodshouldwechoose?Thisisthepurposeofthisarticle.
2.ThecauseoffinancialriskinM&A

2.1Overestimateorunderestimatethevalueoffirmsleadtotherisk
2.1.1Informationasymmetryisthemajorfactorwhichimpactstheestimation
BecauseofInformationasymmetry,targetfirmalwaysconcealadverse
informationandexaggerategoodinformation.Biddersalsoexaggeratetheirstrength,
disclosurebetweenthemareinadequateordistorted.Therefore,failureswhichresult
fromrashactionscanbefoundeverywhere.Therearemanyinformationrisks,fortow
importantexamples:first,equityrisk,equityisveryimportantinanyfirms,however
therearedifferencebetweentheofferinformationandthereal,theseillusive
informationthreatenthesucceedofM&A;second,debtinformationrisk,ifthisrisk
wouldnotbefound,alargedebtwillfalltothebidderswithnoreasons.
2.1.2Lackofrationalevaluationmethods
Therearethreeevaluationmethods:replacementcostmethod;marketvalue
method;thepresentvalueofearnings,betweenthem,marketvaluemethodhashigh
requestaboutInformationsymmetry,forfirmscanmakeanexactevaluationonly
whentheinformationishighsymmetry.However,inourcountry,thelevelof
informationsymmetryislower,littlefirmsadoptthismethod.Mostofthemadopt
replacementmethodandthepresentvalueofearningsmethod.Thesetwomethods
alsohavedisadvantages,replacementcostreflectsthehistoricalcostwhichcan’t
reflectthefutureprofitability;althoughthepresentvalueconsidersthevalue-added
revenue,ithasalsoobviousflaws,thatis,futurerevenueexpectedisverydifferent.
2.1.3Thesystemof