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财务管理专业外文翻译--企业并购财务风险研究.docx

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外文原文TheStudyofFinancialRiskinM&AThebackgroundanalysisofM&AInthewestcountriesM&Ahaveahistor於boutmorethan1years,andtransactioihavebeenexpanding.The5thwaveofglobalmergersandacquisitionspeakedin20.Inourcountry,M&Abecomemoreandmorepopular.Forexample,manycompaniesStepupthepaceofoverseasexpansionandM&A.However,underthepressurefRMBappreciatiomanycompanieschooseM&AtotideoverthedifficultiAs.weknown,M&Amusthaverisksforinstanceestimataoftargetfirms,choiceoftransacticnmethod,orfinancialisksHowcanavoidtheserisks?Whichmethodshouldwechoose?Thisisthepurposeofthisarticle.ThecauseoffinancialriskinM&AOverestimateorunderestimatethevalueoffirmsleadtotheriskInformationasymmetryisthemajorfactorwhichimpactstheestimationBecauseofInformationasymmetry,targetfirmalwaysconcealadverseinformationandexaggerategoodinformation.Biddersalsoexaggeratetheirstrengthdisclosurebetweenthemareinadequateordistorted.Therefore,failureswhichresufromrashactionscanbefoundeverywhere.Therearemanyinformationrisks,fortoimportantexamples:first,equityrisk,equityisveryimportantinanyfirms,howetherearedifferencdsetweentheofferinformationandthereal,theseillusiveinformationthreatenthesucceedofM&A;second,debtinformationrisk,ifthisriwouldnotbefound,alargedebtwi11falltothebidderswithnoreasons.LackofrationalevaluationmethodsTherearethreeevaluatiornethods:replacementcostmethod;marketvaluemethod;thepresentvalueofearnings,betweenthem,marketvaluemethodhashighrequestaboutInformatioisymmetry,forfirmscanmakeanexactevaluatioonlywhentheinformationishighsymmetry.However,inourcountry,thelevelofinformationymmetryislower,littlfeirmsadoptthismethod.Mostofthemadoptreplacementmethodandthepresentvalueofearningsmethod.Thesetwomethodsalsohavedisadvantagesreplacementcostrefl