企业跨国并购财务风险中英文对照外文翻译文献Word下载.docx

企业跨国并购财务风险中英文对照外文翻译文献Word下载.docx

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AsinitiatedbyChineseenterpriseshavebeenbooming.However,comparedwithdevelopedcountries,ChineseenterprisesstartedtheirM&

Aslateandlackedexperienceandprofessionals.Asaresult,Chineseenterprisesfacedwithnumerousrisksincross-borderM&

As,especiallywiththefinancialrisks.Thispaper,basedontheanalysisofChineseenterprises9cross-borderM&

Ascasesinrecentyears,explainedhowthefinancialrisksformedandfinallycameupwithefficaciousprecautionarymeasures.

Keywords:

Chineseenterprise;

M&

As;

Financial;

risks

1.OVERVIEWOFFINANCIALRISKSOFCROSS-BORDERM&

AS

Financialrisksrefertothereimbursementrisksandchangeofreturnstoshareholderstriggeredbyfinancingdecisionintheprocessofenterprises9cross-bordermergersandacquisitions（abbr.M&

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

As.Basedonvaluation,financing,andpayment,decisionsaffectenterprises9assetsstructureandeventheirsolvencyandreturnstotheirshareholders.Inaddition,cross-borderM&

Asuseaninternationalcurrencyformostcountries.Changeinexchangeratesaffectscorporateearnings,aswellasshareholders9returns.Therefore,therearefourmaintypesoffinancialrisks:

valuationrisk,financingrisk,paymentrisk,andexchangeraterisk.

2.STATUSOFCHINESEENTERPRISES9CROSS-BORDERM&

Combiningwithgoingoutstrategy,Chineseenterprisesupgradetheirstrengthandparticipateinthecontextofeconomicglobalization.Chineseenterprisesbegintogoabroad,mergingandacquiringforeignones.AlthoughChineseenterprises9cross-borderM&

Asstartedlate,Chinahasbecometheworld'

sfifthcross-borderacquiringpowerin2009.StatusofChineseenterprises9cross-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'

sforeigninvestmentcamefromChina'

s

state-ownedenterprises.ByfarinChina,thelargestcross-borderM&

AswasinitiatedbyChina'

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

2.3CashastheMainFormofPayment

China9smarketeconomystatushasnotbeenrecognizedbyallcountries,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,andRMBisnotaninternationalmonetary.Cross-borderM&

Asisdonebydollaroreuro,whichbringsriskstoChinesecross-borderM&

3.1TheValuationRisk

DeterminationofthetransactionpriceofM&

AsisactuallyagameplayingbyinitiatorsandtargetsofM&

As.Undernormalcircumstances,theinitiatorscannotfullygrasptheinformationoftargetcorporations,soitisdifficulttoestimateaccurately.Ingeneral,valuationpricewillbehigherthantheactualval