【文章內(nèi)容簡介】 stable information and so on, all this lead to the result can’t follow the expectation. Risk result from the choice of transaction methods Cash method If you expect there is no risk in cash payment, you must make the present value of incremental of expected cash flow present value is greater than the paid, whereas shareholders of bidders will bear the loss. When the cost of cash payment is expansion, and face huge debt burden, and the source of funding deadline is unreasonable structure, or lack of shortterm financing, it is easy to bring to the acquisition of liquidity pressure. At this time if the new pany has a low level of liquid assets, it will have a liquidity risk, and liquidity risk is the most outstanding performance of cash payment. Common stock payment On the whole, the major risk of stock payment es from the valueadded expectation, the stock exchange expand the shareholder’s base, leading to the decline of earnings per share, when investors doubt the target firm’s ability of getting back earnings per share, the stock price of bidder will decline because of dilution of earnings per share. It shows that the proportion of equity dilution resulting from the convertible is the most important means of payment risks. 6 Leverage payment Leverage will inevitably bring the debt risk. Leverage is the bidders make target enterprise assets as collateral for loan to banks, postmerger success with the production and operation activities generated cash to repay the loan. The aim of leverage payment is to solve the fund problem by using the loans, and hope that the acquisition can receive effective leverage benefit. This method is bound to achieve a high return on investment and it need stable cash flows to plete. Otherwise, the acquiring pany may go bankrupt because of can’t pay off the higher debt. Financial risk resulting from adverse integration in the postmerger In the integration period, when the role of risk factors e to a certain extent, that will lead to the occurrence of financial risks. According to the manifestations, financial risk can be divided into the mechanisms risk, financial risk and operational risk. Mechanisms risk means in the integration period, because of setting up financial institutions, financial functions, financial management system, update of financial anizations, financial synergies, and other factors, the financial ine and financial gains of bidders occurred in a departure from expectations, and thus suffer losses. Financial risk means financial ine and financial revenue will depart from the expected if there is something wrong with the financial running. In the process of asset management, bidders control their assets, costs, financial operations, liabilities, profits, and other financial functions in accordance with the principle of maximizing the synergy earnings in order to achieve the final purpose of mergers and acquisitions. However, the uncertainty of macroand microenvironment affect the decisionmaking process in the financial operation, which lead to financial risk. Operational risk means financial risk result from inadequate monitoring of financial activities. That shows process ending is not equals to final succeed, financial integration is the end of financial management in the Mamp。A, and is also the most important aspect, if it failed it means the whole Mamp。A is failed. 2． Prevention measures of financial risk Prevention for information risk The important role for this prevention is to rule out the false information through legitimate and ef