【正文】 擇風險。吳樹華，張華，葉進剛把企業(yè)并購中的財務風險分為三類：①并購前的決策風險。陳共榮和魏彩慧認為，并購財務風險是企業(yè)由于并購而涉及的各項財務活動引起的企業(yè)的財務狀況惡化或財務成果損失的不確定性。高根提出，利率風險是并購中重要的財務風險，它是市場利率的負向移動風險。帕特里克薩繆爾C所以有必要對企業(yè)跨國并購的風險進行分析，做好防范工作，減少失敗的幾率，本文從眾多風險中，選出財務風險作為論述的重點，運用定性分析方法結(jié)合跨國并購的案例對財務風險的各種類型進行分析，提出防范策略，以期能夠為中國企業(yè)進行跨國并購中提供借鑒。隨著國力的增強，在融入國際大環(huán)境之后，中國企業(yè)在各個領(lǐng)域都將有進行跨國并購的需要和機會。中國企業(yè)已經(jīng)開始到全球眾多發(fā)達國家和發(fā)展中國家尋求并購目標，而且目光也不再局限于當?shù)刂行∑髽I(yè)。a trend of future development is increasingly likely that strategic acquisitions merger.Keywords: transnational Mamp。 The risk for debt LBO merger, the enterprises must according to enterprise own actual characteristic, adjust enterprise39。 The risk for financing, the enterprises must choose appropriate scientific use of financing, prioritize theory, make enterprise prehensive capital structure optimization。a improper choose payment。 Financing risk is enterprise merger acquisition process of appropriate choice expenses not raise financing ways and financing structure caused by unreasonable。a face more plex business environment, the financial risk of the transnational merger and acquisition than domestic.Four kinds of transnational mamp。a risk in value, is the prehensive reflection of mamp。 關(guān)鍵詞: 跨國并購 , 財務風險 , 風險分析 , 風險防范 ABSTRACT Transnational mamp。對于LBO并購的償債風險，企業(yè)要根據(jù)企業(yè)自身的實際特點，調(diào)整企業(yè)的資本結(jié)構(gòu)，選擇企業(yè)可以承受的融資方案。對于融資風險，企業(yè)要選擇恰當?shù)娜谫Y方式，科學運用“優(yōu)先排序”理論，使企業(yè)綜合資本結(jié)構(gòu)最優(yōu)化。跨國并購的四種財務風險的特點，來源和形成階段各不相同，具體表現(xiàn)在以下幾個方面：目標價值評估風險主要來源于并購前對于目標企業(yè)的價值評估失敗而引起的；融資風險是企業(yè)并購過程中籌集并購費用沒有恰當選擇籌資方式和籌資結(jié)構(gòu)不合理引起的；支付風險是企業(yè)在并購中選擇支付方式不當造成的；杠桿并購的償債風險是并購前對自身評估不足，企業(yè)負債比例過高，以致經(jīng)營過程中不足以支付債務本金和利息而引起的?？鐕①彽呢攧诊L險是企業(yè)由于并購而涉及的各項財務活動引起的企業(yè)財務狀況惡化或財務損失的不確定性。企業(yè)跨國并購的財務風險分析及防范策略摘 要跨國并購隱藏著各種各樣風險。其中，財務風險是各種并購風險在價值量上的綜合反映，是企業(yè)并購成功與否的重要影響因素。企業(yè)跨國并購面臨更加復雜的經(jīng)營環(huán)境，跨國并購的財務風險比國內(nèi)并購要大。解決各種財務風險類型的防范策略主要有：目標價值評估風險要做好并購前的識別和有效管理。對于支付風險，企業(yè)要嚴格編制資金預算，恰當選擇各種支付方式特別是對混合支付方式的運用，合理安排支付時間。企業(yè)跨國并購的未來發(fā)展趨勢是并購越來越傾向戰(zhàn)略并購。a hide all kinds of risk. Among them, the financial risk is all sorts of mamp。a important influence factors of success.The financial risk of the transnational merger and acquisition is due to the enterprise involved caused the financial activities of enterprise financial deterioration or financial loss of uncertainties. Enterprise transnational mamp。a financial risk characteristics, source and forming stages each are not identical, embodied in the following aspects: the target value appraisal risk mainly es from before the acquisition of the target enterprise value appraisal for failure and cause。 Payment risk is the enterprise in mamp。 Leveraged acquisition debt risk is before the acquisition of their own assessment is insufficient, enterprise liabilities high proportion, so that the management process is not enough to pay for financing principal and interest and cause.Solve various financial risk type of preventive strategy mainly has: the target value appraisal risk to do before the acquisition of recognition and effective management。 For payment risk, the enterprise must strictly prepare capital budget, appropriate choice of various payment, especially the use of hybrid payment, arrange payment time。s capital structure, choose enterprise can withstand financing plan.Enterprise transnational mamp。A financial risk risk analysis risks prevention目 錄前 言 6第一章 企業(yè)跨國并購的風險概述 6 企業(yè)跨國并購的現(xiàn)狀 7 企業(yè)跨國并購的風險類型 7 跨國并購中的系統(tǒng)風險 7 跨國并購中的非系統(tǒng)風險 8第二章 企業(yè)跨國并購的財務風險分析 9 目標企業(yè)價值評估風險分析 9 并購雙方之間信息不對稱 10 企業(yè)價值評估方法不恰當，評估體系不健全 10 企業(yè)忽視中介組織的作用和利用不當 10 融資風險分析 10 企業(yè)的經(jīng)營狀況 11