淺談我國(guó)企業(yè)跨國(guó)并購(gòu)的風(fēng)險(xiǎn)及規(guī)避
專(zhuān)業(yè)：會(huì)計(jì)學(xué)
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摘 要
近年來(lái),我國(guó)國(guó)內(nèi)企業(yè)出現(xiàn)了并購(gòu)?fù)鈬?guó)企業(yè)的高潮。借助跨國(guó)并購(gòu)，我國(guó)企業(yè)可以迅速走進(jìn)國(guó)際市場(chǎng)，參與全球市場(chǎng)的資源配置，獲取較大的經(jīng)濟(jì)貿(mào)易利益。但是跨國(guó)并購(gòu)面臨的風(fēng)險(xiǎn)也是巨大的，而且由于我國(guó)部分企業(yè)國(guó)際投資經(jīng)驗(yàn)匱乏，并購(gòu)成功率并不高。本文通過(guò)對(duì)跨國(guó)并購(gòu)理論的闡述，首先引出了跨國(guó)并購(gòu)的動(dòng)機(jī)及其中可能存在的風(fēng)險(xiǎn)；然后介紹我國(guó)企業(yè)跨國(guó)并購(gòu)面臨的風(fēng)險(xiǎn),根據(jù)實(shí)際情況, 分析了國(guó)內(nèi)外企業(yè)參與跨國(guó)并購(gòu)有特殊的必要性和可行性，介紹了企業(yè)跨國(guó)并購(gòu)的情況,特別是我國(guó)跨國(guó)并購(gòu)的情況；按照兩種不同方法對(duì)企業(yè)跨國(guó)并購(gòu)中可能存在的風(fēng)險(xiǎn)進(jìn)行分類(lèi)，并重點(diǎn)分析了我國(guó)企業(yè)跨國(guó)并購(gòu)中的主要風(fēng)險(xiǎn)；最后分析跨國(guó)并購(gòu)中的遇到風(fēng)險(xiǎn)所采取的風(fēng)險(xiǎn)規(guī)避措施以及分別針對(duì)跨國(guó)并購(gòu)中的法律風(fēng)險(xiǎn)、財(cái)務(wù)風(fēng)險(xiǎn)、信息不對(duì)稱(chēng)風(fēng)險(xiǎn)以及文化整合風(fēng)險(xiǎn)提出了可行的規(guī)避措施。
關(guān)鍵詞：跨國(guó)并購(gòu) 風(fēng)險(xiǎn) 風(fēng)險(xiǎn)規(guī)避 財(cái)務(wù)風(fēng)險(xiǎn)
Abstract

In recent years, China's domestic enterprises in the acquisition of the upsurge in foreignenterprises. With cross-border mergers and acquisitions, China's enterprises can quicklyenterthe international market, participation in the global market allocation of resources,greater access to economic and trade interests. But facing the risk of cross-border M & A is also great, but because of China's enterprises lack experience in international investment, mergers and acquisitions success rate was not high. Based on the theory on cross-border mergers and acquisitions, first brought out the motive and transnational mergers and acquisitions in the possible risks and introduce China's enterprises facing the risk of cross-border mergers and acquisitions, according to the actual situation of domestic and foreign enterprises to participate in transnational mergers and acquisitions have a special need And the feasibility of introducing a cross-border mergers and acquisitions of enterprises, in particular, mergers and acquisitions in China over the situation in accordance with the two different methods of cross-border M & enterprises may exist in the risk classification, and focused on the analysis of cross-border mergers and acquisitions in China's enterprises the main risk The last cross-border M & Analysis of risk faced by the risk aversion measures against transnational mergers and acquisitions as well as the legal risks and financial risks, the risk of asymmetric information and cultural integration of the possible risks to circumvent the measures.

Keywords ：Cross-border mergers & acquisitions (CBM&A) Risk Prevention of risk Financial risk
目 錄

引 言-------------------------------------------------------------1
一、跨國(guó)并購(gòu)概論--------------------------------------------------------2
（一）跨國(guó)并購(gòu)的概念----------------------------------------------------2
（二）跨國(guó)并購(gòu)的動(dòng)機(jī)理論------------------------------------------------2
（三）企業(yè)跨國(guó)并購(gòu)的必要性---------------------------------------------3
（四）企業(yè)參與跨國(guó)并購(gòu)的可行性------------------------------------------ 3
二、我國(guó)企業(yè)跨國(guó)并購(gòu)面臨的風(fēng)險(xiǎn)--------------------------------------------4
（一）跨國(guó)并購(gòu)前的風(fēng)險(xiǎn)---------------------------------------------------4
1.戰(zhàn)略選擇風(fēng)險(xiǎn)-------------------------------------------------------- 4
2.市場(chǎng)制度風(fēng)險(xiǎn)-------------------------------------------------------- 4
3.法律風(fēng)險(xiǎn)------------------------------------------------------------ 4
（二）跨國(guó)并購(gòu)中的風(fēng)險(xiǎn)-------------------------------------------------- 4
1.財(cái)務(wù)風(fēng)險(xiǎn)------------------------------------------------------------5
2.反并購(gòu)風(fēng)險(xiǎn)----------------------------------------------------------5
（三）跨國(guó)并購(gòu)后的風(fēng)險(xiǎn)-------------------------------------------------- 6
1.經(jīng)營(yíng)風(fēng)險(xiǎn)------------------------------------------------------------ 6
2.整合風(fēng)險(xiǎn)------------------------------------------------------------ 6
三、我國(guó)企業(yè)跨國(guó)并購(gòu)應(yīng)采取的風(fēng)險(xiǎn)規(guī)避措施-----------------------------------7
（一）跨國(guó)并購(gòu)前的風(fēng)險(xiǎn)規(guī)避措施-------------------------------------------7
1.戰(zhàn)略選擇風(fēng)險(xiǎn)的規(guī)避措施---------------------------------------------- 7
2.市場(chǎng)制度風(fēng)險(xiǎn)的規(guī)避措施---------------------------------------------- 9
3.法律風(fēng)險(xiǎn)的規(guī)避措施-------------------------------------------------- 9
（二）跨國(guó)并購(gòu)中的風(fēng)險(xiǎn)規(guī)避措施------------------------------------------ 10
1.財(cái)務(wù)風(fēng)險(xiǎn)的規(guī)避措施------------------------------------------------- 10
2.反并購(gòu)風(fēng)險(xiǎn)的規(guī)避措施----------------------------------------------- 11
（三）跨國(guó)并購(gòu)后的風(fēng)險(xiǎn)規(guī)避措施------------------------------------------12
1.經(jīng)營(yíng)風(fēng)險(xiǎn)的規(guī)避措施------------------------------------------------- 12
2.整合風(fēng)險(xiǎn)的規(guī)避措施------------------------------------------------- 12
結(jié) 論-------------------------------------------------------------------- 17
致 謝-------------------------------------------------------------------- 18
參考文獻(xiàn)----------------------------------------------------------------- 19