譯文（字數 3281）：

并購的財務風險研究

摘要

并購是一個高風險的活動。并購業務，無論是在準備階段，還是在合并的運營階段，或之后的整合階段，將伴隨著大量的不確定性。這些跨國并購所帶來的不確定性有可能導致巨大的財務風險。尤其在當前,更多的國內企業已經選擇了并購這條路。本文對并購的各個重點階段容易受到的財務風險分析，并對這些風險提出了防范措施。

關鍵詞：并購，財務風險，防范措施

在西方國家，并購有大約超過100年的歷史，交易規模不斷擴大。2000年，在我國，第五次全球并購浪潮達到一個高峰，并購在我國越來越受歡迎。例如，許多公司加快海外擴張和并購的步伐，許多企業選擇并購來渡過難關。正如我們所知道的，并購一定會有風險，比如：目標公司的評估，交易方法，或財務風險的選擇。如何才能避免這些風險？我們要選擇哪種方法？這就是這篇文章的目的。

外文原文（字符數 11866）：

外文出處： International Journal of business and management[J]January2009

The Study of Financial Risk in M&A

JohnA . Douka

Abstract

M &A is a risky activity. M & A business, whether in the preparation stage, or in the operational phase of the merger, or post-integration phase, will be accompanied by a large number of uncertainties. These uncertainties brought about by mergers and acquisitions could lead to a huge financial risk. In particular, more domestic enterprises have chosen the path of M & A. This article focuses on the various stages of the merger vulnerable to financial risks, and risks of these raised a number of preventive measures.

Keywords: M&A, Financial risk, Preventive measures

In the west countries, M&A have a history about more than 100 years, and transactions have been expanding. The 5th wave of global mergers and acquisitions peaked in 2000.In our country, M&A become more and more popular. For example, many companies step up the pace of overseas expansion and M&A. However, , many companies choose M&A to tide over the difficulties. As we known, M&A must have risks, for instance: estimate of target firms, choice of transaction method, or financial risks. How can avoid these risks? Which method should we choose? This is the purpose of this article.