譯文（字數 4888）：

管理科學與工程

Vol. 8, No. 3, 2014, pp. 27-30

DOI:10.3968/5213

中國企業跨國并購的財務風險

摘要

隨著中國企業的整體實力和國家走出去戰略，跨國并購作為發起的中國企業得到了蓬勃發展。然而，與發達國家相比，中國企業開始了他們的并購晚，缺乏經驗和專業人士。其結果是，中國企業面臨著跨國并購的多種風險，特別是與金融風險。本文基于對中國企業跨國并購近年來案例的分析，解釋了金融風險是如何形成的，并終于想出了有效的預防措施。

關鍵詞：中國企業；跨國并購；金融風險

1.概述跨國并購的金融風險

財務風險是指償付風險回報，并改變股東在企業跨國兼并和收購（簡稱M＆As）的過程中融資決策引發的。企業往往要經歷三個階段估值，融資和支付，在跨國并購的過程?；诠乐?，融資和支付，決策影響企業的資產結構，甚至他們的償付能力，并返回到他們的股東。此外，跨國并購作為使用國際貨幣最多的國家。變化的匯率影響企業盈利，以及股東回報。因此，也有金融風險的四種主要類型：估值風險，融資風險，支付風險和匯率風險。

外文原文（字符數 15784）：

Management Science and Engineering

Vol. 8, No. 3, 2014, pp. 27-30

DOI:10.3968/5213

Financial Risks of Chinese Enterprises’ Cross-Border Mergers and Acquisitions

Abstract

  With overall strength of Chinese enterprises and national going out strategy, cross-border M & As initiated by Chinese enterprises have been booming. However, compared with developed countries, Chinese enterprises started their M & As late and lacked experience and professionals. As a result, Chinese enterprises faced with numerous risks in cross-border M & As, especially with the financial risks. This paper, based on the analysis of Chinese enterprises’ cross-border M & As cases in recent years, explained how the financial risks formed and finally came up with efficacious precautionary measures.

Key words: Chinese enterprise; M & As; Financial risks

1.OVERVIEW OF FINANCIAL RISKS OF CROSS-BORDER M & AS

  Financial risks refer to the reimbursement risks and change of returns to shareholders triggered by financing decision in the process of enterprises’ cross-border mergers and acquisitions (abbr. M & As). Enterprises often go through three phases—valuation, financing, and payment—in the process of cross-border M & As. Based on valuation, financing, and payment, decisions affect enterprises’ assets structure and even their solvency and returns to their shareholders. In addition, cross-border M & As use an international currency for most countries. Change in exchange rates affects corporate earnings, as well as shareholders’ returns. Therefore, there are four main types of financial risks: valuation risk, financing risk, payment risk, and exchange rate risk.