A Study On Financial Risks Of Listed Companies' Cross-border M&A And Its Influencing Factors

After 2008,the number of cross-border M&A of Information Technology Enterprises in China is increasing.Yet the industry's M&A benefits are generally not ideal.Excessive financial risk is one of the important reasons for its failure.The main problem of this paper is the research on the measurement of the financial risk and its influencing factors of Chinese Information Technology Enterprises.The purpose of this paper is to provide some theoretical guidance for the cross-border M&A of Information Technology Enterprises in China in order to more effectively control the financial risk of mergers and acquisitions.In this paper,the related literatures at home and abroad are sorted out,and the influential factors of cross-border M&A financial risk in Information Technology Industry are analyzed theoretically.Secondly,the overseas merger and acquisition events of China's Information Technology Industry between 2009 and 2014 were screened,and the financial risks of cross-border M&A of information technology industry were measured using the "Z-Score" model.Again based on factor analysis conclusion,the use of multiple regression analysis,transnational mergers and acquisitions of listed companies in information technology industry financial risk factors for empirical research and analysis,finally based on the above theoretical and empirical analysis,corresponding suggestions are given.Among them,this paper mainly draws the following conclusions:First,China's information technology the transnational mergers and acquisitions of listed companies make the enterprise financial risk increase obviously,generally speaking,the financial risk from mergers and acquisitions that year began to appear,and the financing,payment,due to the huge financing liabilities pressure change,and debt paying ability,profitability and thus,the second year after the financial risk in M&A is gradually under control.Second,the payment method and financial integration are the key factors that influence the financial risk of Chinese Information Technology Companies.Main innovation point of this article has two aspects,first is content innovation,academic circles for cross-border M&A integration of a large number of empirical study.However,is less involved in China's Information Technology Enterprise when carries on the cross-border M&A financial risk influence factors of research.The research of this paper can help to understand the influence factors of financial risk factors of cross-border M&A in Information Technology Enterprises and put forward corresponding policy suggestions.Followed by the method of innovation,this article innovative use of "Z-Score" model to measure of cross-border M&A financial risk information technology industry,the cash payment and financial integration factors were studied after the cross-border M&A's influence to the enterprise financial risk,the information technology industry in our country's future business activities,especially cross-border M&A activity provides the reference.