Study On The Financial Risk Evaluation And Control Of Mergers And Acquisitions

Corporate mergers and acquisitions are inevitable trend accompanied by the deepening of economic globalization. However, corporate mergers and acquisitions have tremendous risk,especially large corporate acquisitions. Mergers and acquisitions involve huge sums of money to pay, and financial activities of mergers and acquisitions are throughout the whole process of design and implementation. Financial risk is as a major factor affecting the success of the merger. Financial risk of the corporate mergers and acquisitions refers the possibility that the enterprise may face merger fails after the market value increases. That how scientific analysis types of financial risk of mergers and acquisitions, the correct evaluation of financial risk of mergers and acquisitions and effective countermeasures that proposed for financial risk of mergers and acquisitions have important guiding significance.Firstly, the thesis sorts out the current research on mergers and acquisitions and defines related concepts of it and its financial risk; then analyzes and summarizes the types of financial risk of the Mengniu Yashili M&A Case that include pricing risk of target enterprise, financing risk, the risk of post-paid and merger integration risk, and analysis causes of the financial risk according types of the financial risk; then according to the causes of the financial risk analysis of the Mengniu Yashili M&A Case, selects appropriate indicators to establish the evaluation system of financial risk of mergers and acquisitions, and constructs fuzzy comprehensive evaluation model of the financial risk. Finally, it analyses the control measures of the Mengniu Yashili M&A Case that include pricing risk of target enterprise, financing risk, the risk of post-paid and merger integration risk, and get evaluation and inspiration of the control measures. The thesis can provide theoretical support for enterprises by studying financial risk evaluation and control of mergers and acquisitions of the Mengniu Yashili M&A Case, and comprehensive evaluation model of the Mengniu Yashili M&A Case can give guide for financial risk evaluation of corporate mergers and acquisitions.The results of the thesis show that: in the Mengniu Yashili M&A Case, the financial risk is a major factor affecting the success of mergers and acquisitions,including pricing risk, financing risk, payment risk and integration risk. The results show that the integration of risk and financing risk are the more important factors, and the case is at a lower level of risk. Integration work is still the most important work of Mengniu.The in-depth study of evaluation and control of China’s M & A financial risk can encourage enterprises to take corresponding measures to prevent financial risks and improve the success rate of mergers and acquisitions.