The Financial Risk Analysis In The Cross-border M&a

Merger and acquisition is an important asset restructuring economy optimization activity.Along with the globalization,mergers and acquisitions in various medium enterprise gradually.Enterprise is restructured reform after the merger,which is the important purpose of m&a.In enterprise mergers and acquisitions activity,how to correctly understanding the essence of mergers and acquisitions and the development trend is the most important.Since reform and opening up the history of mergers and acquisitions of domestic company there has been more than ten years,but for cross-border m&a research is very few.This article begins with the study of transnational mergers and acquisitions and background to carry on the brief introduction,and summarized the domestic and foreign related literature and research achievements of m&a and insufficient places at the same time the historical research results as the breakthrough point,as the innovation of this article.The second part of mergers and acquisitions related theory,and explains the relevant theories about m&a motivation.And then to our country at present,the status quo of transnational merger and acquisition are introduced,summarizes the history of our country transnational mergers and acquisitions in the aspect of finance.The third part,according to the order of mergers and acquisitions on the development process of mergers and acquisitions of a summary on the three stages of financial risk,valuation risk as the main at the early stage of the merger,acquisition is given priority to with the financing risk and payment risk,mid late acquisition by profit-seeking,solvency,enterprise operational risk,and integrate their risk.On the analysis of the possible risk of each stage,the past enterprise is given according to different risk management of risk of and in transnational mergers and acquisitions of financial risk control problems still can face,the second and third parts,providing theoretical basis for later analysis of the case.The fourth part is the case analysis of the article,.Due to the three major m&a activity of the lenovo lenovo is one of the few in the history of mergers and acquisitions cases has the research value of the enterprise,so the study on three times m&a cases lenovo group as the research object,the thorough analysis in financial situation before and after mergers and acquisitions and mergers and acquisitions in theprocess of financial risk.Every time due to the limited word length,in this paper,the acquisition of the detailed process and the acquisition before the two sides of the enterprise's development experience to do detailed introduction,on the financial statements of the each m&a have done detailed analysis,and at the same time for each stage of financial risk analysis,and gives the lenovo for resolution of these risks.The fifth part,summarized in transnational mergers and acquisitions to improve the financial risk control in the future.Finally,to summarize the study,and give some inspirations for other enterprises in China and a new era under the financial crisis in the future.