| Since the development of construction machinery industry has formed a relatively mature market competition environment,the competition among domestic construction machinery enterprises is extremely fierce,M&A has gradually become an important means for China's construction machinery enterprises to expand market share,reduce costs and optimize the allocation of resources.However,the benefits and risks are always accompanied by the inevitable financial risk of the Enterprise in the M&A activities,so it is very important to control the financial risk in the process of M&A.This paper mainly uses the method of case study to select the case of M&A in construction machinery industry to acquire Tiancheng machinery as the research object,on the basis of relevant theories and research results at home and abroad,first introduces the M&A and the types of financial risk brought by it,and secondly introduces the current situation of M&A in China The financial risks existing in each stage of M&A are qualitatively identified,and then analytic hierarchy process and fuzzy comprehensive evaluation method are used to evaluate the M&A activity quantitatively,select the relevant indexes to calculate the scope of its financial risk,and find the most important influencing factors.The conclusion is that the financial risk affecting the acquisition of Tiancheng Machinery in Shaanxi Construction machine is at a medium risk level as a whole,and the main financial risk factors are strategy formulation and target selection risk and valuation risk.Finally,the paper combs the control measures and shortcomings of Shaanxi construction machine to financial risk in the process of M&A,and analyzes the effect of Shaanxi construction machine on financial risk control.Then it puts forward the Enlightenment of enterprises to the financial risk control of M&A,in order to provide useful reference and reference for similar enterprises to control financial risk in M&A. |
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