Research On The Financial Risk Prevention Of Chinese Enterprises' Overseas Mergers And Acquisitions

In the rapid development of the global economy and accelerating the integration process under the background of the times,many enterprises China if it is contrary to the economic development of industry trend.The implementation of overseas mergers and acquisitions for enterprises to expand overseas business,the accumulation of capital,enhance the comprehensive strength to participate in global competition increasingly prominent role,and even become the only way which must be passed the enterprise development and expansion of the key nodes and bigger and stronger.Chinese enterprises overseas mergers and acquisitions in the macro background of economic transition period Chinese,after nearly thirty years of development has become increasingly active and has made remarkable achievements.However,keen on overseas mergers and acquisitions can not be ignored The huge risk in the process,financial risk as one of the major risks of overseas M & A,runs through the whole process of M & A.once the prevention or control of misconduct,directly affect the ultimate success or failure of overseas M & A.In view of this.This paper takes Guangming Dairy Co.,Ltd as an example to study the prevention and control of financial risk of overseas mergers and acquisitions of Chinese enterprises.It provides a theoretical and practical reference for Chinese enterprises to solve such problems in the future overseas M & A activities.The main body of the thesis consists of the following six chapters.The first chapter is the introduction.The introduction part introduces the research background and significance.Secondly in domestic and abroad are described in detail and combing the relevant literature on overseas mergers and acquisitions risk prevention and control of the financial aspects,and make brief comments on it.Then the research content and ideas of this paper are summarized and elucidated,and the introduction of research methods used in this thesis.The second chapter carries on the analysis to the overseas mergers and acquisitions theory of financial risk prevention.The reasonable definition of related concepts of the first chapter of this paper is to discuss the scope,so as to determine the topics;then analyzes the motivation theory of overseas mergers and acquisitions,as the core of the research content of the supporting theory,this paper will research the more using this theory around to discuss the case;finally the classification and description of types and connotation of financial financial risk of overseas mergers and acquisitions,and made a detailed analysis and demonstration on the necessity of financial risk prevention of enterprises overseas mergers and acquisitions.Chapter three analyzes the typical case of Bright Group's merger and acquisition of Israel's Tunva.Firstly,this part briefly introduces the background of Bright Group's merger and acquisition of Israel's Tunva Company and the process of its merger and acquisition.Then select the financial index data from 2012 to 2016 to analyze the profitability,solvency and operating capacity of Guangming Group before and after M & A.Therefore,it provides the factual basis for evaluating the main financial risks hidden in the M & A activity of Guangming Group.On this basis,the financial risk in each phase of the acquisition of Guangming Group is analyzed one by one,and the financial risk of the acquisition of Guangming Group is analyzed.The countermeasures to deal with the hidden dangers of M &A financial risks are expounded and evaluated,which lays a solid foundation for the content of the next chapter(i.e.,the insufficiency and revelation of the existence of the financial risk prevention of overseas M &A).The fourth chapter is the Guangming group of overseas mergers and acquisitions of financial risk problems and enlightenment.This chapter is the case analysis as the basic content of the third chapter,on the basis of the theory above,the Guangming group merger process of financial risk in overseas,and in-depth analysis of the main reasons for these problems,at the same time get some revelation from the case in practical problems in order to help the research on this topic in the presence of pertinent suggestions.The fifth chapter is the optimization of Chinese enterprise financial risk prevention recommendations for overseas acquisitions.No matter is the theory research on the financial risk of overseas mergers and acquisitions,general analysis and case found that the final settlement of the purpose of winning settled on the problem.So this part on the basis of the above,thanks to the comprehensive risk management theory,put forward the enterprise overseas mergers and acquisitions the financial risk guard and control measures in general from various stages of mergers and acquisitions.The sixth chapter is the conclusion and Prospect of the research.At the same time to summarize the significance of this paper,a review of the literature review system,and then summarizes the analysis on the theoretical level and empirical level,list the main conclusions,the application value of this study,and the Enlightenment of cross-border mergers and acquisitions of financial risk control for enterprises and countries,finally points out the shortcomings of this paper and the methods to solve the possible future.The main contribution of this paper lies in: Based on one hand on the basis of the previous,the overseas merger and acquisition of the concept of financial risk to make a detailed definition of the main idea;the comprehensive risk management theory and specific measures applied to overseas mergers and acquisitions of financial risk prevention and control to further enrich the domestic theory based on this topic the typical case study.The latest research on the other hand,using the method of combination of qualitative and quantitative analysis on the full-scale enterprises overseas mergers and acquisitions of financial risk,analysis of the content and the conclusion is special case of itself,but also has general characteristics through case studies,On the basis of summarizing the beneficial experience and shortcomings,this paper puts forward some specific suggestions for preventing the financial points of overseas mergers and acquisitions,which has certain theoretical contributions and practical values.The inadequacies of this article are mainly two aspects,one is the research content of relative isolation and single.This article only selects a single case of food industry in-depth mining of overseas mergers and acquisitions of financial risk,the financial key factors outside the political,legal,information,market operation and subsequent higher risk factors did not influence two is the investigation involved.The content is limited,the research analysis has great subjectivity.The selected case Guangming group merger Israel Tunva detailed financial data and the acquisition of both confidential information,only through the analysis of mergers and acquisitions both earnings data publicly,limitations More obvious.