The Study On Financial Risk In Cross-border Mergers And Acquisitions Of Enterprises

With the acceleration of economic globalization,in order to improve their competitiveness,domestic enterprises have carried out a large number of mergers and acquisitions in the international market,and the industry coverage has continued to expand.In recent years,the manufacturing industry has ranked among the top in the industry rankings with the most concentrated cross-border M & A transactions by Chinese companies.According to statistics,the cross-border M & A failure rate of Chinese companies is much higher than the world average.However,research shows that most companies' M & A failures are reflected in financial risks.Based on this,it is particularly important to study the financial risks of overseas M & A.Therefore,this article takes BOE's merger and acquisition of French SES as an example to study the financial risk of overseas mergers and acquisitions,and proposes targeted prevention and control measures.This article is divided into five parts.The first part sorts out the domestic and foreign literature related to the financial risks of overseas mergers and acquisitions,and summarizes and summarizes them.The second part expounds the relevant theories of overseas mergers and acquisitions of enterprises,focusing on combing the types and causes of financial risks of overseas mergers and acquisitions,and providing a theoretical basis for the subsequent case analysis.The third part introduces the case of BOE's merger and acquisition of French SES,including the background introduction of the merger and acquisition parties,the merger and acquisition process,the merger and acquisition plan and the motivation of both parties.The fourth part deeply analyzes the case of BOE's merger and acquisition of France SES,focusing on the in-depth analysis of the four risks of enterprise value assessment risk,financing risk,payment risk and integration risk,introducing the causes of each risk and analyzing these four risks.Analysis and evaluation of management measures taken.The fifth part draws the conclusions of this article,and proposes specific control suggestions for domestic companies' overseas M&A financial risks from the corporate level and the government level,especially the corresponding preventive measures for each type of risk,and extracts the risk management implications for reference.Through the analysis of specific cases,it can be concluded that this article believes that BOE has made appropriate management measures for value assessment risks and payment risks during the implementation of mergers and acquisitions,and the risks are within the controllable range;But in general,the benefits far outweigh the disadvantages;after the completion of the merger and acquisition,the French SES company made a comprehensive integration,but found that financial integration is still worthy of careful consideration and needs to focus on.It is hoped that this case can help Chinese companies to adopt reasonable solutions in overseas mergers and acquisitions to avoid financial risks,reduce the failure rate of mergers and acquisitions,and achieve real success in overseas mergers and acquisitions.