Research On Financial Risk Management Of Enterprise Mergers And Acquisitions Based On ERM

With the continuous improvement of China's comprehensive national strength,more and more enterprises choose to achieve the purpose of expanding production scale,expanding production channels,increasing industrial diversification,or implementing business strategies through corporate mergers.According to statistics,most of our enterprises Mergers and acquisitions ended in failure,and 75% of corporate mergers and acquisitions failed completely.In the face of this situation,it is important to actively explore the risks in the process of corporate mergers and acquisitions and form a perfect risk management system.After summarizing and thinking about the historical literature,this paper puts the management and control structure of the financial risk of corporate mergers and acquisitions on the basis of the ERM risk management framework.The main idea is "M& A financial risk identification-M & A financial risk assessment-M & A financial risk response-specific case application " Four steps.First of all,in the aspect of M & A financial risk identification,the entry point of the cause of M & A financial risk,combined with comprehensive financial analysis,supported by corporate financial data,makes the risk identification more accurate;second,the level of M & A financial risk assessment is introduced Analytical method,with the advantage of the mathematical matrix calculation,quantify the risk impact of the identified different levels of risk factors,and join the DCF model to evaluate the financial risk of M & A from the perspective of discounted cash flow Supplementary analysis;Next,the response to M & A financial risks is mainly elaborated from three aspects: risk avoidance,risk transfer,and risk self-support;finally,the specific case application part introduces the domestic largest environmental protection industry merger and acquisition case-Yingfeng Environment In the case of M& A Zhonglian Environment,the theoretical part is applied to specific cases,and specific explanations are made.The point of view of this article is that the reasons for the financial risks of corporate mergers and acquisitions mainly include asymmetric information,inconsistent assessment methods,unreasonable financing methods,improper financing structure,capital integration risks,and financial institution integration risks.Provide information to identify financial risks of M & A.At the same time,it can be seen from the analysis results of the analytic hierarchy process that the financial risk of Yingfeng Environment M & A Zhonglian Environment is more likely to exist at a lower level stage,and it stillneeds to be prevented.You can reduce the information by "widening the access to information " Asymmetric impact "," According to the requirements of the standards,reasonable estimation of payment consideration "," Enhance corporate credibility "," Optimization of financing structure "," Precautionary measures to reduce the negative effect of equity dilution "," Optimization of asset structure,rational use of finance "Leverage" and other channels to reasonably control the financial risks in the process of corporate mergers and acquisitions.