Chutian High-speed Merger And Acquisition Of Miki Intelligent Financial Risk Research

In the increasingly severe market competition,enterprises have adopted mergers and acquisitions to find new breakthroughs.For enterprises,through mergers and acquisitions,they can expand their market share,achieve the best economic scale,complement each other’s resource advantages,achieve strong alliances,and embark on the road of high-quality development;For society,mergers and acquisitions can promote the rational allocation and utilization of social resources,revitalize the capital market,stimulate economic vitality,and promote the optimization and upgrading of industrial structure.Therefore,mergers and acquisitions are favored.However,the process of mergers and acquisitions is often accompanied by a series of financial activities such as valuation,financing,payment,and integration,and different financial risks are hidden behind each financial activity.The study of financial risks in M&A can help guide enterprises to identify and analyze possible financial risks in the M&A process,and formulate targeted prevention and control measures according to the types of financial risks to improve the success rate of M&A.Based on the above background,this paper takes Chutian Expressway’s acquisition of Miki Intelligent as the research object,and studies the financial risks in this merger by using literature research method,case analysis method,quantitative analysis method,etc.Firstly,the research results of domestic and foreign scholars in M&A financial risk are sorted out and summarized,and the relevant concepts and theoretical foundations of M&A financial risk are expounded.In the specific case analysis,the first is to introduce the parties to the merger,the motivation of the merger and the implementation process of the merger,and secondly,to identify the financial risks existing in the process of the merger,including valuation risk,financing risk,payment risk and integration risk,and use relevant financial indicators and The F-score model provides a comprehensive assessment of this financial risk.On this basis,this paper also analyzes the financial risk countermeasures adopted by Chutian High-speed acquisition of Miki Intelligent and their response effects,which mainly introduces the valuation,financing,payment and integration risk countermeasures,and analyzes the adverse consequences to the enterprise due to the shortcomings of the countermeasures taken this time,and then points out the shortcomings of the countermeasures.Finally,by summarizing the lessons learned in the case,it makes suggestions on how to prevent financial risks for other enterprises to carry out the same type of M&A.Based on the research on the financial risks of Chutian Expressway’s acquisition of Miki Intelligence,this paper mainly draws the following conclusions: first,financial risks run through all aspects of M&A activities,including valuation risk,financing risk,payment risk and integration risk;Second,the financial risk response measures adopted by Chutian Expressway in this merger and acquisition were flawed and failed to play their due role,so that it brought a series of adverse consequences to the company;Third,formulating a set of reasonable M&A financial risk prevention measures is of great significance to the success of M&A,including scientific assessment of enterprise value,formulation of effective performance assurance measures,formulation of reasonable consideration payment schemes,and improvement of integration mechanisms.