Study On The Rsk Of Cross-Border Merger And Acquisition Of Chengdu Techcent Environment

With the development and growth of Chinese economy in recent years,the state encourages enterprises to go abroad.According to the transaction volume and transaction amount of Chinese enterprises’ M & A activities in 2022,China accounts for about 15% of the global M & A market,among which cross-border mergers and acquisitions occupy an important place.But not all the cross-border mergers and acquisitions activities of domestic enterprises can be successfully completed.Since 2016 day xiang environment for the succession in paladin,sheng teng and the green protect three overseas mergers and acquisitions,due to in the process of international mergers and acquisitions for risk management and avoid way,enterprise itself is facing the crisis and problems,in addition to the paladin m & a complete,the green insurance and the sheng teng merger plan were forced to suspend,Tianxiang environment also in debt crisis,in August 2021 by the Shenzhen stock exchange delisting,delisting.This thesis expounds the enterprise situation of Tianxiang Environment and the acquisition of palarin,AS and BWT,and analyzes the cross-border mergers and acquisitions of Tianxiang Environment from multiple perspectives.First of all,the merger and acquisition process is combed,the causes of merger and acquisition are analyzed,and then the problems existing in Tianxiang Environment before the merger and the risks in the process and after the suspension of merger and acquisition are analyzed through factor analysis and entropy method.It can be seen day xiang environment before the mergers and acquisitions enterprise itself insufficient liquidity,strategic positioning is not clear,when choosing mergers and acquisitions,did not do a detailed investigation,in the process of mergers and acquisitions,financing methods and structure produced a lot of debt,the multinational companies are not familiar with the laws,policy,although cost a lot of manpower,but day xiang environment not advantage by international mergers and acquisitions,but because of mergers and acquisitions risks and debt crisis will day xiang environment into the mud,lead to the delisting.According to the enlightenment obtained from the case analysis of Tianxiang Environment,suggestions are given for Chinese enterprises to carry out cross-border mergers and acquisitions in the future.Enterprises should have a clear strategic planning,carefully select the merger objects,pay attention to the integration after the merger,strengthen scientific research investment,and prevent and control risks in an all-round way.