| With the continuous promotion of the "One Belt and One Road" policy,China is currently in a critical period of transforming the economic development engine and promoting high-quality development.Overseas M&A has become one of the important measures for Chinese enterprises to further expand the market and seek further development.Overseas m&a refers to the acquisition of assets of foreign enterprises in certain ways and paths in order to control the production,operation and management of foreign enterprises.Due to the increasingly complex external environment,and the number of failed cases of Chinese enterprises’ overseas MERGERS and acquisitions has also been increasing.Overseas MERGERS and acquisitions are faced with many uncertainties because the funds need to enter the new market environment.Combined with the impact of COVID-19 on global trade,companies need to be more cautious in overseas M&A activities.For general overseas MERGERS and acquisitions,m&a enterprises need to pay a large amount of funds,so the amount of funds needed to pay for overseas mergers and acquisitions often exceeds the scale of funds that most enterprises can provide.Therefore,Rational use of external financing is the key to the success of overseas M&A.As a leading enterprise in the aviation industry,HNA Group fell into bankruptcy and reorganization,which is closely related to its crazy overseas mergers and acquisitions and inadequate risk prevention and control.In order to summarize the experience and lessons and provide reference for other enterprises to carry out MERGERS and acquisitions,this paper takes HNA Group as an example to analyze the identification,evaluation and control of financing risks in its overseas MERGERS and acquisitions through the combination of theory and case analysis,and puts forward reasonable suggestions.This paper is mainly divided into the following parts: The first chapter mainly expounds the research purpose and significance,literature review,research methods and innovation points,research path and other contents in detail.Through a detailed review and summary of the existing research on the factors affecting the financing risk of overseas M&A,evaluation and control,this paper leads to the research questions.The second chapter is mainly to overseas m&a financing risk involved in the concept and theory of interpretation,exploring the reasons of the existence of the risk of financing including management risk preference,single financing channel,the limitation of laws and regulations and merger and acquisition operation is not standard,and to domestic enterprises in the process of m&a financing risks faced by the segmentation,Including financing payment risk,financing risk,exchange rate risk,interest rate risk.The third chapter mainly takes the acquisition of Ingram Micro International by Hna Group’s Tianhai Investment group as a case.Firstly,a series of risks in the acquisition are identified and analyzed from different perspectives.Secondly,the influence of the MERGER and acquisition on HNA Group is analyzed and evaluated by examining its operating capacity,debt paying capacity,development capacity,profitability and other financial indicators before and after the merger,so as to assess overall financing risks more comprehensively.Finally,the F score model is used to evaluate the financing risk of M&A quantitatively and summarize the case.The fourth chapter mainly finds the problems existing in the process of HNA Group’s financing and acquisition of Ingram Micro International and combines the current situation of China’s overseas M&A financing to put forward specific suggestions for Chinese enterprises to prevent the risks of M&A financing in the future overseas M&A.The fifth chapter mainly summarizes the core content of this paper and the possible shortcomings of this paper,including whether the numerical evaluation of financing risk by using F score model is scientific and comprehensive,and whether there is a more appropriate method for numerical evaluation of financing risk,etc. |
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