财务管理专业外文翻译--企业并购财务风险研究.pdfVIP

外文原文

TheStudyofFinancialRiskinMA

1.ThebackgroundanalysisofMA

Inthewestcountries,MAhaveahistoryaboutmorethan100years,and

th

transactionshavebeenexpanding.The5waveofglobalmergersandacquisitions

peakedin2000.Inourcountry,MAbecomemoreandmorepopular.Forexample,

manycompaniesStepupthepaceofoverseasexpansionandMA.However,under

thepressureofRMBappreciation,manycompanieschooseMAtotideoverthe

difficulties.Asweknown,MAmusthaverisks,forinstance:estimateoftarget

firms,choiceoftransactionmethod,orfinancialrisks.Howcanavoidtheserisks?

Whichmethodshouldwechoose?Thisisthepurposeofthisarticle.

2.ThecauseoffinancialriskinMA

2.1Overestimateorunderestimatethevalueoffirmsleadtotherisk

2.1.1Informationasymmetryisthemajorfactorwhichimpactstheestimation

BecauseofInformationasymmetry,targetfirmalwaysconcealadverse

informationandexaggerategoodinformation.Biddersalsoexaggeratetheirstrength,

disclosurebetweenthemareinadequateordistorted.Therefore,failureswhichresult

fromrashactionscanbefoundeverywhere.Therearemanyinformationrisks,fortow

importantexamples:first,equityrisk,equityisveryimportantinanyfirms,however

therearedifferencebetweentheofferinformationandthereal,theseillusive

informationthreatenthesucceedofMA;second,debtinformationrisk,ifthisrisk

wouldnotbefound,alargedebtwillfalltothebidderswithnoreasons.

2.1.2Lackofrationalevaluationmethods

Therearethreeevaluationmethods:replacementcostmethod;marketvalue

method;thepresentvalueofearnings,betweenthem,marketvaluemethodhashigh

requestabout