成果1英文翻譯

1、Causes and Control of Finanl Risk inMergers & Acquisitions,Zongsheng LiuAbstract:The mergers & acquisitions of entrises are the managementactivities with high risks which exist through thewhole M&A activity, and thefinanl risk is the important influencing factor to impact the M&A. Byyzing ofvalue ev

2、aluation, financing activity and finanl risk in M&A, it is obvioustM&A is a property rights trading with high risk and the finanl risk is the importantfactor with the highest risk. Therefore, the before-event control and the mid-eventcontrol should be appd to prevent the finanl risk, and the after-e

3、vent controlshould be used to reduce the finanof M&A.l risk, and accordingly enhance the survival rateKeywords: Mergers & AcquisitionsCausesControlFinanlmotivationsFinanl risk1. Definition and causesysis of finanl riskt the finan&Al crisis happensThe finanl risk&A means thesibilityin certaerm becaus

4、e of the financing for M&A or the debts occurring&A. Anegrated M&A activity includes the selection of objective entrise, the valueevaluation of objective entrise, the feasibilityysis of M&A, the raising ofM&A capitals, the confirmation of pricing mode, and theegration after M&A.These parts all may p

5、roduce risk, and the finanfollowing aspects.l risk&A mainly comes from1.1 Finanentrisel risk when the party of M&A evaluates the value of objectiveThe base of M&A is the value evaluation of the objective entrise. At present,the value evaluation of the objective entrise in China is the evaluation acc

6、ordingthe basic principle and method procedures of the asset evaluation, and its rationality is impacted by various factors.1.1.1 Imperfect evaluation index system&A, a series of effective evaluation index system are deficient in China, and most relative regulations are principled without operation

7、values. The humansubjectivity in M&A could largely influence the M&A, so the M&A can not beimplemented according to the value rule of the market, and the problem of “eroofse assets” is hard to avoid, or to avoid the eroof se assets, the value of theobjective entrise is evaluated too highly to implem

8、ent the M&A.1.1.2 Lackinghe agencyanization serving for M&ABecause the independent agencyanization which can provide exactinformation and consulion service for M&A, the information costs of both partiesof M&A can not be reduced, and the behavior of M&A can not be guided and supervised, and the trani

9、on cost and risk will be increased certainly.1.1.3 Too much Some localdisadvantageous enternmental controls&Aernments force “matching” two entrises, and even merged theriseo the advantageous entrise by unreasonable tradingprice and finally dragged the feet of the advantageous entrise. The party of M

10、&Awas forced to accept not only the losses and debts of the disadvantageous entrise,but also the employees in the disadvantageous entrise. Theerference of theernment not only could make the trading price to deviate the value seriously, butbrought large management burden to the party of M&A.1.2 Finan

11、l risk brought by financing activity of the party of M&A1.2.1 Influence of different financing modesThe financing of M&A generally includes theerior financing and the exteriorfinancing. Theerior financing is the own capitals of the entrise, and thesecapitals can be freely dominated by the entrise, a

12、nd the financing prere is small,and nothing must be repaid, so the zero financing cost can effectively reduce thefinanl risk. But new finanl risk will be produced when only depending on theerior financing. On the one hand, because teral scale of Chientrisesis small and the profiting level is low, it

13、 is hard to quickly raise needed capitals onlydepending on their own accumulations. On the other hand, if theerior financing islargely adopted to occupy the precious flow capitals of the entrise, the quickreaction anptability of the entrise for the change of exterior environment willbe reduced, and

14、once the own capitals of the entrise are used for M&A, andrefinancing will be difficult, which will endanger the normal management of theentrise and increase the finanl risk. The exterior financing means raisingcapitals by exterior channels, and it includes the equity financing and the debtfinancing

15、. The equity financing has its limiions., China requires the stockfinancing rigidly, and long financing time makes against the chance of M&A. Second,the stock financing will inevitably change the equity structure of the entrise, anddilute the control right of big shareholders to the entrise, even th

16、e big shareholdersof M&A may lose the equity of the entrise.Comparing with the equity financing, the cost of the debt financing is lower, butin the present China, some entrises have higher debt rate and limited loaningability, and even the debt financing icsful, the entrise after M&A will be ona sti

17、cky wickethe competition because of too much debts and deteriorated capitalstructure. And when the debt is at term, the repayment of capitals anderests willincrease the finanl burden of the entrise, and improper arrangement will makethe entrise to geto the finanl crisis.1.2.2 Whether the finanl mode

18、 accords with the motivations of M&AThe M&A motivations here only meant the entrise of M&A wants to holdthe objective entrise temporarily or in a long term. If theof M&A istemporary to hold the objective entrise, and resell it aftroper alteration to earnthe price difference, the quiarge short-term c

19、apitals should be invested. Here, theshort-term loan mode with lower capital cost can be selected, but the repaymentburden of cost anderest is heavy, and the entrise is easy to geto the finanlcrisis because of improper arrangement. But if the buyer wants to hold the objectivecompany in a long term,

20、the concrete financing mode of M&A capitals should be confirmed according to the capital structure and the requirement of sustainablemanagement of the objective entrise. Therefore, the M&A entrise shouldmaain normal operation capitals, match the investment return terms with the loansorts, and reason

21、ably arrange the capital structure aiming at the debt repayment termsof the objective entrise.1.3 Finanl risk&AThough M&A is a short cut for the entrise to enlarge the scale, enteroother industries or enlarge the market share,but in M&A, because the managementconcepts, theanization structure, the ma

22、nagement system and the finanloperation modes of the M&A entrise and the objective entrise are different, the friction will occur inevitably, and if it had not been treated properly, not only theprofit of M&A will be neutralized, but also the competitive advantage of the originalentrise will be corr

23、oded. Espelly when the buyer lacks in experienand theinformation of seller and buyer are asymmetric, or the sellerentionally orunconsciously hides some very important news for the buyer which has not sufficientapperceiving ability, the buy may taste the “bitter result” in theegration after M&A.2. Co

24、ntrol of finanl risk&AThe risk control means those endeavors which can minimize the degree andfrequency of the risk, and it generally includes the preventing mode and the lighteningmode. Theention of t preventing is to reduce thesibilityt risk happens, andtheention of lightening is to lighten the de

25、gree of risk loss, and the risk preventingincludes the before-event control the mid-event control, and the risk lightening is theafter-event control.2.1 Before-event control of finanl risk in M&A: carefully select theobjective entrise of M&A2.1.1 Confirming the strengndition of the party of M&AExcep

26、t for emphasizing the value evaluation of the objective entrise, theentrise should objectivelyyze and evaluate its own strength, espelly thecapital strength, and reduce the unpractical and blind optimism and aggrandize itsown strength. In addition, it should realizet M&A is not only a kind of strate

27、gicbehavior, but also a kind of economic behavior, and the entrise should follow theprinciple of marketilization, not annex some entrises with heavy debt burdens,supers and historical burdens to obtahe political capitals for some leaders in China,which will make the entrise after M&A to get in embar

28、rassed situation. Leadersshould make decientrise.s rationally from theition to promote the development of the2.1.2 Reasonably evaluating the value of objective entriseThe asymmetric information of the two parties of M&A is the essential cause toproduce the risk of value evaluation of the objective e

29、ntrise, so the entrise ofM&A should try to avoid hostile M&A, and carefully check and evaluate theobjective company before M&A. The buyer can retahe investment bto plan therise, and e and thedevelopment strategy of the entrise, capture the objective entcomprehensivelyyze the industrial environment,

30、the finanl smanagement ability of the objective entrise, and reasonably predict the futureprofit ability of the objective entrise. The value evaluation of the objectiveentrise based ont will be close to the real value of the objective entrise andreduce the evaluation risk. In addition, the different

31、 value evaluation methods can beadopted to evaluate the same one objective entrise, and different primay beobtained. The buyer should decide the proper evaluation method according to the motivation of M&A, such as whether the objective company continually exists afterM&A, and whether the information

32、 of materials ifficient.2.2 Mid-event control of finanl risk&A2.2.1 Adopting various financing measuresWhen the entrise makes the financing decis, it should actively developdifferent financing channelch as the equity financing, the debt financing, the leverpurchase financing, and the buyer financing

33、 to implement M&A and push thebination andegration once the value of the objective entrise is confirmed,and control the capitals structure in a relatively reasonable range. Under this premise,the capital coming and the term structure of the debt can beyzed, and thefuture cash inflow and the debt rep

34、ayment of the entrise can be comed andmatched according to the term structure, and the flow weak poof future capitals ofthe entrise can be found out, and then the terms and the sum structure of long-termdebt and short-term debt are adjusted to minimize the capital cost.2.2.2 Adopting the mode of mix

35、ed paymentThe ent combinationown finanrise should be established in long-term, and adopt differentch as cash, debt and equity for the payment mode, combining with itslsus. If the buyer predictst the M&A could obtain large profitspace by effectiveegration, and it can adopt the mixed payment mode givi

36、ngpriority to debt payment, so the tax-offset could reduce the capital cost. And if thebuyer hafficient capitals and stable cash flows, and the cost of stock iance islarge or the stock value of the entrise is undervalued in the market, the mixedpayment mode giving priority to own capitals can be sel

37、ected. If the buyers finanlse is not good, and the asset debt is high, and the asset flow of entrise is bad, theshare exchange mode can be adopted to optimize the capital structure. Therefore, theentrises in M&A should deeply develop the mixed mergers, and study to adoptmultiple securitiepayment.ch

38、as company bond, convertibond and warrant for combined2.2.3 Adopting flexible mode of M&A to reduce the cash payoutThe maodes of M&A include following sorts.(1) M&A of mortgage. The objective entrise will be the mortgage to applyquiarge loans to the bfor M&A.(2) M&A of debt-undertaking and stock-con

39、trol. When the debts of the objectiveentrise mainly come from bloans and they are insolvent, the party of M&A canconsult with the bto independently undertake the repayment obligation, and thebshould allow the party of M&A to transfer the debt to the capital stock of theobjective entrise as the capit

40、al, and accordingly achieve the holding se.(3) M&A of stock-melon-cutting. When the asset of the objective entriseexceeds its debts, the party of M&A needs not buy the surplus asset of the objectiveentrise, but should consult with the owner or the asset management institution ofthe objective entrise

41、, and add the surplus asset of the objective entriseo theparty of M&A by the stock form, and share corresponding profit according to theshare.2.3 After-event control of finanl risk&A2.3.1 Establishing the finanl alarm management systemheegration term of M&A entrises, because the frequency of finanlf

42、luctuation and finanl risk happen is higher, so the finanl crisis of the entrisesof M&A easily occurs. Therefore, for the survival and development of the entriseof M&A, the entrise of M&A should properly establish scientific finanl alarmmanagement system to take precautions. The finanl alarm managem

43、ent system ofthe entrise of M&A is to take the finanl risk and finanl crisis induced by thefinanl management mistakes and the finanl pros fluctuationheegratedterm as the research object, and supervise them in order to ensure the gooddevelopment of the management se of the entpre-control and continua

44、lly remedy bad finanrise, and identify, evaluate, predict,l development tendency.2.3.2 Entrise divi: removing and separationThe removing meanst the entrise lends some existingpany,department, product production line and fixed asset to other companies, and returncash or portfolio. The separation mean

45、s the company distributes the share of thepany owned by the according to certain proportions,pany from thepany to shareholders in thepanyand accordingly separates the management of thepany in law andanization.he separationpros, the cash tranion will noppen, and the transfers of equity and controlrig

46、ht to the third party dont exist, and the present shareholders still keep their rightsto thepany and the separatedpany. The unadvisable M&A willrise, and the removing and separation canproduce disastrous consequent to the enthelp the entrise to remedy false annexation and reduce the finanl risk of M

47、&A.heegration pros, when the situation is largely different with theipationand the finanl se is not stable, such as the performance of the objectiveentrise is bad, the party of M&A can not burden theerest, and the stock price ofthe company falls, the entrise can remove or separate thispany.并購(gòu)中的財(cái)務(wù)風(fēng)險(xiǎn)控

48、制的原因,摘要:企業(yè)并購(gòu)是存在高風(fēng)險(xiǎn)的貫穿整個(gè)并購(gòu)活動(dòng)的管理活動(dòng),其中財(cái)務(wù)風(fēng)險(xiǎn)是重要的影響,通過價(jià)值評(píng)估分析,以及并購(gòu)中融資活動(dòng)和財(cái)務(wù)風(fēng)險(xiǎn)，顯而易見,并購(gòu)是一個(gè)高風(fēng)險(xiǎn)的交易,財(cái)務(wù)風(fēng)險(xiǎn)是具有最高風(fēng)險(xiǎn)的重要。因此,事前控制和事中控制應(yīng)防止財(cái)務(wù)風(fēng)險(xiǎn),和事后控制應(yīng)用于降低財(cái)務(wù)風(fēng)險(xiǎn),從而提高了并購(gòu)中的存活率。：并購(gòu)財(cái)務(wù)財(cái)務(wù)風(fēng)險(xiǎn)成因 控制1.對(duì)企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)定義和產(chǎn)生原因的分析企業(yè)并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)指的是金融發(fā)生的可能性，在一定期限內(nèi)由于融資并購(gòu)或因并購(gòu)發(fā)生的。一個(gè)集成的并購(gòu)活動(dòng),包括目標(biāo)企業(yè)的選擇,目標(biāo)企業(yè)的價(jià)值評(píng)估,并購(gòu),并購(gòu)的籌集，定價(jià)模式確認(rèn)的可行性分析，和并購(gòu)后的整合。這些都可能會(huì)產(chǎn)生風(fēng)險(xiǎn),財(cái)務(wù)風(fēng)險(xiǎn)

49、的并購(gòu)主要來自以下幾個(gè)方面。1.1 客觀評(píng)估并購(gòu)方企業(yè)價(jià)值的財(cái)務(wù)風(fēng)險(xiǎn)并購(gòu)的基礎(chǔ)是目標(biāo)企業(yè)的價(jià)值評(píng)估。目前,目標(biāo)企業(yè)的價(jià)值評(píng)估是根據(jù)資產(chǎn)評(píng)估的基本原理和方法的程序的評(píng)價(jià)，以及其合理性是受各種的影響。1.1.1 不完善的評(píng)價(jià)指標(biāo)體系在并購(gòu)中，一系列有效的評(píng)價(jià)指標(biāo)體系,缺乏相關(guān)規(guī)定,大多數(shù)是沒有操作價(jià)值原則。人類的主體性在并購(gòu)上可以很大程度的影響并購(gòu),所以并購(gòu)不能根據(jù)市場(chǎng)價(jià)值規(guī)則的實(shí)施，以及“國(guó)有資產(chǎn)流失”是,或?yàn)楸苊鈬?guó)有資產(chǎn)的流失，對(duì)目標(biāo)企業(yè)的價(jià)值評(píng)價(jià)太高而難以實(shí)施并購(gòu)。1.1.2 缺乏中介機(jī)構(gòu)服務(wù)于企業(yè)并購(gòu)因?yàn)楠?dú)立機(jī)構(gòu)可為并購(gòu)提供準(zhǔn)確的信息和服務(wù)，并購(gòu)雙方的信息成本無法降低,且并購(gòu)行為無法被引導(dǎo)

50、和監(jiān)督,那么交易成本和風(fēng)險(xiǎn)當(dāng)然增加了。1.1.3 在并購(gòu)中過多的一些地方強(qiáng)制“匹配”兩家企業(yè),甚至是通過不合理的交易價(jià)格合并了不利的企業(yè)到優(yōu)勢(shì)企業(yè)去，并最終拖累企業(yè)有利的腳。并購(gòu)僅被迫接受不利企業(yè)的虧損及,而且被迫接受不利的企業(yè)員工。通過并購(gòu)方的融資活動(dòng)帶來的財(cái)務(wù)風(fēng)險(xiǎn)不同融資方式的影響并購(gòu)一般包括融資和外部融資。融資是企業(yè)自己的,而且這些可以由企業(yè)可支配，金融壓力小,并沒必須償還的,所以零融資成本可以有效地降低財(cái)務(wù)風(fēng)險(xiǎn)。但新的財(cái)務(wù)風(fēng)險(xiǎn)將只取決于融資。一方面，由于中國(guó)企業(yè)普遍規(guī)模小、水平低,只靠自身的積累很難迅速籌集所需。另一方面,如果融資主要是通過占據(jù)企業(yè)的寶貴的資本,企業(yè)的快速反應(yīng)和適應(yīng)性變

51、化的外部環(huán)境將降低,一旦企業(yè)的自有用于并購(gòu)，那么再。外部融資是指由外融資將是的，這將危及企業(yè)的正常管理和增加部籌金,它包括股權(quán)融資和融資。股權(quán)融資有其局限性。首先,中國(guó)需要嚴(yán)格融資,長(zhǎng)時(shí)間融資不利于并購(gòu)的機(jī)會(huì)。第二,融資將不可避免地改變企業(yè)的股權(quán)結(jié)構(gòu),并且削弱大股東對(duì)企業(yè)的控制權(quán),甚至并購(gòu)的大股東可能失去企業(yè)的股權(quán)。與股權(quán)融資相比,融資的成本較低,但在目前的中國(guó),一些企業(yè)有較高的比率以及出借能力有限,甚至融資成功,并購(gòu)后的企業(yè)將因?yàn)樘嗟暮偷馁Y本結(jié)構(gòu)在競(jìng)爭(zhēng)中陷入泥淖。當(dāng)?shù)狡跁r(shí),償還資本和利益會(huì)增加企業(yè)的財(cái)務(wù)負(fù)擔(dān),安排不當(dāng)會(huì)使企業(yè)陷入金融。1.2.2 金融模式是否符合并購(gòu)的這里的并購(gòu)只意味著并購(gòu)

52、的企業(yè)想要保持企業(yè)暫時(shí)或長(zhǎng)期目標(biāo)。如果并購(gòu)的目標(biāo)是暫時(shí)的目標(biāo)企業(yè),并適當(dāng)改造后轉(zhuǎn)手賺取差價(jià)，那么應(yīng)該投入相當(dāng)大的短期資本。在這里,短期模式可以選擇較低的資本成本,但成本和利息的還款負(fù)擔(dān)很重,并且企業(yè)因?yàn)椴贿m當(dāng)?shù)陌才?很容易陷入金融。但是如果買方想要長(zhǎng)期持有目標(biāo)公司，并購(gòu)資本的具體融資模式應(yīng)根據(jù)資本結(jié)構(gòu)和目標(biāo)企業(yè)的可持續(xù)管理的要求來確認(rèn)。因此,并購(gòu)企業(yè)要維持正常的運(yùn)轉(zhuǎn),投資回報(bào)與類型匹配,并合理安排針對(duì)目標(biāo)企業(yè)的還款條件資本結(jié)構(gòu)。1.3 并購(gòu)財(cái)務(wù)風(fēng)險(xiǎn)雖然并購(gòu)是一條捷徑,為企業(yè)擴(kuò)大規(guī)模,進(jìn)入到其他行業(yè)或擴(kuò)大市場(chǎng)份額，但在并購(gòu)中，因?yàn)楣芾砝砟?組織結(jié)構(gòu),管理制度和金融并購(gòu)企業(yè)和目的企業(yè)操作模式是不同的,摩擦不可避免會(huì)發(fā)生,并且如果它沒有被妥善處理，不僅會(huì)抵消并購(gòu)的利潤(rùn),而且還會(huì)腐蝕原有企業(yè)的競(jìng)爭(zhēng)優(yōu)勢(shì)。尤其是當(dāng)買方缺乏經(jīng)驗(yàn),的信息不對(duì)稱,或賣方有意或無意識(shí)地隱藏了一些非常重要的消息,買方?jīng)]有充足的感知能力,可品