The Research On The Management To Finance Risk During M&A Of Listed Companies

China has achieved great success in economic construction since Reform and Opening. As an important part of socialist economy, the development of our Capital Market, especially the Stock Market, becomes the focused point more and more often. The qualification of Chinese listed companies has great meanings for our Stock Market'development. But we must say there are still many questions behind the Mergers & Acquisition in the initial stage of socialist economy.After reading many books and papers, the paper tends to think the higher price and the unsuited Financing during M&A are the main rain reasons—Finance risks. Reviewing the research on Finance Risks of M&A, the author tries to do something in the field, putting forward some systemic methods to avoid the kind of risk. On the basis of recounting the concept and division of M&A, and the Finance risk of M&A, the paper gave some reasons and methods to management to M&A. Meanwhile, the paper brings forward some methods to avoid this kind of risks.There are six parts in paper:Chapter 1: The concept and general research about M&A. Reciting the related theories of M&A, including the concept and motive reasons, looking back at the stations of development of Listed Companies and summarizing the main questions during M&A of Listed Companies in China.Chapter 2: Finance risks during M&A. Following the last chapter, the paper gives the concepts of risk and finance risk during M&A, clarifies the finance risk'sorts and clears the meanings of the management to finance risks during M&A of Listed Companies.Chapter 3: Identification to M&A of Listed Companies. It is a systemic project to identify the finance risks of M&A. The paper lists several objects to identify finance risks of M&A, and uses the Delfi Method and Fuzzy Evaluation to evaluate this kind of finance risks.