| Mergers and Acquisitions (M&A), which is about trading of property right, is one of the most important approaches for enterprises to grow up through the transfer of property right to realize the change of corporate control and resources' re-organized. However, there are many cases that are finished with failure or don't reach the objects in practices, which mainly because many enterprises haven't taken enough actions of risk management. In fact, M&A is a capital operation with height risk, of which strengthening the management of risks is the point. This thesis analyses factors of the risk in M&A and works out corresponding measures. At the same time, it gives some advice to the risks existing in our country's M&A, which may make sense in the risk management of M&A in our country.This thesis is divided into five parts. The first chapter, serving as the introduction, provides some relevant background and gives the general description of literatures concerning these field and the methods used in the paper. The second chapter presents concepts of M&A and risks of M&A, then analyses the character of risks of M&A and carries out multianalysis on the risk factors in different stages of M&A, including strategy risk, pricing risk, integration risk and so on. The third chapter gives some methods of risk management on the basis of the second chapter, including identification, estimate and treatment of M&A risks. According to our own economy situation, the fourth and the fifth part, the pivot of the whole paper, examine the issues concerning the risk management of M&A in our country, the fourth part introduces the status quo of M&A in our country and then analyses main risks through real cases, including internal nonsystematic risk and external systematic risk; The fifth part gives some advice such as feasibility analysis, integration and optimization of environment and also suggests construct an effective risk management system to deal with M&A risks in order to make M&A be successful. |
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