The Study, Based On Risk Management Point Of View Of Cross-border Mergers And Acquisitions Of Chinese Enterprises

Under the new situations of economic globalization, countries worldwide have been tightly dependent upon each other. Not any country could make successful economic construction without any interaction with other countries. This trend of global M&A is the consequence of countries'increasing economic dependency on each other and has already become an obvious feature of current world economy.As China has kept its continuous opening up process in economy, which means Chinese enterprises have to take part in even more fierce market competition internationally. Compared with developed countries, China's cross-border M&A is still at its infant stage in term of investment volumes. However, multi-national companies in China are growing in both size and number. Obviously, how to apply cross-border M&A theory and risk management to discussing the cross-border business based on Chinese companies'circumstances is a worthwhile topic.This thesis is composed of seven parts. Chapter one is a brief introduction of the background information, the theoretical foundation, the rationale and the significance of the present study. Chapter two introduces the relevant concepts and types of cross-border M&A, as well as the theory of risk. Chapter three provides detailed description and analysis of the cross-border M&A of Chinese enterprises, including its history, motivation, property and tendency. Chapter four introduces the risks of cross-border M&A, including the analysis of some cases. Chapter five mainly analyses the risk management, including the characters, process and methods of risk management. Chapter six is a case of TCL, which detailed analyses the background, processes, motivation and results of its cross-border M&A. Based on the theory and reality, Chapter seven provides suggestions for Chinese enterprises on how to prevent and control risks of the cross-border M&A.In a word, the main objective of this thesis is to remind those enterprises which actively participate in the cross-border M&A of that the cross-border M&A is a double-edged sword. When we see the benefit it could bring us, we should also consider the potential risk and take preventive measures. The whole seven parts not only cover general theories but also Chinese enterprises'actual practice of cross-border M&A which are likely to unleash Chinese companies'comparative advantages.