Research On Risk Identification Of Chinese Enterprises In Cross - Border M & A

After the financial crisis, the enterprises of our country began the climax of the third cross-border mergers and acquisitions, a series of mergers and acquisitions events. According to clear division research center data show, the first and second quarter of 2010, the transnational merger and acquisition of Chinese enterprises continuation of the upward trend since 2009, completed a total of 30 deal, involving an amount of approximately $6.7 billion, up 158 percent. American financial magazine said, the next 10 years China enterprise will large-scale cross-border mergers and acquisitions, which will change the whole pattern of competitive business world. But in the past a number of multinational mergers and acquisitions, many of which are failed. Analysis of the reasons, a large part of the Chinese enterprises in the process of mergers and acquisitions, the risk identification and prevention of mergers and acquisitions did not cause enough attention, or risk identification and prevention of the lack of experience.On this basis, the paper combines the foreign researchers pay attention to external environment risk and domestic scholars pay attention to two aspects of the financial risk, and the synthesis, the use of a tree risk risk identification system of transnational merger and acquisition of external environment risk and financial risk to do a systematic identification and analysis.This paper selects the CNOOC acquisition Nixon’s case in-depth analysis and research, found that Chinese enterprises to go abroad for cross-border mergers and acquisitions to mergers and acquisitions to succeed, not only to a good recognition, and make the corresponding preventive measures, but also in mergers and acquisitions external environmental risk of early to give enough attention to financial risk of the enterprise itself.Based on the specific analysis theory to the structure of the paper is divided into seven parts: the first chapter is the introduction, introduces the research background, research significance, research methods and innovation points. The second chapter is a summary about the transnational merger and acquisition risk of domestic and foreign scholars research literature review and analysis. The third chapter is the transnational merger and acquisition risk analysis; the fourth chapter is about the study of multinational merger and acquisition risk identification methods and indexes, where the risk tree analysis method, the transnational merger and acquisition of external environment risk and enterprise financial risk layer by layer analysis; the fifth chapter is in the fourth chapter selects the CNOOC mergers and acquisitions Nixon the case with risk tree method Cross border M & a risk identification is deeply analyzed. The sixth chapter is based on the combination of the fourth chapter and the fifth chapter, and puts forward some feasible suggestions on the risk identification and prevention of Chinese enterprises’ cross-border mergers and acquisitions.The contribution of this paper is divided into the following two points:1.Risk of cross-border mergers and acquisitions of the specific identification method is proposed: recognition method presented in this paper not only external environment risk of cross-border mergers and acquisitions were identified. Of M & A to the enterprise financial risk identification. This identification method is in the risk tree identification method based on combines the transnational merger and acquisition(M & A) specific risk types, up a series of system analysis of mergers and acquisitions in the process of a variety of risks.2.The selected case analysis with aging and representative: CNOOC mergers and acquisitions Nixon is in February 2013 successful completion of delivery, the merger is CNOOC and Chinese companies have so far done multinational largest mergers and acquisitions. Attention to the M & A case to help Chinese enterprises in cross-border mergers and acquisitions of the actual recognize the risks, risk identification, in order to achieve better risk prevention measures.Of course, in the course of the study, the academic level of the author, after all, is limited, in the aspects of research on the risk of cross-border mergers and acquisitions still exist some shortcomings, the most obvious is the transnational merger and acquisition risk more than the mentioned and the concrete analysis of that, this paper selects part of the is only Chinese enterprises transnational merger and acquisition process of the common and main risk. In order to make up for these deficiencies, the author access to a large number of literature and case, as far as possible a comprehensive and concrete analysis.