| While the cross-border mergers and acquisitions has met with the reverse in the post-crisis era,the case of China’s cross-border M&A which belong to the Resource and Energy sector is rising against the tendency. As an important access to gain the strategic resources,the M&A leading by the Resources and Energy has gradually became the main power of China’s. Although the financial crisis has provided a historic opportunity for the cross-border M&A led by the Resources and Energy, however, the risk can’t be ignored.Based on the analysis for the motive of Chinese Resources and Energy enterprises(R&E enterprises)’cross-border M&A behavior, this research studies the current situation and characterstics of R&E enterprises.According to the different stages in the process of mergers and acquisitions,this research tries to build a evaluation system to analyze the risk that took place in the stage of preparation, implementation and integration.The analysis shows that R&E enterprises are facing two major risks-the political risks and the financial risks.Furthermore,this reseach has selcted two typical cases happened during the post-fanancial crisis era of to help analyzing how China’s R&E enterprises are trying to deal with the two different risks-ALUMINUM CORPORATION OF CHINA failed in the acquisitions with Rio Tinto for the reason of political risks while Sinopec Group has successfully avoiding financial risks in the acquisitions with Addax Petroleum of Switzerland.Due to the comparison of Case studies, this research tries to give recommendations to deal with both political risks and financial risks for the R&E enterprises’cross-border mergers and acquisitions. To prevent political risks,China should pay more attention on risk analysis of the target project,do more research on the M&A censorship under the government’s antive energy diplomacy.To prevent financial risks,China’s R&E enterprises should improve the technology of proven reserves,build the professionals system and using new channels and tools of financing. |
