Research On The Exchange Risk Management Mode In Enterprise Overseas Mergers And Acquisitions

With the marketization of China's exchange rate and the internationalization of RMB,the impact of exchange rate risk on overseas M&A of Chinese enterprises has been deepened,leading to the further improvement of exchange rate risk management in overseas mergers and acquisitions.Previously,domestic and foreign scholars on the overseas M&A exchange rate risk management research focused on the model empirical test,while the direction of the study also focused on the use of financial derivatives hedging,qualitative analysis of overseas mergers and acquisitions in the process of exchange rate risk as a financial Risk one of the branches to be studied.Therefore,based on the relevant research at home and abroad,this paper studies the formation mechanism of exchange rate risk management in overseas M&A,which is a supplement to the existing research contents.This paper first analyzes the risk of overseas M&A exchange rate,and analyzes its causes and time points,and then selects the expectation of long-term exchange rate from the two aspects of monetary factors and time factors,the sum of the cash consideration and the M&Finally,according to the risk management and the project life cycle theory,combined with the case,a detailed analysis of the different stages of overseas mergers and acquisitions in the exchange rate risk management style of the advantages and disadvantages,applicability and so on the characteristics of the exchange rate risk management mode of overseas mergers and acquisitions in China.After the above analysis,this paper concludes the following conclusions:(1)The risk management mode of overseas M&A exchange rate of Chinese enterprises has significant characteristics,which can be divided into pre-exchange rate risk management mode and ex post value exchange risk management mode according to different stages.(2)Prior to the exchange rate risk management approach The choice of risk management measures mainly for the rational design of M&A programs,including internal security loans,cross-border convertible,etc.;after the exchange rate risk management approach in the choice of risk management measures to financial derivatives the Lord.(3)In the process of overseas mergers and acquisitions,the expectation of long-term exchange rate of Chinese enterprises,the amount of money paid by M&A and the macro factors of M&A will affect the identification of exchange rate risk by Chinese enterprises.and finally affect the choice of exchange rate risk management.Among them,mergers and acquisitions to pay the amount of cash the higher the amount of enterprises,as well as the longer the acquisition of enterprises,will be more use of the previous exchange rate risk management.