Research On Risk Assessment And Control Of Transnational Merger And Acquisition Of Energy Enterprises

Under the background of global economic integration,international business enterprises often seek their own rapid development through transnational mergers and acquisitions and accomplish their strategic measures.While transnational mergers and acquisitions are recognized as a complex and extremely difficult inter-firm trading activity,enterprises may encounter many risks in all aspects of m&a transactions.Due to the lack of cross-border M&A risk prevention consciousness,lack of mergers and acquisitions or lack of integration after merger and acquisition of emerge in endlessly,especially for large,has a great influence on economic stability to the country's energy companies,more problems.The risks of transnational mergers and acquisitions are concentrated in the types of political legal risks,integration risks and financial risks,especially the financial risks in the m&a market.Therefore,the use of empirical methods to study the identification,evaluation and prevention of cross-border M&A financial risk is of great practical significance to Chinese listed companies.This paper will divide financial risk sources into internal risk sources and external risk sources based on whether the risks are derived from cross-border m&a transactions.Based on the perspective of quantitative analysis,this article from the internal and external,through the pricing,financing,payments and integration of four major acquisitions links and may lead to financial risk,and summarizes the relation between all kinds of risk and financial indicators.Screening the empirical research,this paper collected the Chinese listed companies from 2010 to 2014 by 37 energy enterprises transnational mergers and acquisitions as the research object,by constructing system of risk assessment mechanism,establishing energy enterprise risk evaluation indexes,through the Z-Score model and Factor analysis model to carry on the empirical analysis of the financial risk,it is concluded that the main risk facing the types and merger integration condition,put forward concrete measuresaccording to different situation.First,choose the Z-Score discriminant model of samples before and after the cross-border M&A financial risk evaluation to the enterprise,the results showed that the Z-Score of the enterprise transnational merger and acquisition since the year before m&a showed a trend of decreasing year by year,continue to increase in the short term enterprise financial risk;Second,selects the factor analysis method can reflect from mergers and acquisitions can be derived from the part of the financial indicators of risk public factor,in order to reflect the public deals link degree of risk factors as independent variables,to enterprise of transnational M&A financial risk early warning value-Z-Score for the dependent variable,build multivariate regression model for research in the impacting factors of transnational m&a financial risk.The results show that cash payment factors have a significant impact on corporate financial risk in the year of m&a.In the first and second year after merger,cash payment factors and financial integration factors have a significant impact on the overall financial risk of enterprises.This result shows that the selection of payment method and the control of financial integration in the later stage of M&A in the process of transnational merger and acquisition of listed companies in China is an important concern for enterprises to effectively guard against financial risks.Based on the above empirical research,the author puts forward some suggestions on the feasibility of transnational mergers and acquisitions of energy enterprises in China in order to provide helpful guidance for the practice.