Analysis On Financing Risk In Enterprises Overseas Mergers And Acquisitions

In 2016,the number of transactions and the transaction amount in the overseas mergers and acquisitions market have reached a new peak.However,as a high-risk capital operation activity,especially the merger and acquisition activities among large-scale enterprises,the amount of the transaction target usually can't be satisfied by its own funds.Therefore,the financing of mergers and acquisitions is of great importance,and the financing risk management of corporate mergers and acquisitions has become one of the issues that companies should focus on.Because financial activities run through the entire mergers and acquisitions process,and financing risks are at the core of financial risks,how to control and manage them is the fundamental purpose of the research.This thesis has five parts.In the first part,I summarize domestic and foreign scholars'research on the risk of mergers and acquisitions.The second part,introducing the basic theories of corporate cross-border mergers and acquisitions financing.The third part,presenting the various financing risks in the process of cross-border mergers and acquisitions of companies,which mainly include financing insufficiency risks,and some related risks about capital costs,payment methods and capital structure.The fourth part,taking Tianhai Investment M&A as an example to analyze the financing risks encountered in the M&A process,and evaluate the overall financing risk through the F-score model.And the last part,I proposes some solutions based on current status analysis and my private opinions.