Research On The Financing Risk Of Overeas M&a Of Chinese Enterprises

China's economic strength is constantly increasing,and it is necessary to change the mode of low-cost competition and seek new economic growth points and the driving force for the continuous development and growth of enterprises.In order to realize an open-ended economic system that seeks mutual benefit and win-win,safe and efficient,and to form China's new competitiveness in the international market,China has implemented strategies to promote the completion of the goal.Mergers and acquisitions have become one of the ways for companies to develop rapidly.Overseas mergers and acquisitions can help companies quickly occupy a certain share of the international market,or help companies acquire more advanced technologies.As Chinese companies focus on the international market,there are more and more overseas M&A activities.However,overseas mergers and acquisitions often involve high M&A funds,so financing is an important part of overseas M&A activities.In the process of overseas M&A financing,there will be changes from the external environment and the internal environment of the company.There are certain risks in the financing process.If the risk cannot be controlled,it may lead to the bankruptcy risk caused by the matching of financing activities and the company's own ability.Therefore,research on financing risk management is necessary.Effectively identify the risk of overseas M&A financing,analyze and evaluate the identified risks,and propose corresponding measures to reduce the possibility of risk occurrence and even avoid risks,so that the financing activities of enterprises can ensure better development of enterprises rather than cause bankruptcy of enterprises.Crisis.This paper takes Bohai Leasing Co.,Ltd.as the research carrier,sorts out the literature related to overseas M&A financing risk,and combines the risk management theory,firstly uses the financial statement method and SWOT analysis method to identify the internal and external financing risks of Bohai Leasing.Then,the fuzzy comprehensive evaluation method is used to evaluate the identified financing risks.The risk evaluation indicators are constructed through the identified financing risks.The analytic hierarchy process is used to assign weights to the evaluation indicators,and then the fuzzy matrix is constructed to comprehensively evaluate the financing risks.Not only can the overall financing risk of Bohai Leasing be assessed,but also the risk points that need to be focused on.At the same time,using the F-score model to conduct early-warning analysis of the company's bankruptcy risk,from another perspective to help the company understand the company's problems in solvency,capital structure and other aspects.Finally,through the evaluation results of its financing risks,relevant recommendations are proposed to help companies reduce financing risks.According to the research findings,Bohai Leasing has a higher overall financing risk,Bohai Leasing prefers to use debt financing,and frequent M&A activities result in higher financing needs.Its financing risk is mainly reflected in internal financing risks.Among them,financing options,risk of financing planning,debt repayment risk,and capital structure risk are high.In the external financing risk,Bohai Leasing needs to focus on interest rate risk and industry risk,while paying attention to exchange rate changes.Through the identification and assessment of the financing risks of Bohai Leasing,it was found that Bohai Leasing did not take corresponding risk control measures for the financing risks in overseas M&A.This paper proposes to build a financing risk management department for Bohai Leasing;use debt to pay,cross-border stock exchange,funds and other means to finance,improve the company's capital structure,reduce corporate debt repayment pressure;formulate a reasonable financing plan,debt repayment plan;Suggestions for changes in interest rates in the bond market,etc.,are expected to help the company's financing risks arising from overseas M&A activities,to ensure that the company can continue its normal operations after the merger,and to reduce the bankruptcy crisis caused by the company's overseas M&A financing activities.According to the risk management process,this paper identifies and evaluates the financing risks of Bohai Leasing overseas M&A and the proposed risk control measures,so that other enterprises pay more attention to the financing risks in overseas M&A and strengthen the management of overseas M&A financing risks of Chinese enterprises.