Study On Financial Risk Of Overseas Mergers And Acquisitions Of ST YINYI REAL ESTATE

Since 2005,the relevant government departments have introduced a series of macro-control policies to regulate the real estate market transactions,ensure the national housing demand,and promote the sound development of the real estate industry.Under the control of a series of policies,the real estate industry has experienced a significant decline in both the growth rate of housing prices and the development of real estate.Starting from 2015,a number of real estate enterprises,such as songdu shares,hailiang real estate,disappeared in the top 100 real estate list.The concentration degree of the real estate market is getting higher and higher,brand real estate enterprises have accelerated the nationwide distribution,the living space of local real estate enterprises has been continuously squeezed,and real estate enterprises have been seeking for reform.Under the background of deepening economic globalization,especially under the guidance of the central committee "One Belt And One Road",Chinese enterprises have gone abroad one after another to seek overseas high-quality resources and enhance international competitiveness.Real estate companies are also actively engaged in overseas mergers and acquisitions to expand their business and quickly achieve corporate strategic transformation.Overseas mergers and acquisitions(m&a),as a means to acquire assets quickly and improve enterprises' international competitiveness,need to face many m&a risks,among which financial risks are the most typical.Against this background,bank of ST wished to complete its strategic transformation of "real estate + high-end manufacturing" by means of overseas mergers and acquisitions.However,the merger and acquisition of the enterprise caused the enterprise to face great financial risks and eventually led to the enterprise declaring bankruptcy.Therefore,this paper selects two mergers and acquisitions of ST bank of China from 2016 to 2017 as case samples to conduct an in-depth study on the financial risks in mergers and acquisitions,hoping to provide warnings and references for Chinese enterprises to conduct overseas mergers and acquisitions.This paper mainly consists of seven parts: the first is the introduction,which mainlyincludes the background and significance of the research,literature review,research contents and methods,and innovation points;Second,the theoretical basis of this paper;Third,the background,motivation,process and result of the case;Fourth,the financial risk performance of ST YINYI REAL ESTATE in overseas mergers and acquisitions;Fifth,the analysis of the reasons for the risk of overseas m&a of ST YINYI REAL ESTATE;Six is from the ST silver billion overseas mergers and acquisitions of inspiration;Seven is the research conclusion and the insufficiency of this paper.The innovation of this paper has two aspects: first,this paper selects the latest overseas m&a case in China's real estate industry.By the time the paper is completed,no other research results on this case have been published.The case analysis part is my independent research results after sorting out relevant materials.Second,this paper applies the z-value analysis method to the analysis of the financial risk of enterprises' overseas mergers and acquisitions,which is rarely studied in China.In addition,it creatively combines the z-value analysis method with the factor analysis method to analyze the causes of financial risk changes.