| One belt,one road,is the first GDP growth country in the world in 2020.With the initiative of "one belt and one road",we will play more advantages in the resources of local enterprises.More domestic enterprises will expect to expand their market share through cross-border mergers and acquisitions and enhance the international influence.At present,the number and trend of Cross border M & A activities of enterprises are increasing,but in the context of economic globalization,especially in recent years,the risk of M & A is multiplying by COVID-19.Based on academic research,the research on cross-border M & A cases by Chinese scholars is relatively late compared with that of western developed countries,especially the research and Analysis on the financial risks of both sides of cross-border M & A in international M & A cases is still insufficient.This paper analyzes the financial risk in the process of Haier Group’s merger and acquisition of candy in Europe.This paper sorts out the financial risks in different stages of cross-border M & A in detail,evaluates and supplements the risk control behavior of Haier Group,and puts forward relatively perfect prevention and control measures.First of all,the paper uses the literature research method to sort out and analyze the theories of various disciplines.Secondly,this paper makes a comprehensive analysis of the M & A cases in the past two years,and finally selects the case of this paper to review the typical cross-border M & A cases of H group and C enterprise in that year,analyzes its process,and identifies the motives before M & A,the financing methods in M & A,and the financial risks of integration activities after M & A.This paper analyzes the financial indicators of H Group’s cross-border M & A,including operational capacity,profitability,growth capacity,solvency and other indicators,evaluates the financial risk of H Group’s cross-border M & A,and evaluates the M & A after the completion of the integration through Du Pont analysis and Z value.Finally,this paper draws a conclusion: the financial risk of valuation and pricing of the target company of H group is high before M & A.in M & A,H Group adopts the establishment of a wholly-owned subsidiary to disperse the risk,but the payment method is single,the exchange rate is high,and the financial risk in M & A is high.Finally,according to the analysis of the integration of M & A of H group,it comes to the conclusion that the enterprise is still in the development stage after M & A,and the integration is not feasible Therefore,the trend of integrated financial risk caused by this M & A is postponed.Through the analysis of this case,it can provide reference for domestic enterprises to seize the international market through cross-border M & A,improve competitiveness,control and reduce financial risks,and improve the success rate of international M & A. |
