| Along with China’s full support for the implementation of the "Go Global" and "One Belt,One Road" policies,the number and amount of overseas mergers and acquisitions by Chinese enterprises is increasing.The use of "snake swallowing elephant" M&A is becoming more and more widespread,and the importance of financial risk is becoming more and more prominent.At present,there are many studies conducted by Chinese scholars on risk prevention and management of M&A,but not many in-depth and comprehensive studies have been conducted mainly on the prevention of corporate financial risks in "snake swallowing elephant" M&A.The research in this paper will help enrich the theoretical studies on financial risks in "snake swallowing elephant" M&A and will also help to provide reference advice to Chinese enterprises in their "snake-swallowing" M&A and improve the success rate of M&A.On the basis of introducing the relevant theories of " snake swallowing elephant " M&A and sorting out relevant literature at home and abroad,this paper selects the financial risks arising from Tianqi Lithium’s " snake swallowing elephant " M&A of Chilean salt lake giant SQM in 2018 as the research object.Using literature overview method,case evaluation approach and qualitative and quantitative evaluation method,perceive and analyze the economic dangers of the merger from three aspects: valuation,financing and payment.These risks mainly include: excessive valuation and unreasonable financing structure.,the lack of hematopoietic capacity in the later stage of the enterprise,etc.,and the multivariate risk Z-value model is used to evaluate the comprehensive financial risk,and finally corresponding measures to prevent and control the financial risk of "snake swallowing elephant" mergers and acquisitions are proposed,mainly including formulating scientific and reasonable company strategies to Screen ideal target companies,expand diversified financing methods,and adopt diversified payment methods. |
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