摘 要:在中国政府的鼓励和支持下，中国企业走上了跨国并购的发展道路。特别是一些国内实力雄厚的优秀企业，如吉利、苏宁、联想、中石化、三一重工等，都在近年相继实施了跨国并购战略。但是由于国际环境的复杂性，许多企业在进行跨国并购时，缺乏风险识别能力和应对措施，结果付出了较为沉重的代价。跨国并购与国内并购相比，所在环境更加多变，面临更多不确定因素的干扰，这些不确定因素往往会给企业带来更多的风险和挑战。我国企业喜欢把跨国并购比作企业成长过程中“惊险地一跃”，然而大家常常专注于“跃”，却忽视了“险”。要让跨国并购真正成为中国企业飞跃发展的捷径，我们不仅要抓住每个并购的机会，还要深入分析并购中的风险，获得尽量多的信息，做到知己知彼，建立有效的防范机制，顺利获取目标资源和市场，实现更高的投资回报和股东财富。本文结合了近年案例的分析，采用多种分析方法，对跨国并购的风险进行了分析。

关键词：跨国并购；风险；对策

ABSTRACT:With China's accession to the world trade organization, Chinese enterprises have started to choose transnational merger and acquisition(M&A) as development strategies under the encouragement and support of the Chinese government, especially to some competitive enterprises, such as Geely, Suning, Lenovo, Sinopec, Sany, etc. They successively carried out the strategy of transnational M&A. In recent years, however, many enterprises in face of transnational M&A, have paid a heavy price, due to lack of risk identification ability and hardly response timely. Compared with domestic M&A, cross-border M&A is more difficult for its high complexity, driving the company facing a more uncertain factors interference. These uncertain factors often bring multinational companies more risks. We’d like to compare transnational mergers and the "breathtaking leap" of acquisitions as enterprise growth process. however, we often focus on the "jump", but ignore the "risks". Therefore, we should seize every opportunities of M&A, and in-depth analysis of M&A risks, obtain as much information as we can, to establish an effective prevention mechanism. It is of great significance in reducing the loss for the Chinese enterprises in transnational M&A. This article is composed with cases studied in recent years, using a variety of analysis methods. Qualitative and quantitative methods are being used to analyze the risk of cross-border M&A。　

Keywords: Transnational M&A; Risk; Strategy