译文（字数 3281）：

并购的财务风险研究

摘要

并购是一个高风险的活动。并购业务，无论是在准备阶段，还是在合并的运营阶段，或之后的整合阶段，将伴随着大量的不确定性。这些跨国并购所带来的不确定性有可能导致巨大的财务风险。尤其在当前,更多的国内企业已经选择了并购这条路。本文对并购的各个重点阶段容易受到的财务风险分析，并对这些风险提出了防范措施。

关键词：并购，财务风险，防范措施

在西方国家，并购有大约超过100年的历史，交易规模不断扩大。2000年，在我国，第五次全球并购浪潮达到一个高峰，并购在我国越来越受欢迎。例如，许多公司加快海外扩张和并购的步伐，许多企业选择并购来渡过难关。正如我们所知道的，并购一定会有风险，比如：目标公司的评估，交易方法，或财务风险的选择。如何才能避免这些风险？我们要选择哪种方法？这就是这篇文章的目的。

外文原文（字符数 11866）：

外文出处： International Journal of business and management[J]January2009

The Study of Financial Risk in M&A

JohnA . Douka

Abstract

M &A is a risky activity. M & A business, whether in the preparation stage, or in the operational phase of the merger, or post-integration phase, will be accompanied by a large number of uncertainties. These uncertainties brought about by mergers and acquisitions could lead to a huge financial risk. In particular, more domestic enterprises have chosen the path of M & A. This article focuses on the various stages of the merger vulnerable to financial risks, and risks of these raised a number of preventive measures.

Keywords: M&A, Financial risk, Preventive measures

In the west countries, M&A have a history about more than 100 years, and transactions have been expanding. The 5th wave of global mergers and acquisitions peaked in 2000.In our country, M&A become more and more popular. For example, many companies step up the pace of overseas expansion and M&A. However, , many companies choose M&A to tide over the difficulties. As we known, M&A must have risks, for instance: estimate of target firms, choice of transaction method, or financial risks. How can avoid these risks? Which method should we choose? This is the purpose of this article.