译文（字数 4888）：

管理科学与工程

Vol. 8, No. 3, 2014, pp. 27-30

DOI:10.3968/5213

中国企业跨国并购的财务风险

摘要

随着中国企业的整体实力和国家走出去战略，跨国并购作为发起的中国企业得到了蓬勃发展。然而，与发达国家相比，中国企业开始了他们的并购晚，缺乏经验和专业人士。其结果是，中国企业面临着跨国并购的多种风险，特别是与金融风险。本文基于对中国企业跨国并购近年来案例的分析，解释了金融风险是如何形成的，并终于想出了有效的预防措施。

关键词：中国企业；跨国并购；金融风险

1.概述跨国并购的金融风险

财务风险是指偿付风险回报，并改变股东在企业跨国兼并和收购（简称M＆As）的过程中融资决策引发的。企业往往要经历三个阶段估值，融资和支付，在跨国并购的过程。基于估值，融资和支付，决策影响企业的资产结构，甚至他们的偿付能力，并返回到他们的股东。此外，跨国并购作为使用国际货币最多的国家。变化的汇率影响企业盈利，以及股东回报。因此，也有金融风险的四种主要类型：估值风险，融资风险，支付风险和汇率风险。

外文原文（字符数 15784）：

Management Science and Engineering

Vol. 8, No. 3, 2014, pp. 27-30

DOI:10.3968/5213

Financial Risks of Chinese Enterprises’ Cross-Border Mergers and Acquisitions

Abstract

  With overall strength of Chinese enterprises and national going out strategy, cross-border M & As initiated by Chinese enterprises have been booming. However, compared with developed countries, Chinese enterprises started their M & As late and lacked experience and professionals. As a result, Chinese enterprises faced with numerous risks in cross-border M & As, especially with the financial risks. This paper, based on the analysis of Chinese enterprises’ cross-border M & As cases in recent years, explained how the financial risks formed and finally came up with efficacious precautionary measures.

Key words: Chinese enterprise; M & As; Financial risks

1.OVERVIEW OF FINANCIAL RISKS OF CROSS-BORDER M & AS

  Financial risks refer to the reimbursement risks and change of returns to shareholders triggered by financing decision in the process of enterprises’ cross-border mergers and acquisitions (abbr. M & As). Enterprises often go through three phases—valuation, financing, and payment—in the process of cross-border M & As. Based on valuation, financing, and payment, decisions affect enterprises’ assets structure and even their solvency and returns to their shareholders. In addition, cross-border M & As use an international currency for most countries. Change in exchange rates affects corporate earnings, as well as shareholders’ returns. Therefore, there are four main types of financial risks: valuation risk, financing risk, payment risk, and exchange rate risk.