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1、FinancialRisksofChineseEnterprises’Cross-BorderMergersandAcquisitionsAbstractWithoverallstrengthofChineseenterprisesandnationalgoingoutstrategy,cross-borderM&AsinitiatedbyChineseenterpriseshavebeenbooming.However,comparedwithdevelopedcountries,Chineseenterprise
2、sstartedtheirM&Aslateandlackedexperienceandprofessionals.Asaresult,Chineseenterprisesfacedwithnumerousrisksincross-borderM&As,especiallywiththefinancialrisks.Thispaper,basedontheanalysisofChineseenterprises’cross-borderM&Ascasesinrecentyears,explainedhowthefina
3、ncialrisksformedandfinallycameupwithefficaciousprecautionarymeasures.Keywords:Chineseenterprise;M&As;Financial;risks1.OVERVIEWOFFINANCIALRISKSOFCROSS-BORDERM&ASFinancialrisksrefertothereimbursementrisksandchangeofreturnstoshareholderstriggeredbyfinancingdecisio
4、nintheprocessofenterprises’cross-bordermergersandacquisitions(abbr.M&As).Enterprisesoftengothroughthreephases—valuation,financing,andpayment—intheprocessofcross-borderM&As.Basedonvaluation,financing,andpayment,decisionsaffectenterprises’assetsstructureandeventh
5、eirsolvencyandreturnstotheirshareholders.Inaddition,cross-borderM&Asuseaninternationalcurrencyformostcountries.Changeinexchangeratesaffectscorporateearnings,aswellasshareholders’returns.Therefore,therearefourmaintypesoffinancialrisks:valuationrisk,financingrisk
6、,paymentrisk,andexchangeraterisk.2.STATUSOFCHINESEENTERPRISES’CROSS-BORDERM&ASCombiningwithgoingoutstrategy,Chineseenterprisesupgradetheirstrengthandparticipateinthecontextofeconomicglobalization.Chineseenterprisesbegintogoabroad,mergingandacquiringforeignones.
7、AlthoughChineseenterprises’cross-borderM&Asstartedlate,Chinahasbecometheworld’sfifthcross-borderacquiringpowerin2009.StatusofChineseenterprises’cross-borderM&Asisasfollows:122.1IncreasesintheNumberandScaleofM&AsIntheyearof2008,Chinesecompaniescompletedonly30cas
8、esofcross-borderM&As,costinglessthan$9billion.Intheyearof2013,Chinesecompaniescompleted99cross-borderM&A,amountingto$38.5billion.ThenumberofM&Asdoubled,whilethetotalamountgr
