我国企业海外并购财务风险及其防范研究.pdf

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1、AbstractWithChinese“Goingout”policy,Chinesecompanieshaveinrecentyearsmadeinroadsintooverseasmarketviamergers.ThenumberofChinesecompaniescomingonboardhasbeengrowingdespitethefactthattheystartedrelativelylatecomparedtotheirforeigncounterparts.Inordertoseekfastexpansion

2、,manyhavedesignedplanstocarryoutmergersoverseas.Thereareincreasingnumbersofsuchcases,butrisksaboundeventhoughmergerscouldbringhighreturns.Againstsuchabackdrop,thethesissetsouttoanalyzefinancialrisksinvolvedinoverseasmergers.Itfocusesonmotivationsofcompanies,character

3、isticsandfinancialrisksofoverseasmergers.Then,financialindexof25companies,whichcarriedoutoverseasmergersbetween2004-2011havebeenselectedtogothroughZvalueofstatisticaldataanalysis.SPSS22.0isusedtoinspectone-wayANOVAtestandLSDmultiplemeantest.Itanalysisyieldsthealterat

4、ionofZvalueofstatisticaldataduetothechangeoffinancialindex4yearsbefore/afterthemergers,againstwhichthefinancialrisksofcompanieswillbeanalyzed.Intheend,basedontheempiricalandbasicstudiesoffinancialrisksinvolvedinforeignmergers,preventivemeasuresareputforwarddependingo

5、ndifferentstagesinforeignmergers.Thestagesrefertoriskspertainingtothetimebefore,during,andafterthemerger.Financialactivityisdeeplyintertwinedwithcompanies’overseasmergersandacquisitionsandanimportantmetricdeterminingthesuccessofoverseasmergersisfinancialrisks.Chinese

6、companiesneednotonlytoheedtheexistenceofsuchrisks,moreover,theyneedtohedgeagainstthemeffectively.Keywords:Overseasmergersandacquisitions;Financialanalysis;AnalysisofZvalue;PreventivemeasuresII目录中文摘要..................................................................I英文

7、摘要.................................................................II目录................................................................III第一章引言..............................................................1第一节研究的背景及现实意义................................................

8、.........................................................1第二节国内外研究综述...............................................................