我国企业跨国并购融资风险研究

摘要
本文将融资风险分为一般风险和特殊风险，一般风险包括有杠杆收购的偿债风险、流动性风险、目标企业价值评估的风险，特殊风险包括有汇率波动风险、国际税收风险和国家财务风险。同时也对它们进行了概述分析，得出应该合理控制并购完成成本；以不断优化并购企业资本结构为目标；灵活选择不同支付方式，降低企业并购支付风险；政企联动、不断拓宽融资渠道及方式；降低并购融资门槛，建立企业并购融资金融支持体系，以此来有效地控制融资风险。我国企业跨国融资中存在的不利因素有很多。如果并购企业能够根据自身的资本结构确定一种合理的融资方式,可以达到事半功倍的效果。

关键字：跨国并购；融资风险；融资支付风险
Chinese enterprises financing risk of cross-border M＆A
ABSTRACT
This risk is divided into general risk and the special risks, general risk including payment of leveraged deals, mobility and target risk the risk of corporate worth the risk assessment, and the special risks include having exchange rate fluctuations risks, risks of international tax and national financial risk. Also outlined them in the analysis, it should be rational controlled cost to complete, in to capital construction enterprises continued optimization of a flexible, selecting different ways to reduce pay, reducing pay enterprise risk, winding and expanded financing channels and methods；reduced to finance, establishing businesses to finance, financial support to effectively control risk financing.
China's enterprises exist international financing in disadvantage. If there are many enterprises to be on the basis of the capital structure reasonable financing methods, they would achieve the results at less time.

Key words：Cross-border mergers and acquisitions；Project financing risks；Financing for risk

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