企業(yè)跨國并購財務(wù)風(fēng)險中英文對照外文翻譯文獻(xiàn)

1、中英文對照外文翻譯（文檔含英文原文和中文翻譯）FinancialRisksofChineseEnterprisesCross-BorderMergersandAcquisitionsAbstractWithoverallstrengthofChineseenterprisesandnationaloingoutstrategy,cross-borderM&AsinitiatedbyChineseenterpriseshavebeenbooming.However,comparedwithdevelopedcountries,ChineseenterprisesstartedtheirM

2、&Aslateandlackedexperienceandprofessionals.Asaresult,Chineseenterprisesfacedwithnumerousrisksincross-borderM&As,especiallywiththefinancialrisks.Thispaper,basedontheanalysisofChineseenterprises'-bordssM&Ascasesinrecentyears,explainedhowthefinancialrisksformedandfinallycameupwitheffica

3、ciousprecautionarymeasures.Keywords:Chineseenterprise;M&As;Financial;risks1. OVERVIEWOFFINANCIALRISKSOFCROSS-BORDERM&ASFinancialrisksrefertothereimbursementrisksandchangeofreturnstoshareholderstriggeredbyfinancingdecisionintheprocessofenterprisescrbss-bordermergersandacquisitions(abbr.M&

4、As).Enterprisesoftengothroughthreephases-valuation,financing,andpaymentintheprocessofcross-borderM&As.Basedonvaluation,financing,andpayment,decisionsaffectenterprises'assetsstructureandeventheirsolvenrcyiffndtotheirshareholders.Inaddition,cross-borderM&Asuseaninternationalcurrencyformost

5、countries.Changeinexchangeratesaffectscorporateearnings,awellasshareholders'returns.Therefore,therearefourmaintypesoffinancialrisks:valuationrisk,financingrisk,paymentrisk,andexchangeraterisk.2. STATUSOFCHINESEENTERPRISES'CROSS-BORDERM&ASCombiningwithgoingoutstrategy,Chineseenterprisesup

6、gradetheirstrengthandparticipateinthecontextofeconomicglobalization.Chineseenterprisesbegintogoabroad,mergingandacquiringforeignones.AlthoughChineseenterprises-borderM&Acrssartedlate,Chinahasbecometheworldsfifthbord0ssacquiringpowerin2009.StatusofChineseenterprises'brosdherM&Asisasfollow

7、s:2.1 IncreasesintheNumberandScaleofM&AsIntheyearof2008,Chinesecompaniescompletedonly30casesofcross-borderM&As,costinglessthan$9billion.Intheyearof2013,Chinesecompaniescompleted99cross-borderM&A,amountingto$38.5billion.ThenumberofM&Asdoubled,whilethetotalamountgrewmorethanthreetimes.

8、2.2 LargeState-OwnedEnterprisesasM&AsSubjectComparedwithprivateenterprises,largestate-ownedenterpriseshavemoretheirowncapital.Itiseasyforthemtogetloansandfinance,soChinesecross-borderM&Asaremostlydonebylargestate-ownedenterprises.OntheSummerDavosForumin2013,Andrew,GlobalChairmanofKPMGInterna

9、tional,pointedoutthat86%oftheChinastmeifxbrcagneinvefromChina'sstate-ownedenterprises.ByfarinChina,thelargestcross-borderM&AswasinitiatedbyChina'sstaownedenterprisesCNOOC.OnFebruary27,2013,CNOOCsuccessfullyacquiredNexenCorp.,aCanadiancompany,byspending$15.1billion.2.3 CashastheMainFormof

10、PaymentChina'smarketeconomystatushasnotbeenrecognizedbyallcountries,and,toacertainextent,Chineseenterprisesarediscriminatedincross-borderM&As.Inaddition,China'sfinancialmarketisnotperfect.Inordertogaindirectcontroloftheacquiredenterprises,Chineseenterprisesmostlypaybycash.AccordingtoBloo

11、mberg,79.4%ofChina-borderM&Ascrossmadetheirpaymentbycash,3.3%bystock,andonly1.18%byothermode.2.4 IncreasedImpactofExchangeRateonM&AsBeforetheyearof2012,thefloatingrangeofRMBagainstU.S.dollarwasonly0.5%.Since2012,China'scentralbankadjustedthefloatingrangeofRMBagainstU.S.dollarto1%,andonMa

12、rch15,2014,extendeditto2%.Comparedtothepreviousfixedexchangerate,thechangeofexchangeratesignificantlyincreased,whichmadetheChineseenterprisesbegintoconsidertheimpactofexchangeratechangeonacquisitioncostsintheirM&As.3. FINANCIALRISKSFACEDWITHCHINESEENTERPRISESINCROSSBORDERM&ASChineseenterpris

13、esbegantoparticipateincross-borderM&Asactivelyonlyinthepasttenyears.Thelackofexperiencemadeitdifficulttoaccuratelyvaluethetargetenterprises.ChinatmOtu網(wǎng)cialmarketitisdifficultforChineseenterprisestofinanceandchoosepaymentmode.Atthesametime,theinternationalfinancialmarketfluctuates,andRMBisnotanin

14、ternationalmonetary.Cross-borderM&Asisdonebydollaroreuro,whichbringsriskstoChinesecross-borderM&As.3.1 TheValuationRiskDeterminationofthetransactionpriceofM&AsisactuallyagameplayingbyinitiatorsandtargetsofM&As.Undernormalcircumstances,theinitiatorscannotfullygrasptheinformationoftarg

15、etcorporations,soitisdifficulttoestimateaccurately.Ingeneral,valuationpricewillbehigherthantheactualvalueofthetargetenterprise.Overvaluedpricecausesthemaintypeoffinancialriskfacedwiththecross-borderM&AsperformingbyChineseenterprises.Thisriskisreflectedinaseriesofcases,suchasTCLandThomsonM&A,

16、ChinaInvestmentCorporationinvestmentinBlackstoneUSA,acquisitionofUnitedCommercialBank(UCB)byChinaMinshengBank(CMB).TakethefailureofacquisitionofUCBbyCMBasanexample.AftertheoutbreakofthesubprimecrisisinAmerican,westernbankswereshrinking.TheCMBdecidedtomergetheUCBintheUnitedStates.CMBinjectedfundstoUC

17、Btwicein2008.Afterthefirstinjection,thebank'smarketvalueshrankby70%.CMBdidn'ttakethisasasignofwarning,itinjectedagainafterthat.UntilSeptember,2009,financialinvestorssuddenlyannouncedtheexistencefinancialconcealmentbyUCB,andinNovemberUCBwaspermanentlyclosed.IntheprocessofM&As,CMBovervalue

18、dUCBandeventuallyincreasedtheloss.Howmuchinformationabouttargetenterprisesthatacquirersgetisvitaltoevaluation.Evenifacquirersgetenoughinformation,itissosubjectivetocalculatetargetenterprises'realvalue.IntheCMBM&Acase,thereexistedbigdifferencebetweensubjectiveevaluationandrealvalueofUCB.After

19、thefirstinjectionofcapital,thebiggestmistakeforCMBwasthatittookthedevaluationofUCBsstockasanopportunityofanothercapitalinjectioninsteadofwarning.3.2 FinancingRiskFinancingdecisionplaysavitalroleintheM&As.Itisthefoundationofpricingdecisionandalsotheconditionofpaymentdecision.Themajorfinancingchan

20、nelsusedbyenterprisesintheircross-borderM&Asaretheirownfunds,stockfinancing,andbankloans.Atpresent,Chineseenterprisesmostlyusetheirownfundsinacquisitions,resultinginincreasingfinancialproblems.InthecaseofacquisitionofAlcatelbyTCLintheyearof2004,thesignificantadverseeffectonTCLwasduetobadfinancin

21、gdecisionsinM&As.In2003TCL'sannualprofitwasonlyaCNY¥560million,whileAlcater'amountoflossonTVsetsandDVDswasashighas?120.TCLdidnotachieveprofitabilityimmediatelyafterM&As.TCLnotonlywasunabletorepaydebtgeneratedfromacquisitionfinancing,butalsoincreasedthenewdebt.Afterthat,TCLsfinan

22、cialriskscontinuedtoexpand.Financingriskiscomposedoftwoparts,oneistheenvironmentalriskoffinancing,andtheotheristhedebtriskoffinancing.Environmentalriskoffinancingassociateswiththecountrymacroenvironmentandthematurityofitsfinancialmarkets,thatis,themorecapitalmarketsaredeveloped,thebetterthemacroenvi

23、ronmentis;themorefinancinginstrumentmaybeused,themoreacquirerscangetfinancingwithlesscost.Debtriskoffinancingisrelatedtothestructureofrepaymentperiod.Although,asawhole,macroeconomicenvironmentiswellinChina,thefinancialmarketsarenotmature,andfurthermore,unreasonablerepaymentstructurewillbringfinancin

24、grisktoacquirers.3.3 PaymentRiskPaymentdecisionisbasedonvaluationdecisionandfinancingdecision.Atpresenttherearemainlythreekindsofpaymentmode:cashpayment,equitypayment,andleveragepayment.Chineseenterprisesgenerallyusecashpayment,whichisthemostriskyoneintheircross-borderM&As.Thispaymentmodecaneffe

25、ctivelyhelpenterprisesobtainthecontroloftargetenterprisessuccessfully,butitincreasesfinancialpressureandthedebtburdenofChineseenterprises,whicheasilyleadsthemtoliquidityriskandfinancialdifficulties.InthecaseofacquisitionofFortisGroupBelgiumbyPingAnInsurance(Group)CompanyofChina,Ltd.(PingAn),from2007

26、to2008,PingAnboughtFortis'sstocksthreetimesecondarymarkets,accountingfor4.99%ofthetotalshares,becomingthelargestshareholderofFortisGroup.However,by2008November,Fortis'sesh96%pcicmulatively,andPingAnsufferedhugelosses.InordertomakecashpaymentinthesecondarymarketstogetFortisshares,PingAnpublis

27、hedadditionalitsownsharesandalsoincreaseddebt.AsaresultofthisM&A,PingAnwas'sfinanci(increased;theratioofassetsandliabilitieswasashighas88.47%in2008.China'sfinancialmarketestablishedlate,andisinaprogressivestageofdevelopment.Inimmaturefinancialmarkets,therearelimitedfinancinginstrumentsth

28、atcanbeusedforacquirers.Mostofthecapitalcomesfromacquirersowncapital,bankloans,orgovernmentgrants.Theuseoftheirowncapitaltakesupalotofcorporateliquidity,weakeningtheabilityofdealingwithemergencieswiththeirliquidcapital.Forbankloans,intheimmaturecapitalmarkets,banksmonopolizecapital,askformonopolized

29、profits,andmayhaverent-seekingbehavior.Asaresult,enterprisesgetbankloansonlyafterpayingforlargecost.Governmentgrantsusuallysupportspecificindustriesandtherelatedauditproceduresareverycomplicated.Evenifthecompanieswereinthefieldofgovernmentsubsidizedindustry,theymightmissopportunitiestocompleteM&

30、Aduetocomplicatedproceduresandlengthyaudit.3.4 ExchangeRateRiskRMBisnotaninternationalcurrency,anditscirculationislimitedintheworld,soitcannotbeusedininternationaltransactions.Therefore,Chinesecross-borderM&Asneedforeignexchange,undernormalcircumstances,dollarsoreuros.ForChineseenterprises,wheth

31、ertoborroworbuyforeignexchange,thereistimedifferencebetweenthedayofsigningcontractandoftheactualpayment,duringwhichthechangeinexchangerateswillaffectthecostsofM&As,sothatenterprisesfaceforeigncurrencyrisk.Inaddition,whenenterprisessettletheirincomeinforeigncurrency,orpaydebt,exchangeratechangewi

32、llleadtotheuncertaintyoftheirfutureearnings.InthecaseofacquisitionofAurukunprojectbyAluminumCorporationofChinaLimited(CHALCN),exchangerateriskwasobvious.InMarch,2007,CHALCNbidAustralianAurukunbauxitedevelopmentprojectby$2.92billion.Duringtheperiodofbid,Australiandollarexchangeratewasabout0.68,andin2

33、008July,itappreciatedto0.9848.TheAustraliandollarratefluctuatednearly40%.WhileCHALCNdepositsindollars,thecross-borderM&Aprojectledtohugelossesbecauseofexchangeratefluctuation.Boundaryconditionofcashpaymentsis(VAB-VA)/(1+a)CpRB,whereVABistheacquirer'scashflowafterM&AVAistheacquirer'sc

34、ashflowbeforeMb&Ahecostrateofcashpayment,Cpistheamountofcash,andVBisthevalueoftargetenterprise.When(VABVA/(1+a)<C,thecashpaidcouldnotberecovered,andtheacquirerwouldsuffertheloss.Otherwise,VABisanestimatedvalueandwillbeaffectedbythevaluationabilityofacquirer.Furthermore,thechangeofacannotbecon

35、trolledcompletelybytheacquirer.Therefore,theuseofcashpaymentwillleadtouncontrollablerisk.Intheprocessofpayment,companiesmustmakereasonablearrangementforfunding.Astopaymentarrangement,ifenterprisesarrangedthetimestructureandscalestructureunreasonably,arelevantfactor,suchascostofcorporatedebt,taxcost,

36、andintermediatecosts,wouldincreaseandmaketheincreaseofpost-mergercashflowslessthantheactualcashflow,resultinginacquirers'ultimateloss,thatis,theywouldsufferenormouspressureandexposethemselvestofinancialdistress.4. COUNTERMEASURESOFFINANCIALRISKSInthispart,weanalyzedthecausesoffinancialrisksinChi

37、neseenterprises-borderM&Asandproposedthecorrespondingcountermeasures.4.1 PreventionofValuationRiskForthesebusinessesinvolvedincross-borderM&As,accuratevaluationisthefirststeptothesuccess.ValuationaffectsthewholeprocessofM&As.Therefore,itisveryimportanttoavoidvaluationrisk.First,hireaprof

38、essionalteamofvaluation.SincetheChineseenterpriseslackexperienceofcross-borderM&As,itisdifficultforacquiringenterprisestograspthemainpointsintheprocessofvaluationoftargetcompanies.Itismorelikelythattargetfirmswouldhidekeyinformationfromthem.UsuallyaprofessionalvaluationteamhasrichexperienceinM&a

39、mp;As,betterinformationcollection,andanalysisability,andusuallyitisabletoobtaintheinformationneededfromanalysisthroughitsuniquechannels;therebyithelpsreducetheriskofenterprisevaluation.Second,choosescientificmethodsofvaluation.Enterprisescanchoosearelativelyaccurateestimationmethodsbasedontheactuals

40、ituationandmayalsogiveacertainweighttoeachvaluationapproachandmakecomprehensivevaluation,inordertodispersetherisksofeachvaluationmethod.Third,adjustfinancialstatements.Financialstatementscanonlyreflectthepastperformanceandcannotreflectthefutureone.Atthesametime,thefinancialstatementscannottakethekey

41、pointsofbusinessoutofbalancesheetincluded.Inordertoovercometheseadversefactorsofvaluation,acquiringenterprisescanadjustthefinancialstatementsoftargetcompaniesaccordingtotheinformationtheygotaboutthetargetcompanies.Theycanincludethebusinessotherthanthoseshownonbalancesheetintoaccount,givetheweightcoe

42、fficientoffinancialindicatorsandmakeacomprehensivevaluationofthetargetcompanies.4.2 PreventionofFinancingRiskForChinesecorporation,financingrisksariseduetotheimmaturityofChina'financialmarkets.ChineseenterpriseshavelimitedchoicesoffinancingchannelstofundtheirM&As,soitisdifficultforthemtoobta

43、inenoughfundsneededinM&As.Atthesametime,thereisnoreasonablecapitalstructurewhenarrangingfinancing.Therefore,fortheabovereasons,weproposedthreecountermeasures.First,improvethefinancialmarketsandsupportthedevelopmentofprivatecreditinordertoprovidecheapfinancingforM&Asintheshorttime.Financialin

44、novationwillleadtocreationofnewfinancialinstrumentstomeettheneedsofcompaniesandinvestorstofacilitatecorporatefinancingandraiseenoughfunds,whiledecentralizingfinancingrisksSecond,useinnovativefinancingmethods.Forexample,in2010,inordertofinanceacquisitionofVolvo,GeelyAutomobileusedbothfundfinancingand

45、governmentfunding.Inordertoattractlocalgovernmentfunding,Geelypromisedtobuildfactoriesinthecitieswhoselocalgovernmentshavefundedit.Eventually,Geelygained$3billionfundfromChineselocalcompanies,including$1billionfromInternationalDaqing,$1billionfromJiaerwoShanghai,and$1billionfromChengduBank.Finally,s

46、etupareasonablesetofrepaymentstructure.BeforeenterprisesinvolvethemselvesinM&As,theyshouldtakefullyconsiderationofhowtopaydebtsintwoconsequencesofsuccessandfailureinM&Asrespectively.WhencompaniesfailinM&As,enterprisesshouldhavesufficientliquiditytorepaydebtresultedfromtheinitialinvestmen

47、t.Andifcompaniescansuccessfullyachieveacquisition,thencompaniesshouldmakesurethattheirrepaymenttime,scale,andstructurecanmaththeircashflow,scale,andstructureafterthemergeroftargetcompanies.4.3 PreventionofPaymentRiskPaymentriskresultsfromthedependenceofChineseenterprisesinvolvedincross-borderM&A

48、oncashpaymentandunreasonablepaymentstructurearrangedbytheseenterprises.Therefore,inordertopreventpaymentrisk,Chineseenterprisesshouldadoptvariouspaymentmethodsintheircross-borderM&Asandarrangepaymentstructurereasonably.Lenovogivesusaverygooddemonstration.InDecember,2004,LenovopurchasedIBM'sP

49、Cbusinessby$1.25billion,$0.65billionincashplus$0.6billionbysharesofLenovo.ThispaymentmethodgreatlyreducedthepressureofcashflowpressureonLenovo.ItwasshownthatdebtrateofLenovoremainedatnormallevelin2004.4.4 PreventionofExchangeRateRiskWiderscopeofChineseexchangeratevolatilityhelpsRMBinternationalizati

50、onandalsobringsmorechallengestoenterpriseswhoparticipateincross-borderM&As.Exchangerateriskwillfurtherintensify,soweneedtotakepositivemeasurestoavoidit.First,internationalizeRMBgradually.IfRMBbecomeaninternationalcurrency,Chinesecross-borderacquiringenterprisescanusetheRMBdirectly,andthenthereis

51、nocurrencyexchangeandnoexchangeraterisk.AtpresenttheachievementofRMBregionalizationisonlyasmallstepintheprocessofRMBinternationalization.Second,adoptdifferenthedgingstrategies.Theymaypreventtheriskofexchangeratebychoosingdifferentfinancialinstrumentsandcombiningthemtohedgeintheforeignexchangemarket.

52、Therearemanyfinancialinstrumentswecanuse,suchas:theforeignexchangeforward,foreignexchangefutures,foreignexchangeoptions,andcurrencyswaps.CONCLUSIONThepaperintroducedthestatusofChineseenterprisecross-borderM&As,andthenanalyzedthefinancialrisksfacedwithChineseenterprisecross-borderM&As,thatis,

53、evaluationrisk,financingrisk,paymentrisk,andexchangeraterisk.Inordertoovercomeorevenpreventtheserisks,Chineseenterprisesshouldaccumulateexperiencesofcross-borderM&Asperformanceandtakeuseofinnovativefinancialmethods.Chinesegovernmentshouldpromotethefinancialmarkets,supportfinancialinnovationandpr

54、omoteRMBinternationalization.Bytheirallefforts,Chineseenterpriseswillperformbetterinheircross-borderM&As.中國企業(yè)跨國并購的財務(wù)風(fēng)險摘要隨著我國企業(yè)的綜合實(shí)力和國家戰(zhàn)略的實(shí)施，我國企業(yè)的跨國并購活動蓬勃發(fā)展。然而，與發(fā)達(dá)國家相比，我國企業(yè)起步較晚，缺乏經(jīng)驗和人才。因此，中國企業(yè)面臨著眾多風(fēng)險，特別是與金融風(fēng)險的跨國并購。本文在分析近年來我國企業(yè)跨國并購案例分析的基礎(chǔ)上，闡述了金融風(fēng)險是如何形成的，最后提出了有效的防范措施。關(guān)鍵詞：中國企業(yè)；并購；金融；風(fēng)險1、跨國并購的財務(wù)風(fēng)險概述財

55、務(wù)風(fēng)險是指償付風(fēng)險和改變回報股東，企業(yè)在跨國并購過程中的融資決策觸發(fā)（簡稱并購）。企業(yè)往往通過三個階段的估值，融資和支付的過程中，跨國并購?；诠乐?、融資和支付，決定了企業(yè)的資產(chǎn)結(jié)構(gòu)，甚至是企業(yè)的償債能力和股東的償債能力。止匕外，跨國并購對大多數(shù)國家都是一種國際貨幣，匯率變動會影響企業(yè)的盈利，也會影響股東的收益。因此，有四種主要類型的金融風(fēng)險：估值風(fēng)險，融資風(fēng)險，支付風(fēng)險，匯率風(fēng)險。2、中國企業(yè)跨國并購現(xiàn)狀中國企業(yè)在經(jīng)濟(jì)全球化的背景下，結(jié)合“走出去”戰(zhàn)略，提高自身的實(shí)力和參與。中國企業(yè)開始走出國門，兼并和收購?fù)鈬髽I(yè)。雖然中國企業(yè)的跨國并購起步較晚，但已成為世界第五大跨國并購的2009大力量。

56、中國企業(yè)跨國并購的現(xiàn)狀如下：2.1 增加的數(shù)量和規(guī)模的并購在2008年度，中國企業(yè)只完成了30起跨國并購，成本不到90億美元。在2013年度，中國企業(yè)完成了99個跨國并購，達(dá)385億美元。并購數(shù)量增加一倍，而總金額同比增長三倍以上。2.2 國有大型國有企業(yè)作為并購主體與民營企業(yè)相比，大型國有企業(yè)擁有更多的資本。他們很容易獲得貸款和融資，所以中國跨國并購大多是由大型國有企業(yè)。在2013日的夏季達(dá)沃斯論壇上，畢馬威國際董事長安得烈指出，86%勺中國對外投資來自中國國有企業(yè)。到目前為止，中國最大的跨國并購是由中國國有企業(yè)中海油發(fā)起的。2013年2月27日，中海油成功收購Nexen公司，加拿大公司，花

57、了151億美元。2.3 以現(xiàn)金為主要形式的付款方式中國的市場經(jīng)濟(jì)地位尚未得到各國的認(rèn)可，在一定程度上，中國企業(yè)在跨國并購中受到歧視。此外，中國的金融市場還不完善。為了獲得直接控制的收購企業(yè)，中國企業(yè)多以現(xiàn)金支付。據(jù)彭博社報道，79.4%的中國跨國并購，以現(xiàn)金支付，3.3%的股票，只有1.18%的其他模式。2.4 增加了匯率對并購的影響在2012年前，人民幣兌美元的浮動幅度僅為0.5%。自2012以來，中國央行調(diào)整了人民幣兌美元的浮動區(qū)間為1%2014年3月15日，將人民幣兌美元擴(kuò)大至2%相比以前的固定匯率，匯率的變化顯著增加，這使得中國企業(yè)開始考慮在并購成本變化對收購成本的影響。3、面臨的財務(wù)

58、風(fēng)險中國企業(yè)在跨國并購的中國企業(yè)開始參與跨國并購在過去十年中只有積極。缺乏經(jīng)驗使其難以準(zhǔn)確地估價目標(biāo)企業(yè)。我國金融市場尚未成熟，我國企業(yè)融資難，選擇支付方式。同時，國際金融市場的波動，人民幣并不是國際貨幣。跨國并購是以美元或歐元來完成的，這給中國的跨國并購帶來了風(fēng)險。3.1 估值風(fēng)險對企業(yè)并購交易價格的確定實(shí)際上是一個博弈的發(fā)起者和并購目標(biāo)。正常情況下，發(fā)起人不能完全掌握目標(biāo)企業(yè)的信息，因此很難準(zhǔn)確估計。一般而言，估值價格會高于目標(biāo)企業(yè)的實(shí)際價值。高估的價格導(dǎo)致了跨國并購的主要類型的金融風(fēng)險和中國企業(yè)的表現(xiàn)。這種風(fēng)險是體現(xiàn)在一系列的案例，如TCL和湯姆遜并購，中國國家投資公司在黑石集團(tuán)美國投資

59、，美國商業(yè)銀行收購（UCB由中國民生銀行（CMB。以招商銀行收購UCB勺失敗為例。美國次貸危機(jī)爆發(fā)后，西方銀行在萎縮。招商銀行決定在美國合并UCB招商銀行注入資金時，在2008次。第一次注入后，銀行的市值縮水了70%招商銀行沒有把這作為一個警告，它再次注射。直到2009年9月，金融投資者突然宣布存在財務(wù)隱瞞的UCB并在十一月UCBM永久關(guān)閉。在并購過程中，招商銀行被高估的UCB和最終損失增加。多少關(guān)于目標(biāo)企業(yè)收購者獲得信息是至關(guān)重要的評估。即使收購方獲得足夠的信息，它是如此主觀計算目標(biāo)企業(yè)的真實(shí)價值。在招商銀行并購案，存在主觀評價和UCB勺真正價值差別很大。第一資本注入后，招行的最大的錯誤就是

60、把UCB勺股票貶值作為代替警告其他資本注入一個機(jī)會。3.2 融資風(fēng)險融資決策在企業(yè)并購中起著至關(guān)重要的作用。它是定價決策的基礎(chǔ)，也是支付決策的條件。企業(yè)在跨國并購中所使用的主要融資渠道是自有資金、股票融資和銀行貸款。目前，我國企業(yè)大多采用自己的資金進(jìn)行收購，導(dǎo)致財政問題日益增多。在2004年的TCL收購阿爾卡特，TCL重大不利影響是由于并購融資決策作為壞。2003年TCL集團(tuán)的年度禾I潤僅為5億6000萬元，而阿爾卡特的電視機(jī)和DVD勺損失量為120歐元，TCL沒有并購后立即實(shí)現(xiàn)盈利高。TCL不僅無法償還收購融資所產(chǎn)生的債務(wù)，而且還增加了新的債務(wù)。之后，TCL的財務(wù)風(fēng)險不斷擴(kuò)大。融資風(fēng)險是由兩個部分組成的，一個是環(huán)境風(fēng)險的融資，另一個是融資的債務(wù)風(fēng)險。與國家的宏觀環(huán)境和金融市場，這是成熟的融資伙伴的環(huán)境風(fēng)險，更多的資本市場的發(fā)展，更好的宏觀環(huán)