企业并购财务风险控制外文文献翻译译文3100字

文献出处: Comell B., Financial risk control of Mergers and Acquisitions [J]. International Review of Business Research Papers, 2014, 7(2): 57-69.

原文

Financial risk control of Mergers and Acquisitions

Comell

Abstract

M&A plays a significant part in capital operation activities. M&A is not only important way for capital expansion, but also effective method for resource allocation optimization. In the world around, many firms gained high growth and great achievement through M&A transactions. The cases include: the merger between German company Daimler-Benz and U.S. company Chrysler, Wal-Mart’s acquisition for British company ADSA, Exxon’s merger with Mobil and so on.

Keywords: Enterprise mergers and acquisitions; Risk identification; Risk control

1 Risk in enterprise mergers and acquisitions

May encounter in the process of merger and acquisition risk: financial risk, asset risk, labor risk, market risk, cultural risk, macro policy risk and risk of laws and regulations, etc.

1. 1 Financial risk

Refers to the authenticity of corporate financial statements by M&A and M&A enterprises in financing and operating performance after the possible risks. Financial statements is to evaluate and determine the trading price in acquisition of important basis, its authenticity is very important to the whole deal. False statements beautify the financial and operating conditions of the target enterprise, and even the failing companies packing perfectly. Whether the financial statements of the listed companies or unlisted companies generally exists a certain degree of moisture, financial reporting risk reality In addition, the enterprise because of mergers and acquisitions may face risks, such as shortage of funds, a decline in margins has adverse effects on the development of enterprises.

1. 2 Asset risk

Refers to the assets of the enterprise M&A below its actual value or the assets after the merger failed to play a role of original and the formation of the risk. Enterprise merger and a variety of strategies, some of them are in order to obtain resources. In fact, enterprise asset accounts consistent with actual situation whether how much has the can be converted into cash, inventory, assets assessment is accurate and reliable, the ownership of the intangible assets is controversial, the assets disposal before delivery will be significantly less than the assets of the buyer to get the value of the contract. Because of the uncertainty of the merger and acquisition of asset quality at the same time, also may affect its role in buying businesses.

1. 3 Labor risk

Refers to the human resources of the enterprise merger and acquisition conditions affect purchase enterprise. Surplus staff and workers of the target enterprise burden is overweight, on-the-job worker technical proficiency, ability to accept new technology and the key positions of the worker will leave after the merger, etc., are the important factors influencing the expected cost of production.

1. 4 Market risk

Refers to the enterprise merger is completed, the change of the market risk to the enterprise. One of the purposes of mergers and acquisitions may be to take advantage of the original supply and marketing channels of the target enterprise save new investment enterprise develop the market. Under the condition of market economy, the enterprise reliance on market is more and more big, the original target enterprise the possibility of the scope of supply and marketing channels and to retain, will affect the expected profit of the target enterprise. From another point of view, the lack of a harmonious customer relationship, at least to a certain extent, increase the target enterprise mergers and acquisitions after the start-up capital.

1. 5 Culture risk

Refers to whether the two enterprise culture fusion to the risks of mergers and acquisitions, two broad and deep resources, structure integration between enterprises, inevitably touches the concept of corporate culture collision, due to incomplete

information or different regions, and may not be able to organizational culture of the target enterprise become the consensus of the right. If the culture between two enterprises cannot unite, members will make the enterprise loss of cultural uncertainty, which generates the fuzziness and reduce dependence on enterprise, ultimately affect the realization of the expected values of M&A enterprises.

2 Financial risk of M&A

However, there are even more unsuccessful M&A transactions behind these exciting and successful ones. A study shows that 1200 Standard & Poor companies have been conducting frequent M&A transactions in recent years, but almost 70%cases ended up as failures.

There are various factors that lead to the failures of M&A transactions, such as strategy, culture and finance, among which the financial factor is the key one. The success or failure of the M&A transactions largely depends upon the effectiveness of financial control activities during the process. Among the books talking about M&A, however, most focus on successful experience but few on lessons drawn from unsuccessful ones; most concentrate on financial evaluation methods but few on financial risk control. Therefore, the innovations of this thesis lie in: the author does not just talk about financial control in general terms, but rather specify the unique financial risks during each step of M&A transaction; the author digs into the factors inducing each type of risks, and then proposes feasible measures for risk prevention and control, based on the financial accounting practices, and the combination of international experience and national conditions.

The thesis develops into 3 chapters. Chapter 1 defines “M&A” and several related words, and then looks back on the five M&A waves in western history. Chapter 2 talks about 3 types of financial risks during M&A process and digs into factors inducing each type of risks. Chapter 3 proposes feasible measures for risk prevention and control. At the beginning of chapter 1, the author defines M&A as follows: an advanced form of property right transaction, such as one company (firm) acquires one or more companies (firms), or two or more companies (firms) merge as one company (firm). The aim of M&A transaction is to control the property and

business of the other company, by purchasing all or part of its property (asset). In the following paragraph, the thesis compares and contrasts several related words with “M&A”, which are merger, acquisition, consolidation and takeover.

In the chapter 1, the author also introduces the five M&A waves in western history. Such waves dramatically changed the outlook of world economy, by making many small and middle-sized companies to become multinational corporations. Therefore, a close look at this period of time would have constructive influence on our view with the emergence and development of M&A transactions. After a comprehensive survey of M&A history, we find that, with the capitalism development, M&A transactions presented diverse features and applied quite different means of financing and payment, ranging from cash, stock to leveraged buyout. Chapter 2 primarily discusses the different types of financial risks during M&A, as well as factors inducing such risks.

According to the definition given by the thesis, financial risks during M&A are the possibilities of financial distress or financial loss as a result of decision-making activities, including pricing, financing and payment.

Based on the M&A transaction process, financial risks can be grouped into 3 categories: decision-making risks before M&A (Strategic risk), implementation risks during M&A (Evaluation risk, financing risk and payment risk) and integration risks after M&A. Main tasks and characteristics in each step of M&A transaction are different, as well as the risk-driven factors, which interrelate and act upon each other. Considering limited space, the author mainly discusses target evaluation risk, financing and payment risk, and integration risk. In chapter 2, the thesis quotes several unsuccessful M&A cases to illustrate 3 different types of financial risks and risk-driven factors. Target evaluation risk is defined as possible financial loss incurred by acquirer as a result of target evaluation deviation. Target evaluation risk may be caused by: the acquirer’s expectation deviation for the future value and time of target’s revenue, pitfalls of financial statements, distortion of target’s stock price, the deviation of evaluation methods, as well as backward intermediaries. Financing and payment risks mainly reflect in: liquidity risk, credit risk caused by deteriorated

capital structure, financial gearing-induced solvency risk, dilution of EPS and control rights, etc.

Integration risks most often present as: financial institution risk, capital management risk and financial entity risk. Chapter 3 concludes characters of financial risks that mentioned above, and then proposes detailed measures for preventing and controlling financial risks. Financial risks during M&A are comprehensive, interrelated, preventable, and dynamic. Therefore, the company should have a whole picture of these risks, and take proactive measures to control them.

As for target evaluation risk control, the thesis suggests that (1) Improve information quality, more specifically, conduct financial due diligence so as to have comprehensive knowledge about the target; properly use financial statements; pay close attention to off-balance sheet resource. (2) Choose appropriate evaluation methods according to different situations, by combining other methods to improve the evaluation accuracy. Meanwhile, the author points out that, in practice the evaluation method is only a reference for price negotiation. The target price is determined by the bargaining power of both sides, and influenced by a wealth of factors such as expectation, strategic plan, and exchange rate.

In view of financing and payment risk control, the author conducts thorough analysis for pros and cons of different means of financing and payment. Then the author proposes feasible measures such as issuing convertible bonds and commercial paper, considering specific conditions. To control integration risk, the author suggests start with the integration of financial strategy, the integration of financial institution, the integration of accounting system, the integration of asset and liability, and the integration of performance evaluation system. Specific measures include: the acquirer appoints person to be responsible for target’s finance; the acquirer conducts stringent property control over target’s operation; the acquirer conducts comprehensive budgeting, dynamic prevision and internal auditing.

3 Conclusions

At the end of the thesis, the author points out that many aspects still worth further investigation. For instance, this thesis mainly concentrates on qualitative

analysis, so it would be better if quantitative analysis were introduced. Besides, the thesis can be more complete by introducing financial risk forecast model.

译文

企业并购中的财务风险控制

作者：康奈尔

摘要

企业并购是资本营运活动的重要组成部分，是企业资本扩张的重要手段，也是实现资源优化配置的有效方式。在世界范围内，不少企业通过并购活动取得了超速发展和骄人业绩，如德国戴姆勒——奔驰公司与美国克莱斯勒公司的合并、美国沃尔玛公司收购英国的ADSA 公司、埃克森石油公司与美孚石油公司的合并等。

关键词：企业并购; 风险识别; 风险控制

1企业并购中的风险

在并购过程中可能遇到的风险有:财务风险、资产风险、劳动力风险、市场风险、文化风险、宏观政策风险和法律法规风险等。

1 .1 财务风险

指由被并购企业财务报表的真实性以及并购后企业在资金融通、经营状况等方面可能产生的风险。财务报表是并购中进行评估和确定交易价格的重要依据, 其真实性对整个并购交易至关重要。虚假的报表美化目标企业的财务、经营状况,甚至把濒临倒闭的企业包装得完美无缺。无论是上市公司还是非上市公司的财务报表普遍存在一定程度的水分,财务报表风险现实存在。此外,企业由于并购可能面临资金短缺、利润率下降等风险,对企业的发展造成不利影响。

1 .

2 资产风险

指被并购企业的资产低于其实际价值或并购后这些资产未能发挥原定作用而形成的风险。企业并购存在多种多样的战略, 其中一些企业是为了获得资源。实际上, 企业资产账目与实际情况是否相符、存货可变现程度有多大,资产评估是否准确可靠,无形资产的权属是否存在争议,交割前的资产处置等都会使买

方得到的资产大大少于合同约定的价值。同时由于并购资产质量的不确定性,也可能会影响其在购入企业的作用。

1 .3 劳动力风险

指被并购企业的人力资源状况对购入企业的影响。目标企业的富余职工负担是否过重,在岗职工的技术熟练程度, 接受新技术的能力以及并购后关键岗位的职工是否会离开等, 都是影响预期生产成本的重要因素。

1 .4 市场风险

指企业并购完成后, 市场的变化给企业造成的风险。并购的目的之一可能是为了利用目标企业的原有供销渠道节省新建企业开发市场的投资。市场经济条件下, 企业对市场的依赖越来越大,目标企业原供销渠道的范围及其继续保留的可能性,会影响到目标企业的预期盈利。从另一角度讲,缺乏融洽的客户关系,至少会在一定程度上加大目标企业并购后的启动资金。

1 .5 文化风险

指两个企业文化是否融合给企业并购带来的风险, 两个企业间广泛而深入的资源、结构整合,必然触动企业文化理念的碰撞,由于信息不完备或者地域的不同, 而可能无法对目标企业的组织文化形成正确的共识。如果两个企业间的文化不能相融,则会使企业成员丧失文化的确定感,继而产生行为的模糊性和降低对企业的依赖,最终影响并购企业预期价值增值的实现。

2 企业并购财务风险

然而，在这些激动人心的成功并购案背后，是数量更加庞大的并购失败案例。一项调查显示，1200 家被列入标准普尔指数的企业近些年都在进行频繁的收购，但执行之后70%都以失败告终。

导致企业并购失败的原因是多种多样的，战略、文化、财务等原因不一而足，而其中一个非常关键的因素就是财务因素。并购过程中的财务风险控制是否有效，很大程度上决定了并购活动的成败。而在目前关于企业并购的论著中，研究成功经验的多，研究失败教训的少；研究并购活动财务评价方法的多，研究财务风险控制的少。（声明：本译文归百度文库所有，完整译文请到百度文库。）因此本文的创新性在于：不是泛谈财务风险及其控制问题，而是将财务风险按照企业并购进程划分，归纳总结出并购活动每一阶段可能出现的特定财务风

险；结合并购失败的案例及国内外并购经验，深入分析导致并购失败的财务风险因素，进而提出切实可行的财务风险控制措施。

本文刚开始时阐释了并购及相关概念，并对世界范围内的五次并购浪潮进行简要回顾；接着着重分析企业并购过程中的财务风险类型及其成因；最后提出并购过程中财务风险防范与控制的具体措施。

本文在开篇对企业并购进行了如下界定：一种高级形态的产权交易形式，是指一个公司（或企业，下同）吞并一个或多个公司，或者两个或多个公司合并成为一个公司的行为。其主要内容，是通过购买企业的全部或部分产权（资产），来达到控制企业的资产或经营的目的。接着，本文比较了与并购相近或相关的概念，它们分别是兼并、收购、合并、接管。

首先，本文还用不少笔墨回顾了世界上的五次并购浪潮。这几次并购浪潮深刻改变了世界经济的面貌，使许多中小企业成长为企业巨擎。研究这段历史，对于了解并购活动的产生和发展，具有重要的指导意义。纵观国际上的五次并购浪潮，我们看到，在资本主义的不同发展阶段，并购活动的具体形式各不相同，所采用的融资支付方式从现金、股票收购，到杠杆收购，都各有其特点。

接着本文重探讨了企业并购过程中的财务风险类型及其成因。根据本文的定义，企业并购财务风险是指并购过程中由于定价、融资、支付等各项财务决策所引起的企业财务状况恶化或财务成果损失的可能性。按照企业并购的进程，可以将企业并购中的风险分为：并购前的决策风险（战略制定风险）、并购时的操作风险（目标企业估值风险、融资支付风险）以及整合风险。不同阶段的并购任务、并购特点各不相同，其风险产生机理和特征亦不相同，但又彼此相互联系、相互作用。由于篇幅有限，本文重点讨论目标企业估值风险、融资与支付风险、以及整合风险。在第二章中，本文结合并购失败的案例，对并购过程中的上述几种财务风险及其成因进行了深入剖析。目标企业价值评估风险即是指，由于对目标企业价值评估出现偏差，而引起的并购方出现财务损失的可能性。导致目标企业价值评估风险的因素主要有：并购企业对目标企业未来收益的大小和时间的预期偏差、财务报表自身的局限性、目标企业股价的失真、目标企业价值评估方法的偏差、以及中介机构发展滞后等因素。融资与支付风险主要体现在：流动性风险、资本结构恶化导致的信用危机、财务杠杆效应引发的破产清算风险、每股收益的

稀释和控制权的分散等。整合期间的财务风险具体表现为：财务组织机制风险、理财风险和财务行为人风险。

最后，本文将总结并购财务风险的基本特征，并提出了财务风险防范与控制的具体措施。根据并购财务风险综合性、关联性、可控性和动态性的特点，企业应当用全面的、联系的眼光看待并购过程中的各种财务风险，并积极采取措施对其加以控制。

针对目标企业价值评估风险，本文的建议是（1）提高信息质量，具体包括：开展尽职调查，全面了解目标企业信息；合理使用财务报表信息；注重表外资源。（2）根据特定情况选择适当的价值评估方法，并综合运用多种评估方法提高评估准确程度。同时文章指出，在实务操作中，价值评估方法只是价格谈判时的参考。目标企业价格的确定是买卖双方议价能力的抗衡，受到收购方的预期、战略意图、汇率等多方面因素的综合影响。

针对融资与支付风险的防范问题，文章分别就各种融资方式与支付方式的优劣势进行分析，并结合目前国内融资支付手段单一的现状，提出了企业发行可转债及商业票据的可行性建议。针对整合期间的财务风险防范问题，文章认为可以分别从整合财务经营战略、整合财务制度体系、整合会计核算体系、整合资产负债、整合绩效评估体系等几方面入手。具体措施包括并购方向被并购方委派财务负责人、并购方对被并购方的资产经营活动实行严格的产权控制、实行全面预算、动态监控及内部审计等。

3结论

企业并购过程中的财务风险控制问题还有很多值得继续深入研究的方面。例如本文在财务风险的控制方法上侧重于定性分析，今后还可以采用定量分析法，并结合企业危机预警理论建立完善的并购财务风险预警模型。

世界贸易和国际贸易【外文翻译】

外文翻译 原文 World Trade and International Trade Material Source:https://www.wendangku.net/doc/053118547.html, Author: Ted Alax In today’s complex economic world, neither individuals nor nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of world trade and economic activity. As a result of this trade and activity, international finance and banking have evolved. For example, the United States is a major consumer of coffee, yet it does not have the climate to grow any or its own. Consequently, the United States must import coffee from countries (such as Brazil, Colombia and Guatemala) that grow coffee efficiently. On the other hand, the United States has large industrial plants capable of producing a variety of goods, such as chemicals and airplanes, which can be sold to nations that need them. If nations traded item for item, such as one automobile for 10,000 bags of coffee, foreign trade would be extremely cumbersome and restrictive. So instead of batter, which is trade of goods without an exchange of money, the United State receives money in payment for what it sells. It pays for Brazilian coffee with dollars, which Brazil can then use to buy wool from Australia, which in turn can buy textiles Great Britain, which can then buy tobacco from the United State. Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above is that no nation has all of the commodities that it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa and petroleum is recovered in the Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them. Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar.

企业财务风险及其应对文献综述

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