国际经济与贸易学院知识库

乳制品企业通过探索国际化道路，获取更优质的资源和技术，创造更多的竞争优势。同时，跨国并购风险存在于乳制品企业并购活动的各个阶段。由于并购经验不足、在并购过程中缺乏对风险的管理等原因，导致乳制品企业跨国并购存在较大风险，需通过一定的风险防范措施，来实现风险控制。

本文首先梳理了跨国并购、跨国并购风险、乳制品行业跨国并购相关研究的文献综述，将乳制品企业跨国并购风险分成三个阶段进行研究。之后在企业成长理论与风险管理理论的基础上，以光明集团跨国并购TNUVA集团为案例，识别光明集团在该案例并购前期、中期、后期产生的风险；之后通过环境风险评估法中的等级尺度法，财务风险评估方法中的单一指标法、Z模型法来评估并购中所遇到的相关风险程度；最后结合光明集团在并购TNUVA案例中规避风险的做法，提出了我国乳制品企业防范跨国并购风险的对策建议。本文认为我国乳制品企业在跨国并购前期应当注重东道国的环境风险、乳制品相关行业标准；中期应当关注财务风险，做好充足财务准备，熟悉海外资产管理；后期则需要更加关注内部整合风险，如人员、文化、组织结构风险，以及经营整合风险，通过风险管理实现企业高速成长。

Dairy products enterprise through international exploration, get more high-quality resources and technology, create more competitive advantage. At the same time, the cross-border m&a risk exists in the stages of dairy products enterprise merger and acquisition activity. Due to the lack of experience and the lack of risk management, cross-border merger and acquisition of dairy enterprises has a large risk, and it is necessary to achieve risk control through certain risk prevention measures.

This paper firstly sorts out the literature review of cross-border M&A, cross-border M&A risk and cross-border M&A of dairy industry, and divides the risk of cross-border M&A of dairy industry into three stages for research. Then, on the basis of the theory of enterprise growth and risk management, this paper takes the transnational merger and acquisition of TNUVA enterprise of Bright Group as a case to identify the risks generated by the merger and acquisition of Bright Group in the early, middle and late stages of this case. Through the environment risk assessment method of rating scales after scoring method and financial risk assessment method of the single index method, Z model method to assess encountered related degree of risk in m&a, finally combining the light group in mergers and acquisitions TNUVA risk-averse approach in the case, to our country dairy products enterprise risk prevention of transnational m&a to enlightenment. This paper holds that risks run through the whole process of cross-border merger and acquisition of dairy enterprises. In the early stage of cross-border merger and acquisition, we should pay attention to the environmental risks of the host country and the relevant industry standards of dairy products. In the medium term, they should pay attention to financial risks, make adequate financial preparations, and be familiar with overseas asset management. In the later stage, more attention should be paid to internal integration risks, such as personnel, culture, organizational structure risks and operational integration risks, so as to realize rapid growth of enterprises through risk management.