会计学院知识库

随着我国改革开放政策的实施，我国政府制定了多项政策，同时也积极的加入各种国际组织，以此来支持我国企业积极加入到国际市场的竞争中去。在这种环境下，我国越来越多的企业开始实施跨国并购，成为此次全球跨国并购浪潮中的主战力。很多企业也通过这一活动所带来的协同效应，成功实现了跨越式的成长。但是也有部分企业实施的跨国并购活动并未实现预期目标。主要是由于跨国并购发生在两个不同的国家或地区，因此容易面临各种风险，比如政治风险、经济风险等，这些风险会贯穿于并购的全过程，任一环节防范不到位都会给并购方造成不利影响，从而反映到财务风险上，导致财务状况恶化，最终使得并购失败，因此，要对其重点关注。

本文以山鹰国际跨国并购北欧纸业为例，对这一活动整个过程中的财务风险进行了详细的分析。本文先是介绍了研究的背景以及研究的意义，总结了当前国内外的一些学者在这一领域的研究成果，提出了研究框架，同时界定了本文中的相关概念，梳理了理论基础。接着对并购双方的概况进行了介绍，详细分析了并购的动因和并购的过程。然后分析了山鹰国际在并购北欧纸业的过程中存在的风险，主要是定价、融资、支付和整合风险，并对其采取的管控措施及管控效果进行了分析，之后利用F分数模型对其管控效果进行了综合分析。最后，从标的企业的选择、中介机构的充分利用、融资和支付方式的恰当选择及整合方式的科学制定几个方面提出了相关的启示。

本文对山鹰国际跨国并购北欧纸业的财务风险的分析结果表明，山鹰国际很好的识别了整个过程中的财务风险，而且采取的管控措施合理有效，风险控制取得了良好的效果。在此基础上得到启示，希望能帮助造纸行业的其他企业规避跨国并购财务风险，实现并购前的预期目标。

With the implementation of our country's reform and opening up policy,the government has formulated a number of policies and actively joined various international organizations to support enterprises to actively participate in the competition in the international market.In this environment, more and more enterprises have begun to implement cross-border mergers and acquisitions,becoming the main force in this global wave of cross-border mergers and acquisitions.Many companies have successfully achieved leapfrog growth through the synergies brought about by this activity.However, the cross-border M&A activities carried out by some enterprises have not achieved their expected goals. Mainly because cross-border mergers and acquisitions take place in two different countries or regions,it is easy to face various risks,such as political risks,economic risks, etc.These risks will run through the entire process of mergers and acquisitions.It will cause adverse effects,which will be reflected in the financial risks,lead to the deterioration of the financial situation,and ultimately make the merger fail.Therefore,it is necessary to focus on it.

This paper takes Shanying International's cross-border merger and acquisition of Nordic Paper as an example,and makes a detailed analysis of the financial risks in the whole process of this activity.The paper first introduces the background and significance of the research,summarizes the current research results of some scholars at home and abroad in this field,puts forward the research framework,defines the relevant concepts in the paper,and sorts out the theoretical basis.Then it introduces the general situation of both parties of mergers and acquisitions,and analyzes the motives of mergers and acquisitions and the process of mergers and acquisitions in detail.Then it analyzes the risks existing in Shanying International's merger and acquisition of Nordic Paper,mainly including pricing,financing,payment and integration risks,and analyzes the control measures and effects it has taken.The control effect was comprehensively analyzed.Finally,some relevant enlightenments are put forward from the selection of target enterprises,the full use of intermediaries,the proper selection of financing and payment methods,and the scientific formulation of integration methods.

The results of this paper's analysis of the financial risks of Shanying International's cross-border merger and acquisition of Nordic Paper show that Shanying International has well identified the financial risks in the whole process,and the management and control measures taken are reasonable and effective,and the risk control has achieved good results. On this basis,I get enlightenment,hoping to help other companies in the paper industry to avoid financial risks of cross-border mergers and acquisitions and achieve the expected goals before mergers and acquisitions.