中国企业海外并购筹备阶段财务风险分析——以中国平安收购富通集团为例

Financial Risks in Preparatory Phase——Taking the merger and acquisition of Ping An Insurance and Fortis as an example

欧美国家经济持续低迷,中国企业在海外并购方面获得难得的机遇。并购过程中必然要面临诸多不确定因素,财务风险因其特殊性不容忽视。企业并购一般可以分为筹备、执行和整合等三个阶段,每个阶段都存在一定的财务风险。筹备阶段对财务风险规避的成效如何,往往直接影响并购的成败。基于中国平安收购欧洲富通集团失败案例的分析,中国企业在海外并购的筹备阶段面临的目标企业价值评估等多种财务风险,企业应采取有针对性的应对策略。

The economy of the U. S. and Europe remain in the doldrums, Chinese？ Enterprises？ Get a rare opportunity in？ overseas mergers and acquisitions. But there are many uncertains when going overseas, Chinese？ Enterprises cannot neglect the financial risks because of its particularity and complexity. The progress of the merger and acquisition activities generally can be divided into three phases： preparatory phase; execution phases integration phase, there can be certain risks in each phase. However, whether succeed in evading the financial risks in the preparatory phase have a direct impact on mergers＇ success or failure. The paper take the merger and acquisition of Ping An Insurance and Fortis as a example, which ended in failure at last, clearing that there can be various financial risks in the preparatory phase of mergers , such as the value evaluation risk, Chinese？ Enterprises should adopt corresponding strategies.