我国上市公司海外并购财务风险控制研究

A Study on Control of Financial Risk in Chinese Listed Corporation Overseas M&A

中国企业已掀起了海外并购的浪潮,但高失败率迫使它们正视海外并购的财务风险控制。实证研究表明:海外并购企业所构建的内部控制机制整体上能够促进其财务风险控制;从内部控制五要素来看,风险评估、控制环境依次发挥了积极作用,控制活动与内部监督的效果不显著,信息与沟通则未发挥作用;现金流量指标越好的海外并购企业,其财务风险控制越好,净资产收益率、资产负债率、企业规模等指标越大的海外并购企业,其财务风险控制越差,而净利润增长率、每股收益指标则与海外并购企业财务风险控制无关。

Chinese enterprises have set off a tide of overseas MA,but the high rate of failure forces them to face the financial risks control which goes along with the overseas MA. The empirical results show that the internal control mechanisms play a significant positive role in the financial risk control of overseas MA cases on the whole. From the perspective of the five elements of internal control,risk assessment and control environment play positive factors successively,the effect of control activity and internal supervision are not significant and the information and communication do not play any role in it. The better the cash flow ratio is,the better the financial risk control is obtained. On the contrary,to those enterprises whose rate of return on net assets,assets and liabilities rate and their scales are larger,their financial risk control is getting worse. However,the net profit growth rate and earnings per share are not related to the financial risk control.