基于三元食品的乳品企业跨国并购财务风险与控制分析

Analysis of Financial Risk and Control of Dairy Enterprises'Cross-border M&A Based on Sanyuan Food

近年来,国内消费水平不断提高,乳品企业自身实力逐步壮大,中国乳品企业逐渐走上跨国并购之路。然而,在企业跨国并购中有许多不能忽视的风险,中国乳品企业的跨国并购之路并不十分平坦,其中财务风险对企业的影响最大,是决定企业跨国并购最终成败的核心与关键。以三元食品股份有限公司(简称“三元食品”)收购法国St Hubert公司为例,对跨国并购中财务风险的识别和控制进行了研究,结合对三元食品进行财务状况和财务风险的分析,包括定价风险分析、融资与支付风险分析、汇率风险分析和财务整合风险分析,利用Z-Score模型对财务风险进行了评估,并提出了控制乳品企业跨国并购财务风险的建议与措施。

In recent years,domestic consumption levels have continued to improve,dairy companies have gradually grown in strength,and Chinese dairy companies have gradually embarked on the road of cross-border mergers and acquisitions.However,there are many risks that companies cannot ignore in cross-border mergers and acquisitions,Chinese dairy companies'cross-border mergers and acquisitions are not very smooth.Among them,financial risks have the greatest impact on companies and are the core and key to the ultimate success or failure of companies'cross-border mergers and acquisitions.Taking Sanyuan Foods Co.,Ltd.(Sanyuan Food)to acquire the French company St Hubert as an example,the identification and control of financial risks in cross-border mergers and acquisitions were researched,combined with the analysis of Sanyuan's financial status and financial risks,including pricing risk analysis,financing and payment risk analysis,exchange rate risk analysis,and financial integration risk analysis,financial risks were evaluated using the Z-Score model,and recommendations and measures to control the financial risks of dairy companies'cross-border mergers and acquisitions were put forward.