Детальная информация

В этой статье собраны 124 трансграничных дела о слияниях и поглощениях, инициированных китайскими компаниями, котирующимися на акциях класса А, с 2018 по 2022 год в качестве объектов исследования. Во-первых, модель Z-значения используется для оценки финансовых рисков компаний; во-вторых, метод факторного анализа используется для извлечения общих факторов финансовых показателей, используя их в качестве независимых переменных, а Z-значение — в качестве зависимой переменной для построения многомерной регрессионной модели для изучения факторов влияния финансовых рисков трансграничных слияний и поглощений. Результаты исследования показывают, что в год слияния и поглощения факторы наличных платежей оказывают значительное влияние на финансовый риск компании; в первый и второй годы после слияния как факторы наличных платежей, так и факторы финансовой интеграции оказывают значительное влияние на общий финансовый риск компании. Для сбора и анализа данных в основном использовались Excel для численного анализа и Stata для регрессионного анализа. Результаты этого исследования показывают, что выбор методов оплаты и контроль финансовой интеграции на поздних этапах слияний и поглощений являются важными проблемами для предприятий для эффективного предотвращения финансовых рисков. В данной статье изучается влияние трансграничных слияний и поглощений на финансовые риски китайских предприятий, изучается механизм его работы и предлагаются стратегии контроля. Это имеет объективное значение для того, как повысить эффективность трансграничных слияний и поглощений китайских предприятий и помочь им встать на здоровый путь интернационализации.

This paper collects 124 cross-border M&A cases initiated by Chinese A-share listed companies from 2018 to 2022 as research objects. First, the Z-value model is used to evaluate the financial risks of the companies; secondly, the factor analysis method is used to extract the common factors of financial indicators, using them as independent variables and the Z-value as the dependent variable to construct a multivariate regression model to study the influencing factors of the financial risks of cross-border M&A. The research results show that in the year of merger and acquisition, cash payment factors have a significant impact on the companys financial risk; in the first and second years after the merger, both cash payment factors and financial integration factors have a significant impact on the companys overall financial risk. Data collection and analysis mainly used Excel for numerical analysis and Stata for regression analysis. The results of this study show that the selection of payment methods and the control of financial integration in the later stages of mergers and acquisitions are important concerns for enterprises to effectively prevent financial risks. This paper studies the impact of cross-border mergers and acquisitions on the financial risks of Chinese enterprises, studies its operating mechanism, and proposes control strategies. This has objective significance for how to improve the efficiency of cross-border mergers and acquisitions of Chinese enterprises and help them embark on a healthy internationalization path.

• ASSESSMENT OF FINANCIAL AND ECONOMIC RISKS OF CROSS-BORDER MERGERS AND ACQUISITIONS OF PUBLIC CHINESE COMPANIES
• ВЫПУСКНАЯ КВАЛИФИКАЦИОННАЯ РАБОТА МАГИСТЕРСКАЯ ДИССЕРТАЦИЯ
  • ОЦЕНКА ФИНАНСОВО-ЭКОНОМИЧЕСКИХ РИСКОВ ТРАНСГРАНИЧНЫХ СЛИЯНИЙ И ПОГЛОЩЕНИЙ ПУБЛИЧНЫХ КИТАЙСКИХ КОМПАНИЙ
    • TASK
• INTRODUCTION
• 1. THEORETICAL FOUNDATIONS FOR ASSESSING FINANCIAL AND ECONOMIC RISKS IN THE PROCESSES OF CROSS-BORDER MERGERS AND ACQUISITIONS OF PUBLIC COMPANIES.
  • 1.1. Essence and classification of mergers and acquisitions
    • 1.1.1. Meaning of enterprise merger and acquisition
    • 1.1.2. Basic classification of corporate mergers and acquisitions
    • 1.1.3. Characteristics of enterprise mergers and acquisitions
    • 1.1.4. Related theories of enterprise mergers and acquisitions
  • 1.2. Global trends in the market for cross-border mergers and acquisitions of public companies.
    • 1.2.1. Cross-border M & A
    • 1.2.2. Related theories
    • 1.2.4. Historical background of cross-border M & A
    • 1.2.5. Current trend of cross-border M & A
    • 1.2.6. Driving factors of cross-border M & A
    • 1.2.7. Outlook for cross-border M & A
  • 1.3. Classification of financial and economic risks of cross-border mergers and acquisitions of public companies.
    • 1.3.1. Risk sources and types of cross-border M & A
    • 1.3.2. Definition of financial risk
    • 1.3.3. Causes of financial risks
    • 1.3.4. Control of financial risks
    • 1.3.5. Concept of financial risk of cross-border M & A
    • 1.3.6. Content of financial risks of cross-border M & A
• 2. ANALYZE AND EVALUATE THE CONCEPTS AND METHODS OF FINANCIAL AND ECONOMIC RISKS OF CROSS-BORDER MERGERS AND ACQUISITIONS OF LISTED COMPANIES.
  • 2.1. Overall characteristics and classification of financial and economic risks of Chinese listed companies
    • 2.1.1. Overview of transnational M & A status of Chinese listed companies
    • 2.1.2. Characteristics of financial risks of cross-border M & A of Chinese listed companies
    • 2.1.3. Classification of financial risks of cross-border mergers & acquisitions of Chinese listed companies
  • 2.2. Financial risk analysis and evaluation methods for cross-border M & A
    • 2.2.1. Literature study on financial risk assessment
    • 2.2.2. The importance of financial risk assessment of enterprises
    • 2.2.3. Financial risk assessment process
    • 2.2.4. Assessment method of enterprise financial risk
    • 2.2.5. Financial risk assessment and effective prevention strategies
    • 2.2.6. Optimization strategy for the financial risk assessment of enterprises
  • 2.3. Financial and economic risk identification and analysis of cross-border mergers and acquisitions of Chinese listed companies.
    • 2.3.1. Identification of financial risks of M & A
    • 2.3.2. Relevant literature on the identification of financial risks of mergers and acquisitions
    • 2.3.3. Methods of financial risk identification
    • 2.3.4. Identification of financial risks of cross-border mergers and acquisitions
    • 2.3.5. Identification method of financial risks of cross-border M & A
    • 2.3.6. Sample selection and data source
    • 2.3.7. Data analysis based on the Z-value test
    • 2.3.8. Data analysis based on the performance of financial indicators
• 3. FINANCIAL RISK ASSESSMENT AND CONTROL MEASURES FOR CROSS-BORDER MERGERS AND ACQUISITIONS OF CHINESE LISTED COMPANIES
  • 3.1. Evaluate the financial risks of cross-border mergers and acquisitions of Chinese listed companies
    • 3.1.1. Variable description and study methods
    • 3.1.2. Factor analysis
    • 3.1.3 Feasibility test and factor extraction
    • 3.1.4. Name the factors and calculate the score
    • 3.1.5. Regression analysis
    • 3.1.6 Descriptive statistics
    • 3.1.7 multicollinearity
    • 3.1.8. Regression results and analysis
  • 3.2. Financial risk control measures for cross-border mergers and acquisitions of Chinese listed companies
  • 3.3. Suggestions on formulating financial risk assessment and control methods for cross-border mergers and acquisitions of listed companies
    • 3.3.1. Formulate the financial risk assessment methods for cross-border mergers and acquisitions of listed companies
    • 3.3.2. Integration of risk prevention and control
• CONCLUSION
  • LIST OF REFERENCES
  • APPENDIX A