I 摘要 随着我国经济的发展以及社会的进步，资本市场不断增强；越来越多的中国 企业选择通过海外并购来进行海外市场的拓张和国外先进技术的引进。中国大型 国有企业成为了排头兵，随后很多民营企业步其后尘成为了中国企业海外并购的 主力军，其中拥有各种细分行业先进技术领先的德国，成为了民营企业的首选地。 本文以 C 公司并购德国 H 公司为研究对象，主要从 C 公司进行海外并购的动 因，C 公司在并购时可能会遇到的财务问题以及应对策略进行了阐述和分析。重点 讲解了其在尽职调查和融资支付方式选择中的策略。 当民营企业在进行海外并购时，受限于自身的缺点，相比经验丰富的大型国 有企业而言，可能会面对更多的风险，包括政策风险，财务风险，税务风险，法 律风险等等。本文则着重阐述了一些中国民营公司在并购前和并购中可能遇到的 财务风险，包括：财务尽职调查风险、目标公司价值评估风险、外汇风险、交易 框架搭建风险、融资风险和支付风险。在简述可能遇到的风险同时，也提出当企 业面对这些风险时如果处理不当，可能会遭遇的情况。 针对上述提到的风险，以 C 公司并购 H 公司为案例，深度分析其在面对风险 时所采用的风险管控和应对措施，其中着重解析了 C 公司在评估 H 公司价值时， 所采用的收益法及市场法的比较，同时对其在交易架构、融资方式的选择上进行 了拆解。随后依据现有的理论，再结合 C 公司后来因为并购 H 公司所面对的情况， 对 C 公司的风险管控和应对策略进行了评价。最后，提出了针对中国民营企业海 外并购时所面临的财务风险提出几点建议作为参考。 关键词：财务风险、企业估值、海外并购、外汇管理、民营企业ABSTRACT II ABSTRACT With the development of China's economy and social progress, the capital market has continued to strengthen; more Chinese companies have chosen to expand overseas markets and introduce advanced foreign technologies through overseas mergers and acquisitions. China's large state-owned enterprises have become the vanguard, and many private enterprises have subsequently become the main force of Chinese companies' overseas mergers and acquisitions. Among them, Germany, which has advanced technologies in various sub-sectors, has become the first choice for chinese private enterprises. This article takes C company's acquisition of German H company as the research object, mainly from the motivation of C company's overseas M & A. The financial risks that C company may encounter during the merger and acquisition and the corresponding strategies are explained and analyzed. It focuses on its strategies in the selection of due diligence and financing payment methods. When chinese private enterprises are engaged in overseas mergers and acquisitions, they are limited by their own shortcomings. Compared with experienced large state-owned enterprises, they may face more risks, including policy risks, financial risks, tax risks, legal risks, etc. . This article focuses on the financial risks that some Chinese private companies may encounter before and during mergers and acquisitions, including: financial due diligence risk, target company valuation risk, foreign exchange risk, transaction framework risk, financing risk, and payment risk. While briefly describing the risks that may be encountered, it also proposes situations that companies may encounter if they are not handled properly when facing these risks. Aiming at the above-mentioned risks, taking Company C's acquisition of Company H as an example, it analyzes the risk management and countermeasures it has adopted in the face of risks. Among them, it focuses on the analysis of the benefits used by Company C when assessing the value of Company H. The comparison of market law and market law, meanwhile, it disassembles its choice of transaction structure and financing method. Then, based on the existing theories and the author's understanding, combined with the situation that Company C faced later because of the acquisition of Company H, the company's risk management and response strategies were evaluated.ABSTRACT III Finally, through the case analysis of Company C's merger and acquisition of Company H, several suggestions for the financial risks faced by Chinese private enterprises during overseas mergers and acquisitions are put forward as reference. Keywords: financal risks, corporate valuation, oversea M&A, Transaction Structure, foreign exchange control，private enterprise目 录 IV 目 录 摘要..................................................................................................................................I ABSTRACT......................................................................................................................II 目 录...............................................................................................................................IV 第一章 绪论.....................................................................................................................1 1.1 选题背景.............................................................................................................1 1.2 研究目的.............................................................................................................3 1.3 研究的主要方法及论文框架.............................................................................4 1.3.1 研究的主要方法.....................................................................................4 1.3.2 论文框架.................................................................................................4 1.4 主要文献回顾.....................................................................................................5 第二章 企业海外并购财务风险概述.............................................................................9 2.1 主要概念.............................................................................................................9 2.1.1 并购、海外并购.....................................................................................9 2.1.2 海外并购的动因.....................................................................................9 2.1.3 财务风险和海外并购的财务风险.........................................................9 2.2 海外并购准备阶段财务风险分析...................................................................10 2.2.1 财务尽职调查风险...............................................................................10 2.2.2 价值评估风险....................................................................................... 11 2.3 海外并购实施阶段的财务风险分析...............................................................12 2.3.1 外汇风险...............................................................................................12 2.3.2 融资风险...............................................................................................13 2.3.3 支付风险...............................................................................................13 2.3.4 交易框架搭建的风险...........................................................................14 第三章 C 公司并购 H 公司案例背景和财务风险管理过程.......................................16 3.1 案例简介...........................................................................................................16 3.1.1 C 公司简介.............................................................................................16 3.1.2 C 公司并购 H 公司动因分析................................................................16 3.1.3 H 公司简介............................................................................................ 17 3.1.4 交易概述...............................................................................................18 3.2 C 公司并购 H 公司财务风险概况...................................................................18目 录 V 3.2.1 财务尽职调查风险概况.......................................................................18 3.2.2 价值评估风险管理概况.......................................................................20 3.3 海外并购实施阶段的财务风险管理概况.......................................................26 3.3.1 外汇风险管理.......................................................................................26 3.3.2 融资及支付风险管理概述................