改革开放以来，我国综合实力日益强劲，越来越多的中国企业开 始尝试跨国并购，然而大多数企业在跨国并购中面临着目标企业估值 不合理、融资和支付环节不符合并购企业自身情况、并购后整合不良 等问题，直接影响并购后的企业整体价值创造，导致跨国并购的价值 毁损，甚至有可能导致失败。从跨国并购方式的角度看，跨国混合并 购基于其完全的跨行业并购特性，存在最大限度的信息不对称，因而 较跨国横向并购或跨国纵向并购存在更大、更多、更复杂的并购风险。 同时跨国并购各个环节的风险因素，如文化、政策、行业等诸多风险 因素最终都能够综合体现在财务风险上。 所以，研究跨国并购，特别是跨国混合并购中的财务风险及防范 机制，对于提高我国企业跨国并购的成功率，以及通过跨国并购实现 企业整体价值的提升具有重大意义。本文以YY股份跨国混合并购美 国ARC和比利时邦奇为研究对象，通过收集和整理相关的数据资料 并阅读相关的研究文献，依托跨国并购相关基础理论，对案例中YY 股份所面临的财务风险进行了深入的研究，分析了跨国并购准备阶段、 实施阶段和整合阶段三个阶段面临的不同财务风险及来源，并根据风 险提出了相应的防范机制。 本文力争通过分析该跨国混合并购案例中的财务风险，期望能为 YY股份跨国混合并购的财务风险及防范机制 其他企业在面临类似问题时提供一些启示：第一，运用科学方法制定 并购战略是跨国并购成功的前提；第二，合理评估目标企业价值是跨 国并购成功的核心；第三，设计合理的融资支付方案是跨国并购成功 的桥梁；最后，有效整合并购双方各项资源是跨国并购成功的保障。 关键词：跨国混合并购，财务风险，防范机制 YY股份跨国混合并购的财务风险及防范机制 FINANCIAL RISKS AND PREVENTION MECHANISM OF CROSS-BORDER MIXED M&A OF YY COMPANY LIMITED ABSTRACT Since the reform and opening up, China's comprehensive strength has become increasingly strong, more and more Chinese companies begin to try cross-border M&A, however, most enterprises in cross-border M&A are faced with such problems as unreasonable valuation of target enterprises, financing and payment links not in line with the M&A enterprises’ own situation, and poor integration, which will directly affect to prevent the overall value creation of enterprises after M&A, leading to the value destruction of cross-border M&A and may even lead to failure. From the perspective of M&A methods, cross-border mixed M&A is based on its complete characteristics of cross-industry M&A, which has the maximum information asymmetry, therefore, there are larger, more and more complex M&A risk than the cross-border horizontal M&A and cross-border longitudinal M&A. And the risk factors in all aspects of cross-border M&A, such as culture, policy, industry and many other risk factors, can finally integrate into the financial risks. Therefore, the study of cross-border M&A, especially financial risks and prevention mechanism in cross-border mixed M&A, is of great significance for improving the success rate of cross-border M&A in China and the improvement of overall corporate value through cross-border M&A. The paper takes the cases of cross-border mixed M&A of American ARC Company and Punch YY股份跨国混合并购的财务风险及防范机制 Company in Belgium of YY Company Limied as the research object, Through collecting and collating relevant data and materials and reading relevant research literature, based on the basic theories related to cross-border M&A, makes an in-depth study on the financial risks faced by YY Company Limied,and according to the corresponding risk, analysis of the preparation stage, implementation stage and cross-border M&A integration of the three phase under different financial risks and sources, and puts forward the corresponding according to risk prevention mechanism. By analyzing the financial risks in the case of cross-border mixed M&A, this paper hopes to provide some enlightenment for other enterprises facing similar problems. First, using scientific method to formulate strategy of M&A is the premise of successful cross-border M&A. Second, the reasonable evaluation of target enterprise value is the core of successful cross-border M&A. Thirdly, designing reasonable financing and payment scheme is the bridge to the success of cross-border M&A. Finally, effective integration of resources of both parties is the guarantee of successful cross-border M&A. KEYWORDS: cross-border mixed M&A, financial risks, prevention mechanism YY股份跨国混合并购的财务风险及防范机制 目 录 第一章 绪论 ............................................................................... 1 第一节 选题背景与意义 ................................................................................... 1 一、选题背景 .................................................................................................. 1 二、选题意义 .................................................................................................. 3 第二节 研究内容和方法、重难点及创新点 ...................................................... 4 一、研究内容和方法 ....................................................................................... 4 二、研究重难点 ............................................................................................... 5 一、研究创新点 ............................................................................................... 5 第二章 跨国并购概念、风险理论及相关文献综述...................... 6 第一节 跨国并购的概念及相关文献综述 .......................................................... 6 一、跨国并购的概念 ....................................................................................... 6 二、跨国并购的分类 ....................................................................................... 6 三、跨国并购的动因 ....................................................................................... 7 第二节 跨国并购风险理论及相关文献综述 ...................................................... 7 一、跨国并购风险理论基础 ............................................................................. 7 二、跨国并购风险的类型及其产生原因 ........................................................... 8 三、跨国并购财务风险的防范机制 ................................................................ 12 第三章 企业跨国并购各阶段的财务风险及来源 ....................... 15 第一节 准备阶段的财务风险及来源 ............................................................... 15 一、战略选择风险 ......................................................................................... 15 二、估值风险 ................................................................................................ 16 第二节 实施阶段的财务风险及来源 ............................................................... 18 一、融资风险 ................................................................................................ 18 二、支付风险 ................................................................................................ 18 第三节 整合阶段的财务风险及来源 ............................................................... 18 第四章 YY股份跨国混合并购的案例分析 ............................... 20 YY股份跨国混合并购的财务风险及防范机制 第一节 跨国混合并购案例简介 ...................................................................... 20 一、案例概况 ................................................................................................ 20 二、并购双方简介 ......................................................................................... 20 三、并购动因分析 ......................................................................................... 24 四、并购事件还原 ......................................................................................... 26 第二节 YY股份并购准备阶段财务风险分析 .................................................. 28 一、房地产行业发展形势 .............................................................................. 28 二、汽车行业发展状况 .................................................................................. 31 三、战略选择风险 ......................................................................................... 32 四、估值风险 ................................................................................................ 33 第三节 YY股份并购实施阶段财务风险分析 ...........