摘 要:在中國政府的鼓勵(lì)和支持下，中國企業(yè)走上了跨國并購的發(fā)展道路。特別是一些國內(nèi)實(shí)力雄厚的優(yōu)秀企業(yè)，如吉利、蘇寧、聯(lián)想、中石化、三一重工等，都在近年相繼實(shí)施了跨國并購戰(zhàn)略。但是由于國際環(huán)境的復(fù)雜性，許多企業(yè)在進(jìn)行跨國并購時(shí)，缺乏風(fēng)險(xiǎn)識(shí)別能力和應(yīng)對(duì)措施，結(jié)果付出了較為沉重的代價(jià)。跨國并購與國內(nèi)并購相比，所在環(huán)境更加多變，面臨更多不確定因素的干擾，這些不確定因素往往會(huì)給企業(yè)帶來更多的風(fēng)險(xiǎn)和挑戰(zhàn)。我國企業(yè)喜歡把跨國并購比作企業(yè)成長過程中“驚險(xiǎn)地一躍”，然而大家常常專注于“躍”，卻忽視了“險(xiǎn)”。要讓跨國并購真正成為中國企業(yè)飛躍發(fā)展的捷徑，我們不僅要抓住每個(gè)并購的機(jī)會(huì)，還要深入分析并購中的風(fēng)險(xiǎn)，獲得盡量多的信息，做到知己知彼，建立有效的防范機(jī)制，順利獲取目標(biāo)資源和市場，實(shí)現(xiàn)更高的投資回報(bào)和股東財(cái)富。本文結(jié)合了近年案例的分析，采用多種分析方法，對(duì)跨國并購的風(fēng)險(xiǎn)進(jìn)行了分析。

關(guān)鍵詞：跨國并購；風(fēng)險(xiǎn)；對(duì)策

ABSTRACT:With China's accession to the world trade organization, Chinese enterprises have started to choose transnational merger and acquisition(M&A) as development strategies under the encouragement and support of the Chinese government, especially to some competitive enterprises, such as Geely, Suning, Lenovo, Sinopec, Sany, etc. They successively carried out the strategy of transnational M&A. In recent years, however, many enterprises in face of transnational M&A, have paid a heavy price, due to lack of risk identification ability and hardly response timely. Compared with domestic M&A, cross-border M&A is more difficult for its high complexity, driving the company facing a more uncertain factors interference. These uncertain factors often bring multinational companies more risks. We’d like to compare transnational mergers and the "breathtaking leap" of acquisitions as enterprise growth process. however, we often focus on the "jump", but ignore the "risks". Therefore, we should seize every opportunities of M&A, and in-depth analysis of M&A risks, obtain as much information as we can, to establish an effective prevention mechanism. It is of great significance in reducing the loss for the Chinese enterprises in transnational M&A. This article is composed with cases studied in recent years, using a variety of analysis methods. Qualitative and quantitative methods are being used to analyze the risk of cross-border M&A。　

Keywords: Transnational M&A; Risk; Strategy