摘要：經濟全球化背景下，競爭的加劇成為推動企業并購的主要動因，對于參與激烈市場競爭的企業來說，要想擴大規模，增強實力，實現健康可持續的發展，企業并購就是重要的手段，它不僅能達到優化資源配置、規模經濟等效果，而且相對于傳統企業發展模式，擴張周期相對較短。我國企業并購起源于改革開放，歷史相對較短,市場不成熟等因素導致了國內企業并購的成功率較低。回顧并購在西方世界以及我國的發展歷史，會發現存在著大量失敗的案例，而仔細分析這些案例不難發現財務風險是決定并購成敗的極為重要的因素。本文基于吉利收購沃爾沃的經典案例，對企業并購的財務分析進行剖析并提出相關的防范措施，讓國內的企業更多的了解并購時會產生的財務風險，借鑒經驗合理規避并購當中所可能遇到的財務風險。

關鍵詞：企業并購  財務風險  吉利公司

Abstract:  In the fierce market competition,mergers and acquisitions become the main motivation for participating.Mergers and acquisitions is an important means for expand the scale and enhance their capabilities. Compared to the traditional business model of development, the expansion of the relatively short period in our country's reform and opening originated in mergers and acquisitions, you will find there are a lot of cases of failure, but a careful analysis of these cases is not difficult to find the financial risk is extremely important factor in determining the success or failure of mergers and acquisitions. Based on Volvo's classic case of mergers and acquisitions of financial analysis to analyze and make relevant preventive measures so that domestic enterprises will learn more about financial risk arising when mergers and acquisitions, mergers and acquisitions which draw on the experience that may reasonably avoid encounters financial risk.　

Key  words:  Mergers and acquisitions  Financial risk