众文网1.想找一篇关于"企业并购的财务风险"的外文资料
How financial services leaders are eager to increase M&A despite regulatory barriers. Financial services executives in Asia today face growing pressure to satisfy shareholders, please customers, and capitalise on their successes. With falling barriers, the threat of new competition continues to escalate, and prudent executives have no choice but to maintain a constant surveillance of new market trends and growth opportunities. Based on the results of our survey, successful financial services executives may need to take into account a number of challenges. First of all, they must be prepared for larger, more aggressive M&A, joint venture and partnership deals. To remain competitive, financial services executives must place a high priority on knowing their fellow market players, the institution they compete against today could well become their strategic partner, or even new owner, tomorrow. Financial service providers have an obligation to foresee the risks and opportunities associated with different restructuring scenarios. Those who succeed will be the ones that enumerate all feasible scenarios, identify the potential outcomes and quantify their financial impact, in an effort to serve all constituents. Second, executives need to know their company's strengths, and apply M&A to hone competitive edge. It is imperative that financial service providers stick to their strengths. The firms whose leaders possess a profound understanding of their own strengths and weaknesses, and can thus build on these strengths using M&A and other forms of restructuring, will be those that thrive. The third challenge for financial service executives is to outsource back-office and other non-strategic operations. Respondents to our survey showed an acute awareness of the opportunities to outsource IT, accounting and other operations that offer little to no customer-facing attributes. Again, a true understanding of core competencies is critical to identifying which of these operations can effectively be outsourced. Fourth, executives need to pursue M&A strategies despite regulatory uncertainty, not because of it. It makes little sense to allow regulatory issues to dictate M&A strategy. Financial institutions would do better to identify areas of growth that will be critical to their company's long-term success, and use these as the foundation of a restructuring strategy. As the survey shows, senior executives increasingly view regulatory and policy regimes as mutable, and therefore transitory. The fifth challenge is to stay vigilant for operational efficiencies and opportunities for scale. Through every stage of restructuring, from feasibility studies to negotiations and implementation, there is a certain virtue in ruthlessness wherever operations can be combined and consolidated. However, among the obstacles to increased M&A activity cited by respondents were differences in corporate culture and defensiveness by owners or managers or the acquired firm. Nevertheless, the achievement of scale should be a central consideration in every deliberation. Finally, financial services executives should ensure that proper risk management is in place. With regulatory hurdles still in place, financial institutions embarking on M&A in Asia are in many cases buying an interest in future high growth. But there are risks associated with this strategy. Expected economic growth may be blunted by any number of global shocks. If financial institutions overestimate growth prospects, they are at risk of overpaying for acquisitions. By meeting the challenges set out in the checklist above, financial services executives may be more prepared for their M&A pursuits.。
2.急需一份外文翻译,题目是关于企业投资的风险与防范对策的,要外
Elder-brother Spring is a pure yemer, real man with ironblood. He's people's good brother and father's best son.China's steel industry was the largest anti-dumping investigations industry. Minmetals Import and Export Chamber of Commerce statistics, last year, China's steel anti-dumping involving a total of 15 cases, involving 1.95 billion yuan, iron and steel industry and color, clothing, footwear, like anti-dumping investigations, one of the key industries. Prior to this, our country there is a lot of steel products export tax rebates, some countries believe that China steel product of government subsidies, in the international market, China's large market share of steel products, export prices low and the dumping of steel products in China suspected heard. The first half of 2008, involving China's iron and steel industry, a new anti-dumping investigation all-time high, which has a new investigation of 9 cases with final decisions have been made to 7, the anti-dumping cases last year than the total number of more , the European Union, the United States, Canada, Mexico, Indonesia and other countries have taken place in China's iron and steel products for the anti-dumping cases. Taking a panoramic view of the iron and steel industry products, and more anti-dumping cases, the existence of the following three salient features, the following key to the Canadian oil and gas to China seamless pipe brief analysis of anti-dumping as an example: 1. The existence of anti-dumping cases that the problem of non-uniform standards. Standard anti-dumping cases that the crux of the problem is the fact of dumping and dumping margin found, for dumping the fact that the WTO is by comparing the export price and normal price found that the export price is lower than the normal price dumping, "normal price" is The fact that the existence of dumping of the decisive factors, but the "normal price" of that caliber because of the different statistics, the results are very different. WTO rules, the normal price is often used to describe conditions in the general trade export of similar products in domestic comparable sales prices, such as the product of the domestic prices under control, often to third-country export prices of similar products to confirm the normal price. As part of the US-led Western countries not to recognize China's market economy status, the fact that the dumping and the dumping margin found on third-party countries often need to export prices, while the third-party countries to the fact that the dumping, how to determine the normal price There are also the standard problem of non-uniform. Such as: Canada Border Trade Department (CBSA) on February 7, 2008 China's exports to Canada of seamless oil casing anti-dumping, countervailing case the final decision to determine China's Tianjin Pipe Group Co., Ltd. and other enterprises involved in the case of six dumping margin of 37% ~ 45%; subsidy of 2% to 7%, other non-respondent enterprises dumping margin was 91%; subsidies for 38 percent; China's steel association that the CBSA in the absence of data to support a third country, to use in February 2008 magazine published a K55, N80 price of normal price, project L80, P110 casing of high-grade steel prices, as a basis for unilateral presumed the existence of dumping and dumping margin calculation is not right. 2. Anti-dumping and countervailing cases together, the specific implementation of double taxation. Statistics show that took place in 2008 involving the 9 iron and steel industry in anti-dumping investigations, 5 the issue of anti-subsidy cases involving anti-dumping and countervailing cases have been closely together. International Iron and Steel of China's iron and steel industry to accept the challenge of government subsidies. January 8, the League of the United States research group released a report that a large number of government energy subsidies in China become the world's largest producer and exporter of steel. Reported that in 2007, the Chinese steel industry is about 15.7 billion U.S. dollars of subsidies since 2000, an increase of 3800%. In addition, the CBSA in the casing of our seamless final anti-dumping identified Tianjin Pipe Group Co., Ltd. China, such as the existence of six enterprises involved in the case of 2% ~ 7% subsidy acts. In the specific implementation of anti-dumping measures, the widespread dumping of international double taxation and subsidies. In today's world trade, anti-dumping anti-subsidy has become the main means of trade, therefore, for most countries to protect their own industry in violation of WTO provisions, the standard of 。
3.我需要一篇外文文献及翻译
1 the meaning of financial risk Ye at "small and medium-sized financial risk assessment and control of research" that the financial risk is the possibility of corporate insolvency and shareholders, the proceeds of uncertainty, it is difficult because of enterprise funds, to adopt a different mode of financing brought about by risk. Starting from the analysis of financial risk on its meaning, characteristics and types of content; at this based on the causes of the financial risk to conduct in-depth analysis and detailed research, analysis concludes that the financial risks arising from internal factors and external aspects; in turn, establish a risk awareness, the establishment of an effective risk prevention mechanism; set up and improve the financial management system to meet the financial management of environmental change; set up the financial risk early warning mechanism, strengthen the financial crisis management; improve the scientific level of financial decision-making to prevent due to poor decisions arising from the financial risk; through internal systems to prevent the establishment of binding mechanisms to control and guard against financial risk in five areas of financial risk prevention measures as well as self-insurance, diversification of risk control, risk transfer, risk averse, risk reducing the five techniques. Only controlled enterprises to guard against and defuse financial risks, in order to ensure that enterprises in the fierce competition in the market in an invincible position. The causes of the financial risks (A) external causes 1, the national policy changes brought about by the financing risk. Generally speaking, small and medium-sized production and operation because of instability. A country's economy or monetary policy changes, there may be small and medium-sized production and management, market conditions and financing forms have a certain impact. Beginning in 2007, our country has increased the intensity of macroeconomic regulation and control, the central bank to raise the fourth time the deposit reserve ratio, in particular, are ready to implement the difference between a direct deposit system to make small and medium-sized service-oriented small and medium-sized commercial banks to tighten credit, SMEs First of all, the capital supply disruption, the risk of inviting a lot of financing, SMEs also in urgent need of funds can not be forced to stop production or the scale of downsizing. 2, bank financing channels for non-financial risks caused by fluid. Corporate sources of funds are nothing more than its own funds and external financing in two ways. In various modes of financing, the bank credit is also an important source of funds, but banks in the country's financial policies as well as their own sound system is not under the influence of such circumstances, the general enthusiasm for SME lending is not high, their loans more difficult to increase the the enterprise's financial risk. (B) internal factors one, blind expansion of investment scale. There is a considerable number of conditions are not ripe for the SMEs in the circumstances, only the experience of one-sided pursuit of companies to determine the expansion of the extension, ignore the company's content and core competitiveness, resulting in a major capital investment wasted. 2, the investment decision-making errors. For business, the correct selection of industries are the starting point for the survival and development strategy. However, some industrial enterprises in the selection process, the often overlooked "industry is a dynamic selection process" concept, should not a keen grasp of industry trends and direction of evolution. 3, improper selection of investment partners. Enterprises to make investment decisions, we must give full consideration to qualified partners, reputation, and should have to bear the corresponding risks. 4, less than honest. Lack of SME credit is a common situation. Therefore, small and medium-sized banks to provide loans or investments to small and medium-sized people had to step up investment on human resources in order to improve the quality of information collection and analysis. This respect has increased the investment bank or person lending and investment costs. On the other hand also give small and medium enterprises financing difficult. Ability to finance capital, to finance the number of funds, the financing of SMEs exist great uncertainties.。
4.企业并购的财务风险与防范 国内外研究文献综述都有哪些
企业并购前的财务风险有哪些？并购企业在并购计划实施之前，需要选择并购的目标企业和具体的并购方式，因此，并购前的风险主要是这两个选择所造成的风险。接下来由法律快车小编在本文整理介绍企业并购前的财务风险以及防范知识。
1、在市成能将筹资风险降到最低
并购企业在选择筹资方案时，必须结合并购动机，企业自身的资本结构，并购企业对融资风险的态度，资本市场的情况等因素，选择最佳的融资方式组合，规划融资结构，综合评价各种方案可能产生的财务风险，保证并购目标实现的前提下，选择风险较小的方案。
2、并购的信息风险
由于存在信息不对称、道德风险“隐蔽工程”以及政策的影响，并购中往往潜藏大量的信息风险。由于并购各方信息不对称，出让方往往对目标公司进行商业包装，隐瞒不利信息，夸大有利信息，而并购方也常常夸大自己的实力，制造期望空间，双方信息披露都存在不充分或者失真的情况。因此，并购冒然行动而失败或交易后才发现受骗上当的案例比比皆是。
信息风险防范对策一方面应要求对方真实、完整，不会产生误导地披露自己的全部情况并做出保证；另一方面应针对对方的外部环境和内部情况进行审慎的调查与评估，充分了解其现状与潜在风险。做到信息披露及保证并购各方用最直接、合理、、专业和没有歧义的语言披露其所有应当的信息，并作出声明、承诺与保证。
具体包括出让方向并购方保证没有隐瞒重大信息，并购方向出让方保证有法律能力和财务能力并购目标公司等等，以此来保护自己的利益，消除并购中可能产生的风险。对于可能存在的风险应当要求对方提供书面承诺，作为防范风险的保证及进行索赔的依据，并在并购合同中约定违约责任等救济措施，做到防患于未然。
3、支付风险
现金支付是指企业以现金为并购公司的工具，具有最大的财务风险。一则，对于企业具有的现金流量及数量有非常严格的要求，是企业并购能否完成关键；二则，由于直接运用现金进行支付，很有可能因为汇兑的差别造成多余的汇兑损失；三则，完全用现金进行支付会导致股东权益的减少，可能会因此引起股东对于并购行为的抵触，增加企业并购的财务风险。
股票交换是以并购方股票替换目标企业的股票，即以股换股。对于运用股票交换和进行运用权益融资一样会稀释股东对于企业的控制权，而股权稀释的风险高低则是由股权稀释率所决定的。当并购前后的股权稀释率发生激烈变动，说明并购行为将给企业的原股东带来巨大的股权稀释风险。如果发行新股后的股权稀释率小于50%，表示股权稀释的风险较高；反之，表示股权稀释的风险较低。当主要股东的股权被稀释到无法有效控制并购后的企业而主要股东也不愿放弃这种控制权力时，主要股东可能反对并购，使并购活动无法进行下去。除此以外为了并购行为而发放新股不仅发行费用较高而且还具有耗时长手续复杂等缺点。
对于现金支付的并购，首先考虑到的是资产的流动性，流动资产和速动资产的质量越高，导致变现能力就越高，也说明企业越能迅速并顺利获取收购资金。
由于流动性风险是一种资产负债结构性的风险，很难在市场上化解，必须通过调整资产负债来匹配。同时加强营运资金的管理来降低，通过建立流动资产组合，将一部分资金运用到信用度高，流动性好的有价证券资产组合中，使流动性与收益性同时兼顾，满足并购企业流动性资金需要的同时也降低流动性风险。
对于股权支付的并购，应综合考虑目标企业的成长性、机会、并购双方的互补性、协同性等因素，全面评估双方的资产，正确确定换股比例。目前，并购双方换股比例所采用的换算标准或依据主要有并购双方的每股市价、每股净资产、每股收益等。
5.关于企业并购的英文文献
[1]Shimizu,K.,Hitt,M.A.,Vaidyanath,D,Pisano,V.Theoretical Foundations of Cross-border Mergers and Acquisitions:A Review of Current Research and Recommendations for the Future.Journal of International Management,2004,(10):307-353.
[2]Fred Weston,Juan Siu,Brian ohnson.Takeovers,Restructuring&Corporate
Governance.Prentice Hall:New Jersey,2000
6.我想找一篇英文原文的学术文章,关于企业并购方面的,有中文翻译
你好，以下来着外文专业论文网站，出自某咨询公司的研究性课题，有关企业并购的成功因素的分析。
简要摘取其中核心内容，考虑到你要求3000中文汉字，实为遗憾的是，暂无英文原版。希望能多点参考吧。
Master thesis Autumn semester 2007 Supervisor: Professor Tomas Blomquist Authors: Hoang, Thuy Vu Nga Lapumnuaypon, Kamolrat ABSTRACT Mergers and acquisitions (M&A) in the corporate world are achieving increasing importance and attention especially in the advent of intense globalization. This is evident from the magnitude and growth of deal values and resultant 'mega-mergers' transacted in recent times. As expert advisory are sought in M&A activities to facilitate the undertaking and maximise the value of the transaction, advisory firms begin to play a more significant and at the same time lucrative role in M&A activities, to the extent of determining the outcome of such projects. Being an area of limited research, it is thus valuable to investigate what M&A advisory firms view as critical success factors to the projects they undertake. Consequently, the research question of “What are the critical success factors for merger & acquisition projects in the view of merger & acquisition advisory firms” has been raised. A list of ten critical success factors for M&A projects is firstly identified from an extensive literature review. These factors are (1) Complete and Clear objectives, goals and scope of the project, (2) Client consultation and acceptance, (3) Project manager's competence and commitment, (4) Project team member's competence and commitment, (5) Communication and information sharing and exchange, (6) Project plan development, (7) M&A advisory firm's resource planning, (8) Time management and tight secrecy, (9) Price evaluation and financing scheme, and (10) Risk management. Mergers & acquisitions overview The topic of mergers & acquisitions (M&A) has been increasingly investigated in the literature in the last two decades (Appelbaum et al., 2007) in response to the rise in M&A activities as well as the increasing complexity of such transactions themselves (Gaughan, 2002). With the purpose of setting an M&A context for the thesis topic, we will explore M&A activities in terms of its definition and classification, motives, process, and later moving on to highlight the development of M&A over time. a) Definition of mergers & acquisitions Mergers & acquisitions (M&A), in the broad sense, may imply a number of different transactions ranging from the purchase and sales of undertakings, concentration between undertakings, alliances, cooperation and joint ventures to the formation of companies, corporate succession/ ensuring the independence of businesses, management buy-out and buy-in, change of legal form, initial public offerings and even restructuring (Picot, 2002, p.15). However, Nakamura (2005) explains that using a broad definition of M&A could lead to confusion and misunderstanding as it entails everything from pure mergers to strategic alliance. Therefore, this thesis adopts the definition of M&A in a narrower sense as clarified below. - Merger is the combination of two or more companies in creation of a new entity or formation of a holding company (European Central Bank, 2000, Gaughan, 2002, Jagersma, 2005). - Acquisition is the purchase of shares or assets on another company to achieve a managerial influence (European Central Bank, 2000, Chunlai Chen and Findlay, 2003), not necessarily by mutual agreement (Jagersma, 2005). Why do firms engage in merger & acquisition transactions?The literature on M&A has placed a significant amount of efforts on exploring the motives of firms engaging in M&A transactions. On one hand, Trautwein (1990) and later Cox (2006) provide a systematic summary of the motives, underlying which are different theories (Please refer to Table 2.2: M&A Motives). Of the motives suggested under various theories, Trautwein (1990) marks that M&A makers frequently cite synergy and valuation (the deal having a positive Net Present Value) objectives to justify their actions. Unsurprisingly, there are neither claims that the motive is to achieve monopoly power nor instances where managers refer their own benefits to justify an M&A deal. Trautwein (1990) also note that there is little evidence in both practice and research on the motives implied by the process and the raider theories. He discusses disturbance theory as well but it is not considered in this section since M&A is then considered at the macro-economic level rather than the micro-economic (i.e., firm) level. On the 。
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