1、外文原文The Study of Financial Risk in M second, debt information risk, if this risk would not be found, a large debt will fall to the bidders with no reasons.2.1.2 Lack of rational evaluation methodsThere are three evaluation methods: replacement cost method; market value method; the present value of e
2、arnings, between them, market value method has high request about Information symmetry, for firms can make an exact evaluation only when the information is high symmetry. However, in our country, the level of information symmetry is lower, little firms adopt this method. Most of them adopt replaceme
3、nt method and the present value of earnings method. These two methods also have disadvantages, replacement cost reflects the historical cost which cant reflect the future profitability; although the present value considers the value-added revenue, it has also obvious flaws, that is, future revenue e
4、xpected is very different.2.1.3 The system of assessment is not perfectHere is the assessment system in the whole industry, rather than a simple method. At present, our country is lack of independent, professional bodies, the majority of overseas M second, you must make an agreement about debt scope
5、.3.2 Establish a perfect evaluation system, and select appropriate assessment methodsAppropriate evaluation methods usually include tow systems: One is the basic system which includes financial analysis, industry analysis, operating conditions analysis. Analysis of the financial system contribute to
6、 the understanding of the financial situation between the two sides, Industry analysis system, can make the bidder understand the external environment, as well as the status of industry trends. Through the analysis of operating conditions can understand the existing problems the operation, and provi
7、de the basis for integration. On this basis, enterprises can avoid this risk. Second is the evaluation system. There are many methods of the evaluation system, just as book value, market value, liquidation value, discounted cash flow and so on. Different valuation methods will lead to different pric
8、e, so firms should select a better method in accordance with their own motive.3.3 Flexible choice of payment methodsReasonable arrangements for the payment method and financial cost reducing are related to the payment method inwhich cash payment face the most pressure. M implementing the structure o
9、f the M being responsible for personnel management business of their own financial accounting; reporting the M 负责财务会计的人员管理; 定期报告并购的资产运作和财务状况。同时，当收购完成后，财务机构和职能部门应根据其组织的具体情况，包括财务会计制度，内部控制制度，投资和融资体系，使其更加适应兼并和收购的需求，并建立一个统一的财务信息平台，使管理人员可以更快，更准确，更全面地访问所有类型的财务信息，以满足决策的需要，取得对企业的控制。3.4.2 财务管理的整合财务管理的目标在于以财务工
10、作为出发点和归宿点，这个决定在理论上直接影响财务体系，而且将确定各种财务决策的选择。兼并和收购完成后，公司应根据目标公司的财务方面做出财务管理的明确目标。3.4.3 资产和负债的整合在并购业务中，投标人的债务可能会因为接管被收购企业的债务，或只是通过贷款和发行债券的融资手段而增加。如果资本结构不合理，财务形势会变得恶化。因此，整合的平衡旨在改善财务状况和提高企业的偿债能力。3.5 为了加强企业管理的风险意识，建立和完善金融风险的预测和监控系统企业管理应从源头上，提高风险意识，防范并购的财务风险。此外，企业内部建立自己的企业财务风险防范和控制系统，以加强企业对风险的防范。加强并购预测是建立风险防范体系预警机制的关键之一。并购业务作为一种更好的方式具有扩大规模，快速的市场战略的独特优势。社会经济结构调整和资源优化，成为人们关注的话题，合并所产生的财务风险也是人们讨论很广泛的领域。随着市场的成熟，我认为并购活动将会更深入研究财务风险问题，兼并和收购研究将进一步加深，会获得真实的和实际应用的理论来指导实践。
