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外文原文TheStudyofFinancialRiskinM&A1.ThebackgroundanalysisofM&AInthewestcountries,M&Ahaveahistoryaboutmorethan100years,andtransactionshavebeenexpanding.The5thwaveofglobalmergersandacquisitionspeakedin2000.Inourcountry,M&Abecomemoreandmorepopular.Forexample,manycompaniesStepupthepaceofoverseasexpansionandM&A.However,underthepressureofRMBappreciation,manycompanieschooseM&Atotideoverthedifficulties.Asweknown,M&Amusthaverisks,forinstance:estimateoftargetfirms,choiceoftransactionmethod,orfinancialrisks.Howcanavoidtheserisks?Whichmethodshouldwechoose?Thisisthepurposeofthisarticle.2.ThecauseoffinancialriskinM&A2.1Overestimateorunderestimatethevalueoffirmsleadtotherisk2.1.1InformationasymmetryisthemajorfactorwhichimpactstheestimationBecauseofInformationasymmetry,targetfirmalwaysconcealadverseinformationandexaggerategoodinformation.Biddersalsoexaggeratetheirstrength,disclosurebetweenthemareinadequateordistorted.Therefore,failureswhichresultfromrashactionscanbefoundeverywhere.Therearemanyinformationrisks,fortowimportantexamples:first,equityrisk,equityisveryimportantinanyfirms,howevertherearedifferencebetweentheofferinformationandthereal,theseillusiveinformationthreatenthesucceedofM&A;second,debtinformationrisk,ifthisriskwouldnotbefound,alargedebtwillfalltothebidderswithnoreasons.2.1.2LackofrationalevaluationmethodsTherearethreeevaluationmethods:replacementcostmethod;marketvaluemethod;thepresentvalueofearnings,betweenthem,marketvaluemethodhashighrequestaboutInformationsymmetry,forfirmscanmakeanexactevaluationonlywhentheinformationishighsymmetry.However,inourcountry,thelevelofinformationsymmetryislower,littlefirmsadoptthismethod.Mostofthemadoptreplacementmethodandthepresentvalueofearningsmethod.Thesetwomethodsalsohavedisadvantages,replacementcostreflectsthehistoricalcostwhichcan’treflectthefutureprofitability;althoughthepresentvalueconsidersthevalue-addedrevenue,ithasalsoobviousflaws,thatis,futurerevenueexpectedisverydifferent.2.1.3ThesystemofassessmentisnotperfectHereistheassessm
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