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Risk Identification, Measure and Prevention Research of Cross-border M&A

Author: XuHongWei
Tutor: SongWeiJia
School: Dongbei University of Finance
Course: National Economics
Keywords: resource-based enterprises cross-border M&A risk measurement risk prevention
CLC: F271
Type: Master's thesis
Year: 2010
Downloads: 313
Quote: 0
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Abstract


With the gradual recovery of the global economy, the demand of resource products have increased in emerging economies and developed countries. However, nowadays, the scarcity of petroleum, natural gas, iron ore and copper has become a severe problem. And the prices of important strategic resources fluctuate violently. So resource-industry M&A becomes popular. Since the Reform and Opening, the rapid rise of China’s economic have get the attentions of the world. Cross-border M&A can help domestic enterprises to participate in the global resource allocation. It is bound to become a major access to safe, reliable and strategic resources in China, which is of great significance in alleviating energy shortage, safeguarding national economic security and achieving sustainable economic growth. By Cross-border M&A in the iron ore, crude oil, copper mining and other important resource areas, the enterprises can fill the gap in the supply of important resource-based commodities, establish a stable energy supply source, improve the response level of resource commodity price and give enterprises a competitive edge in bargaining process. And through cross-border M&A, the enterprise can enhance the control of key materials and sales channels, reduce competition, increase the control over the international market and eventually obtain more pricing right in the international market.It need us pay more attention that, as an emerging economy, the enterprise of China are confronted with a host of problems, such as political obstacles, lack of information, failure in seizing opportunities, lack of legal support and so on, which directly led to the M&A failure. In China, cross-border M&A is still in its infancy. Although it shows strong forward momentum, but the risks and difficulties must be considered first before actions. Therefore, how to identify and prevention the risk in this process is getting more and more attention in recent years. Based on the analysis of the status of cross-border M&A of resource-based enterprises, this paper try to provide a new way of identify and measure risk and hope it can help China’s resource-based enterprises in preventing this risks.This paper major includes four parts: The first part includes chapter 1 and chapter 2. It is the summary of theory about the research of cross-border M&A, includes basic theory, the definition of basic concepts, the theory of cross-border M&A,the theory of cross-border M&A risk management and so on. The theory of cross-border M&A includes the theories of M&A and theories of FDI. The definition of cross-border M&A risk management and its characteristics and management processes is also an important part. This section is the theoretical basis of analyze the China resources-based enterprise M&A risk.The second part is Chapter 3. It analyzed the cross-border M&A status of China’s resource-based enterprises and its characteristics and motivation. After analysis the characteristics of its each stage,this section summarized the main risk facing on the resource-based enterprises in the process of cross-border M&A, and it give a method of cross-border M&A risk identification based oil the whole process management theory. The risk identification and analysis provide the further specific reference to the assessment of risk.The third part is the Chapter 4. According to China’s resource-based enterprise M&A risk management process and its specific risk characteristics, this section improve the traditional AHP model with the gray theory, and build an AHP-GRAP risk assessment model. It gave a quantitative measure method to the cross-border M&A risk assessment of the resource-based enterprises in China. It includes the introduction of the model and the build of the model.The fourth part is the Chapter 5. Combined with the actual situation of our resource-based enterprises in cross-border M&A and summarize the experiences of the foreigner, proposed the cross-border M&A risk prevention strategies of resource-based enterprises in China. It gave some good advices and can promote China’s resource-based enterprises "going out" more successfully.

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